Credit: Shutterstock photoThe Health Services platform of UnitedHealth Group Inc.UNH , Optum, recently joined forces with Quest Diagnostics Inc. (DGX) to upgrade and improve its health system service. This alliance will further strengthen the long-standing partnership of the duo. UnitedHealth has been assisting Quest to improve its healthcare system for a long time through useful insights on diagnostic testing and information services.
Optum primarily focuses on improvement in the healthcare system by enhancing population health management and care delivery. It also ensures that the clinical and operating elements of the system remain technologically updated. Hence, the collaboration with Quest Diagnostics, which is with world's leading provider of diagnostic information services provider, is an important milestone for Optum in this regard. This strategic alliance will also make way for a hassle-free billing process and enhance patient's access to premium quality information on diagnostics.
Using Quest's proven laboratory expertise and organizational capabilities, Optum will now be able to deliver more effective and customized solutions across all segments of the healthcare market. This, in turn, will result in its patients enjoying a better healthcare experience. This partnership is likely to enhance Optum's long-term growth potential and operational efficiencies as well.
As part of Optum360, Quest's revenue services operations are expected to support its customers through a more transparent healthcare service at a reduced cost. Quest has roughly 2,400 employees in its revenue services operations. A better digitization of Quest's customer orders and workflows is likely to be established through the partnership, in line with its target of minimizing bad debts and payment denial losses. Increasing the use of diagnostic information services to improve health plans is another objective of this alliance. Given that Optum is the primary partner of Quest, its clients will now enjoy a smoother biometric screening process, which in turn, should help it achieve its growth targets.
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Zacks Rank and Stocks To Consider
UnitedHealth presently carries Zacks Rank #2 (Buy).
Other well-ranked stocks from the same space include Allied World Assurance Company Holdings, AG AWH , National Interstate Corporation NATL and NMI Holdings Inc NMIH . All of the stocks sport Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
