Mary Fidelis Wangui

STRATEGIES UNITEDHEALTH CAN USE TO GROW FROM A BILLION DOLLA COMPANY TO A TRILLION COMPANY LIKE ALPHABET INC DESCRIPTION Unlocking the blueprints to a trillion-dollar success: Discovering the strategic insights UnitedHealth Group needs to rival Alphabet inc. Learn more below! INTRODUCTION United health was Founded in 1977, but it went public in 1984. It is a Multinational Insurance and Healthcare company. Its headquarters are located in Minnetonka, Minnesota a state in the United States. United Health Group was given its name in 1998 and there first viral success was achieved in 1997. UnitedHealth was designated by American Association of Retired Persons, to deliver coverage to it’s associates. UnitedHealth Group expanded its Evercare program in 1997. It presented Diabetes health plan in 2009. UnitedHealth also introduced its Cancer Innovative Care Model in 2010 to pay Oncologists. Whereas Alphabet.inc is an American Multinational Technological Conglomerate holding Company. Alphabet.inc headquarters are in Mountain view, California. Alphabet.inc was created through a restructuring of Google on October 2, 2015 and became the parent company of Google and several former Google subsidiaries. Alphabet is the world's third-largest technology company by revenue and one of the world's most valuable companies. It is considered one of the Big Five American information technology companies, alongside Amazon, Apple, Meta, and Microsoft. FOUNDING PRINCIPLES OF UNITED HEALTH GROUP 1. To improve the global Health and comfort of people they serve and the community as whole. 2. To work with healthcare professionals and partners to extend high-quality healthcare so that people acquire care e.g., Prerequisite at affordable prices. 3. To support doctor-patient relationship and enlighten people with proper information, tools and guidance they require to make health choices. UNITEDHEALTH GROUP MISSION UnitedHealth Group mission is to enhance the performance of the health system and improve the overall health and well-being of the people we are privileged to serve and their communities. They work with healthcare professionals and other key partners to expand access to high-quality health care so people get the care they need at an affordable price. They support the physician/patient relationship and empower people with the information, guidance and tools they need to make personal health choices and decisions. UNITEDHEALTH GROUP VALUES 1. Integrity- We do the right thing and follow through on our shared commitment to Quality. 2. Compassion- We listen, advocate and act with urgency for those we serve and our colleagues. 3. Inclusion- We welcome, value and respect all voices and diverse points of view. 4. Relationships- We work together to deepen connections and collaboration for better outcomes. 5. Innovation- we invent a better future by learning from the past. 6. Performance- We strive for high Quality results in everything we do. PHILANTHROPIC PARTNERSHIPS OF UNITED HEALTH GROUP UnitedHealth Group has collaborated with its community partners, grants and outreach efforts to improve their health system, build a diverse and dynamic health workforce and enhance the well-being of local communities. The UnitedHealth Group developed the UnitedHealth Foundation in 1999 as a not-for-profit, private foundation dedicated to improving health and health care. To date, the United Health Foundation has committed to more than $700 million to programs and communities around the world. Some of the organization in partnership with the United Health Group include: 1. Active Minds. 2. American Academy of Family Physicians. 3. American Nurses Foundation. GROWTH OF THE UNITEDHEALTH Year-to-date, total people served by UnitedHealth Group with medical benefits has increased by over1.1 million, with growth across the company’s commercial and public sector program offerings. The number of consumers served with commercial benefits offerings grew by nearly 500,000 in the first half of 2023. UnitedHealth Group annual/quarterly revenue history and growth rate from 2010 to 2023. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. Table 1 TYPE OF REVENUE DATE OF REVENUE AMOUNT OF REVENUE % INCREASE OF REVENUE FORM PREVIOUS PREVIOUS YEAR Quarter Ending June 30,2023 $92.903B 15.65% 12 MONTHS ENDING June 30,2023 $348.515B 13.69% Annual 2022 $324.162B 12.71% 2021 Annual 2021 $287.597B 11.84% 2020 Annual 2020 $257.141B 6.19% 2019 UnitedHealth Group revenue for the quarter ending June 30, 2023 was $92.903B, a 15.65%increase year-over-year. UnitedHealth Group revenue for the twelve months ending June 30,2023 was $348.515B, a 13.69% increase year-over-year. UnitedHealth Group annual revenue for 2022 was $324.162B, a 12.71% from 2021. UnitedHealth Group annual revenue for 2021 was $287.597B, a 11.84% from2020. UnitedHealth Group annual revenue for 2020 was $257.141B a 6.19% from 2019. UnitedHealthcare Global supports globally mobile populations through a comprehensive range of in-house solutions developed using its breadth of capabilities and resources, allowing it to deliver customer-centric solutions that enable better outcomes. UnitedHealthcare leverage its expertise in health technology and data to drive innovation, enabling it to be proactive and personalized in the experiences it provides to each of its clients and members, one person at a time. STRATEGIES TO EMPLOY 1. Understanding their revenue performance cycle- UnitedHealth Group should not rely on one aspect in order to achieve its Trillion-dollars. The company can make deals available in the internet market such as YouTube. It can ensure that they don’t mostly focus on corporate levels, but to the day-to-day user of the internet. The very basic step in revenue growth for any company is understanding its growth cycle. UnitedHealth Group is no exception to this. Understanding this cycle will help UnitedHealth Group identify its revenue growth weaknesses and opportunities. Once this is established, the company can then strategies on where to allocate resources and funds to attain maximum returns as well as identify areas that need improvement for maximum returns. To understand its revenue growth cycle, UnitedHealth Group can conduct: I. Internal and external audits II. Analyze revenue cycles over the years 2. Capture mere clients and retain their existing clients- Clients are the backbone of any company growth. In order to boost revenue, a company has to maximize on its client base. There are several tactic UnitedHealth Group can apply to capture more client and retain the existing ones. I. Making friendly policies. II. Service digitization. III. Staff motivation. 3. Expand their range of healthcare and insurance products- Expand their outreach to areas they have not venture in. Also identify areas where they have not attained their full client base capture. You can never go wrong with good quality products and services. Product quality can be attained through product testing, product customization, and analyzing competitor products to identify areas of improvement. For service quality and transparency, UnitedHealth Group can invest in: I. Training employees II. Listening and acting on their customers’ feedback III. Establish a client friendly company culture IV. Implement a quality management system 4. Enhance their marketing strategies- Client’s being the backbone of a company’s growth can only learn of your existence though marketing. A good marketing strategy stand in between the success or failure of your company. Lucky enough, technology has made marketing quite easy, affordable and efficient. Some of these marketing strategies UnitedHealth Group can apply to create maximum awareness of their products and insurance services to the masses are: I. Online influencer marketing II. Running ads on social media networks III. Establish digital signages IV. Utilize internal marketing V. Outreach programs 5. Establishing partnerships, merges and acquisitions- Benefits from partnering with companies that boost their service and product quality. Efficient partnership contributes to the financial stability and growth of a company as well as help companies attain their goals and objectives effectively. These partnership companies include information technology companies to help them in their services digitalization, and advertising and marketing companies to run their digital and analogue advertisements. The company can also seek out to merge with or acquire similar service providers, more so small companies that are struggling in the market as well as dwindling competitor companies. This will help the company in gaining new customers and in return boosting their revenue and reducing competition. CONCLUSION Growth is the ultimate goal for any company. In the quest for revenue growth, UnitedHealth Group can employ several strategies to move its revenue from billions to trillions. Among the strategies recommended in this article include; understanding their revenue performance cycle, capturing more clients and retaining the existing ones, expanding their range of healthcare products and insurance services, and enhancing their marketing strategies. By understanding their revenue cycle, UnitedHealth Group can establish their weak and strong areas with regards to revenue generation and act accordingly. More clients for the company translate to an increase in the company’s revenue. A wide range of products and services means more purchase and more options for the clients. An increase in their client base can only be attained through creating efficient and effective marketing strategy. Lastly, UnitedHealth Group can seek out to partner with companies to help them in better service delivery as well as merge or acquire similar service providers to boost their client base and minimize competition.