The DOJ is investigating UnitedHealth's Medicare billing practices, the Wall Street Journal reported on Friday, while the health insurer said it was unaware of any new probe underway. UnitedHealth Group opens new tab shares were down 7.3%, weighing on the broader Dow Jones Industrial Average which was down more than 1%. Shares of rival insurers were caught up in the sell-off, with Humana down 5.5% and CVS Health. The civil fraud investigation, which was launched in recent months, is examining the company's practices for recording diagnoses that trigger extra payments to its Medicare Advantage plans, the Journal reported, citing people familiar with the matter. WSJ has run a series of stories over the last several months detailing how UnitedHealth profited from using Medicare billing rules to its favor. UnitedHealth said the report contained misinformation about its Medicare Advantage plans, without providing details.
