聯合健康 (UNH) 2026 Q3 法說會逐字稿

Good morning, and welcome to the UnitedHealth Group third-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. Here is some important introductory information. This call contains forward-looking statements under US federal securities laws.

早安，歡迎參加聯合健康集團（UnitedHealth Group）2026 年第三季財報電話會議。（接線員指示）提醒各位，本通話將被錄音。以下為一些重要的開場資訊。本通話包含依據美國聯邦證券法所作之「前瞻性陳述」。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings.

這些陳述受風險與不確定性影響，可能導致實際結果與歷史經驗或目前預期存在重大差異。部分風險與不確定性的說明可見於我們向美國證券交易委員會（SEC）提交的報告中，包括我們目前及定期申報文件所載之警示性陳述。

This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amounts is available on the Financial & Earnings Reports section of the company's Investor Relations page at www.unitedhealthgroup.com. Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated October 13, 2026, which may be accessed from the Investor Relations page of the company's website.

本通話亦將提及非 GAAP 金額。非 GAAP 與 GAAP 金額之調節表可於公司投資人關係網站 www.unitedhealthgroup.com 的「財務與盈餘報告」專區取得。本通話所呈現之資訊載於我們今早發布的財報新聞稿，以及我們於 2026 年 10 月 13 日提交的 Form 8-K，均可自公司網站之投資人關係頁面查閱。

I will now turn the conference over to Chairman and Chief Executive Officer of UnitedHealth Group, Steve Hemsley.

現在我將把會議交給聯合健康集團董事長兼執行長 Steve Hemsley。

Good morning, and thank you for joining us today. Our third quarter performance reflects actions taken throughout 2026, driving meaningful progress and reinforcing our confidence to sustainably grow in 2027 and beyond, within our 13% to 16% long-term target growth range.

早安，感謝各位今天加入我們。我們第三季的表現反映了 2026 年全年度所採取的行動，推動了具意義的進展，並強化我們對於在 2027 年及其後於 13% 至 16% 長期目標成長區間內實現可持續成長的信心。

Our revised full year 2026 guidance reflects continuing improvements in leadership and execution across Optum and UnitedHealthcare as we better align our businesses to serve the demands of the ever-changing US healthcare environment. We are accelerating the modernization of our enterprise by advancing simplified and more responsive policies, processes and tools, focusing on more effective, integrated value-based care offerings and responsibly building modern agentic infrastructure as we seek to ensure people have access to higher quality care at lower costs.

我們修訂後的 2026 全年財測，反映 Optum 與 UnitedHealthcare 在領導力與執行力方面持續改善，並使我們的業務更好地對齊，以因應不斷變化的美國醫療保健環境需求。我們正透過推進更簡化且更具回應性的政策、流程與工具，加速企業現代化；聚焦於更有效、整合式的價值型照護（value-based care）方案，並在負責任的前提下建構現代化的代理式（agentic）基礎設施，以確保人們能以更低成本獲得更高品質的照護。

And at the same time, clinicians experience a simpler, faster and more supportive system. Across the businesses, AI-enabled capabilities are beginning to help clinicians spend more time with patients, improve service speed and experience, streamline administration and reduce friction for both consumers and clinicians. A few examples.

同時，臨床人員也能體驗到更簡單、更快速且更具支持性的系統。在各項業務中，AI 賦能的能力正開始協助臨床人員把更多時間用於病患照護、提升服務速度與體驗、簡化行政作業，並降低消費者與臨床人員雙方的摩擦。以下舉幾個例子。

We have expanded AI-enabled chart summarization to more than 40% of our employed clinicians, reducing chart review time by 33%. AI-enabled information gathering and research have shortened appeal cycle times by 26%, improving both member and clinician experience, and we expect this to accelerate in 2027.

我們已將 AI 賦能的病歷摘要（chart summarization）擴展至超過 40% 的自有聘用臨床人員，使病歷審閱時間降低 33%。AI 賦能的資訊蒐集與研究使申訴（appeal）流程週期縮短 26%，同時改善會員與臨床人員的體驗，我們預期這在 2027 年將進一步加速。

And for this year's Medicare Advantage Annual Enrollment Period, we are introducing AI-powered plan recommendations that use a member's care history and local plan options to help simplify their selection.

此外，在今年的 Medicare Advantage 年度投保期（Annual Enrollment Period）中，我們將推出 AI 驅動的方案推薦，運用會員的照護歷史與當地可選方案，協助簡化其選擇流程。

By the end of this year, we are on track to implement all previously announced prior authorization reforms, reducing decision time lines for patients, relieving administrative burden for clinicians and delivering better experiences for people. Collectively, these initiatives will reduce total prior authorizations by 30%, including a reduction of two-third in prior authorizations for people under the age 18.

在今年年底前，我們正按計畫完成所有先前宣布的事前授權（prior authorization）改革，縮短病患決策時程、減輕臨床人員行政負擔，並為民眾帶來更佳體驗。整體而言，這些措施將使事前授權總量降低 30%，其中包括 18 歲以下人群的事前授權降低三分之二。

These efforts are only the beginning. More will follow. They are central to how we are changing our enterprise to be more in line with our mission, creating greater value and positive social impact.

這些努力只是開始。後續還會有更多措施。它們是我們推動企業變革、使之更貼近使命、創造更大價值與正向社會影響的核心。

In that vein, an important effort is the reimagined United Health Foundation. With $1 billion committed to date, the foundation's investments, along with the dedicated operational expertise of UnitedHealthcare and Optum, can help facilitate scaled solutions to some of the US health system's greatest challenges, including rural health, maternal and infant health, behavioral health and workforce education.

在此脈絡下，一項重要工作是重新構想的 United Health Foundation。迄今已承諾投入 10 億美元，基金會的投資，加上 UnitedHealthcare 與 Optum 專注的營運專業能力，可協助推動可規模化的解決方案，以因應美國醫療體系最重大的挑戰之一，包括偏鄉健康、孕產婦與嬰幼兒健康、心理／行為健康（behavioral health）以及醫療人力教育。

As just one example, in Tennessee, the foundation is helping expand and operate health hubs across the state, providing access to underserved communities in preventative care and chronic condition support. We will continue to highlight the foundation as part of our commentary on our earnings calls going forward.

僅舉一例，在田納西州，基金會正協助在全州擴展並營運健康樞紐（health hubs），為資源不足社區提供預防照護與慢性病支持的可近性。未來我們將在財報電話會議的評論中持續強調基金會的進展。

The broader healthcare environment remains dynamic. Policy-driven regulatory developments, changing consumer expectations and the rapid evolution of clinical care and advances in technology continue to reshape the industry. These factors are pressuring basic affordability and access as never before.

更廣泛的醫療保健環境仍然充滿變動。政策驅動的監管發展、消費者期待的改變，以及臨床照護的快速演進與科技進步，持續重塑產業。這些因素以前所未有的程度對基本可負擔性與可近性造成壓力。

Success requires continuous adaptation, and the pace is accelerating. We recognize this and remain restless in our pursuit of change and improvement. We are challenging our assumptions, revising policies and practices and repositioning leadership and capabilities to better meet the needs of those we serve and to move faster as an enterprise to adapt to the changing healthcare landscape.

成功需要持續調整，而節奏正在加快。我們認知到這一點，並在追求變革與改善上保持不懈。我們正在挑戰既有假設、修訂政策與作法，並重新配置領導力與能力，以更好地滿足我們所服務對象的需求，並使企業能更快速地適應變動中的醫療保健版圖。

That includes opportunities to better align with clinical partners, employers, government benefit sponsors to help improve the experience of all stakeholders in healthcare. We've made progress in our 2026 performance. We have much to do to approach the full potential of our mission and the positive impact we can make as an enterprise. UnitedHealth Group has a long history of evolution to meet the needs of a changing US health system. We're committed to accelerating these efforts as a stronger, more capable, more mission-centered enterprise.

其中也包括與臨床合作夥伴、雇主、政府福利計畫主辦方更好對齊的機會，以改善醫療保健所有利害關係人的體驗。我們在 2026 年的表現已取得進展。但要接近我們使命的全部潛力，以及作為企業所能帶來的正向影響，我們仍有許多工作要做。聯合健康集團長期以來不斷演進，以滿足變動中的美國醫療體系需求。我們致力於加速這些努力，成為更強大、更有能力、也更以使命為中心的企業。

And with that, let me turn the call over to Tim Noel.

接下來，我把電話交給 Tim Noel。

Thanks, Steve. UnitedHealthcare is seeing positive momentum across our Medicare and Medicaid businesses, while our commercial business continues to adjust to a challenging but steadily stabilizing environment. Costs remain stubbornly high across the entire healthcare landscape and particularly in areas such as specialty pharmacy and acute healthcare service intensity.

謝謝你，Steve。UnitedHealthcare 在 Medicare 與 Medicaid 業務上正展現正向動能，而我們的商業保險業務則持續調整，以因應具挑戰但正逐步趨於穩定的環境。整體醫療環境的成本仍然居高不下，尤其是在專科藥局（specialty pharmacy）與急性醫療服務強度等領域。

We continue to address the challenge of increasingly expensive care with appropriate medical management, operational discipline and a commitment to identify and remove excess and unnecessary costs from our own enterprise as we advance simpler and more modern services. We are working to deliver stable benefits and value for our members and customers. We believe this positions us for continued organic growth and long-term value creation entering 2027.

面對照護成本日益昂貴的挑戰，我們持續透過適切的醫療管理、營運紀律，並承諾在推進更簡化、更現代化服務的同時，辨識並移除我們自身企業內多餘與不必要的成本。我們正努力為會員與客戶提供穩定的福利與價值。我們相信，這使我們在邁入 2027 年時具備持續的有機成長與長期價值創造的良好定位。

Let me start with our Medicare business, where the Annual Enrollment Period begins later this week. Medicare Advantage remains the choice of well more than half of eligible American seniors as it offers better and more modern benefits and importantly, better outcomes than fee-for-service Medicare.

我先從 Medicare 業務談起，本週稍晚將開始年度投保期（Annual Enrollment Period）。Medicare Advantage 仍是超過半數符合資格的美國長者之選擇，因其提供更佳且更現代化的福利，且更重要的是，相較於按服務計費（fee-for-service）的傳統 Medicare，能帶來更好的結果。

Beneficiaries choosing Medicare Advantage save, on average, more than $4,000 annually through lower premiums and cost sharing, than those on original Medicare. With adequate funding, we believe Medicare Advantage will continue to be the choice of American seniors, particularly those who are disadvantaged and have chronic care challenges as they seek better value and modern care.

選擇 Medicare Advantage 的受益人，平均每年可透過較低保費與自付額分攤（cost sharing）節省超過 4,000 美元，相較於使用原始 Medicare（original Medicare）者。在資金充足的情況下，我們相信 Medicare Advantage 將持續成為美國長者的選擇，特別是處於弱勢且面臨慢性照護挑戰者，因其尋求更高價值與更現代化的照護。

Heading into 2026, we made deliberate decisions regarding Medicare Advantage benefit design and market positioning to preserve the long-term sustainability and performance of our Medicare Advantage offerings. We continued this disciplined approach for 2027. We believe we are competitively positioned, focused on providing value for seniors in the markets we serve while being mindful of trend dynamics.

在邁入 2026 年之際，我們就 Medicare Advantage 的福利設計與市場定位做出審慎決策，以維持我們 Medicare Advantage 產品的長期可持續性與績效。我們在 2027 年也延續這一紀律化作法。我們相信自身具備具競爭力的市場定位，聚焦於在所服務市場為長者提供價值，同時留意趨勢動態。

In 2027, UnitedHealthcare will continue to prioritize high-value HMO, Chronic Special Needs and Dual Special Needs offerings. Our commitment to serving America's seniors is clear. More than 94% of Medicare-eligible individuals nationwide will have access to a UnitedHealthcare Medicare plan, and approximately 90% of Medicare-eligible consumers will have access to one of our Medicare Advantage plans with a $0 premium option.

在 2027 年，UnitedHealthcare 將持續優先推動高價值 HMO、慢性特殊需求（Chronic Special Needs）與雙重特殊需求（Dual Special Needs）方案。我們服務美國長者的承諾十分明確。全美超過 94% 符合 Medicare 資格的人士將可使用 UnitedHealthcare 的 Medicare 計畫，且約 90% 符合 Medicare 資格的消費者將可使用我們提供 0 美元保費選項的 Medicare Advantage 計畫。

We are maintaining important benefits such as dental, vision, hearing and additional health and wellness offerings that make a real difference in the lives of seniors. UnitedHealthcare Chronic Special Needs Plans will be available to nearly 50 million Medicare-eligible individuals in 2027, providing specialized support for people living with conditions such as diabetes, cardiovascular disease and chronic heart failure.

我們持續維持牙科、視力、聽力等重要福利，以及其他能在長者生活中帶來實質改變的健康與福祉方案。UnitedHealthcare 慢性特殊需求計畫（Chronic Special Needs Plans）將於 2027 年向近 5,000 萬名符合 Medicare 資格的個人提供，為罹患糖尿病、心血管疾病與慢性心衰竭等疾病的人士提供專門支援。

These plans offer benefits and access to care tailored to the unique needs of individuals managing chronic conditions, helping them connect with care, medications and support they need. Much of this work is in coordination with our partners at Optum Health, where evidence shows chronically complex seniors served by integrated value-based care experience better preventative care while improving health outcomes at lower costs.

這些計畫提供符合慢性病管理者獨特需求的福利與就醫可近性，協助他們連結所需的照護、藥物與支持。其中多數工作與我們在 Optum Health 的合作夥伴協同進行；證據顯示，接受整合式價值導向照護的慢性且高度複雜長者，能獲得更好的預防性照護，並以更低成本改善健康結果。

Medicare Advantage patients in value-based care arrangements are 40% likely than traditional Medicare patients to be hospitalized for acute and chronic conditions and 40% less likely to be readmitted to a hospital within 30 days of discharge.

在價值導向照護安排下的 Medicare Advantage 病患，因急性與慢性病住院的可能性比傳統 Medicare 病患低 40%，且在出院後 30 天內再入院的可能性也低 40%。

Moving to Stars. Our initial Star ratings for payment year 2028 reflect our investment in quality, member experience and operating execution. As we move through 2027 and into 2028, we expect to approach 75% of total members in 4+ Star plans, compared to the industry average of 70%.

接著談星級評等（Stars）。我們針對 2028 支付年度的初步星級評等，反映了我們在品質、會員體驗與營運執行上的投資。隨著我們走過 2027 並進入 2028，我們預期 4 星以上（4+ Star）方案的會員占比將接近總會員的 75%，相較之下，產業平均約為 70%。

Our team remains intensely focused on building a best-in-class consumer and clinical experience, and along with better benefit design and stability going forward, we believe those efforts will continue translating into stronger quality performance over time. We will continue to work in support of CMS Quality Program efforts to ensure the Medicare Advantage program continues to provide quality experience and stability to the 36 million seniors who depend on it.

我們的團隊仍高度專注於打造同級最佳的消費者與臨床體驗；配合更佳的福利設計與未來的穩定性，我們相信這些努力將持續轉化為更強的品質表現。我們將持續支持 CMS 品質計畫（Quality Program）的相關工作，確保 Medicare Advantage 計畫能持續為仰賴其的 3,600 萬名長者提供優質體驗與穩定性。

Turning to medical costs. The actions we've taken to improve and modernize care management, strengthen clinical engagement and enhance operating discipline are having a meaningful effect. Care intensity remains elevated relative to historical norms, even as we continue to see signs that trends are bending in a more stable direction than what we have recently experienced.

接著談醫療成本。我們為改善並現代化照護管理、強化臨床互動、提升營運紀律所採取的行動，正產生顯著成效。即便我們持續看到趨勢正朝較近期經驗更穩定的方向轉折，照護強度相較歷史常態仍維持在偏高水準。

We remain respectful of trend and are not assuming any deceleration to historical patterns or to ongoing clinician pricing pressure. Demand for care remains strong, particularly among senior and complex populations, and we fully support appropriate access to care for our members.

我們仍對趨勢保持審慎，並未假設會回落至歷史型態，亦未假設臨床醫師定價壓力會放緩。照護需求仍然強勁，尤其在長者與高複雜族群之中；我們完全支持會員獲得適當的就醫可近性。

Turning to the commercial business. Performance continues to stabilize as we navigate a challenging market. As we previously noted, trends for commercial benefits are exceeding our initial expectations of 11%, driven by an acceleration of costs related to the No Surprises Act, greater cost intensity from clinicians and high-cost specialty drugs. Of particular concern is the ongoing abuse of the No Surprises Act dispute process by a relatively small number of clinician groups and third-party organizations.

接著談商業保險業務。在我們因應具挑戰性的市場之際，營運表現持續趨於穩定。如先前所述，商業保險給付的趨勢成本高於我們最初 11% 的預期，主因包括《無意外帳單法》（No Surprises Act）相關成本加速、臨床醫師端成本強度上升，以及高成本專科藥物。特別令人憂心的是，少數臨床醫師團體與第三方組織持續濫用《無意外帳單法》的爭議處理程序。

Arbitration awards can approach nearly 6% of total medical spend in some regions, translating to billions of dollars in excess costs for consumers, employers and the health system. The law was intended to protect patients from unexpected bills, and we strongly support that objective. We will continue working with policymakers and regulators to ensure the law functions as intended and that healthcare dollars are directed towards appropriate patient care rather than significantly inflated market arbitration awards and volumes along with unnecessary administrative expense.

在部分地區，仲裁裁決金額可能接近總醫療支出的 6%，為消費者、雇主與整體醫療體系帶來數十億美元的額外成本。該法原意在保護病患免於意外帳單，我們強力支持此一目標。我們將持續與政策制定者與監管機關合作，確保法律按其原意運作，並使醫療資金用於適當的病患照護，而非流向被大幅墊高的市場仲裁裁決金額與案件量，以及不必要的行政費用。

Medicaid remains stable through the back half of the year, while our team continues to drive greater operational improvements through network curation and more effective behavioral health program initiatives. These actions help to partially offset the primary variable, which continues to be the timing and adequacy of state funding across several markets.

Medicaid 在今年下半年維持穩定，同時我們的團隊持續透過網絡精選（network curation）與更有效的行為健康計畫倡議，推動更大的營運改善。這些行動有助於部分抵銷主要變數——也就是多個市場中州政府資金撥付的時點與充足性。

As we move through the balance of 2026, we continue to work collaboratively with our state partners to ensure rates appropriately reflect the acuity and healthcare needs of the families being served, including the impacts of regulatory actions. While progress has been made in many states, the timing of updates remains uneven.

在 2026 年剩餘期間，我們持續與州政府合作夥伴協作，確保費率能適切反映所服務家庭的病況嚴重度（acuity）與醫療需求，包括監管措施的影響。雖然許多州已取得進展，但更新時點仍不均衡。

Based on our current outlook, we continue to view 2026 as a trough year for core Medicaid margins, which we now expect to be moderately better than negative 1%. Finally, we are focusing intensely on enhancing our support for and relationships with clinicians and health systems. In addition to the prior authorization changes Steve mentioned, which we see as only the beginning, we are meaningfully speeding up our claims processing and payments and reengineering -- reenergizing our relationship engagement efforts with more dedicated resources and executive ownership.

基於我們目前的展望，我們仍將 2026 年視為核心 Medicaid 利潤率的谷底年度；目前預期將略優於負 1%。最後，我們正高度聚焦於強化對臨床醫師與醫療體系的支持與合作關係。除 Steve 提到的事前授權（prior authorization）變更之外——我們認為那只是開始——我們也正大幅加快理賠處理與付款速度，並重新設計——重新激活——我們的關係互動推進工作，投入更專責的資源並由高階主管負責。

Our goal is to provide a more seamless experience for clinicians and health systems who work with us and to resolve issues more quickly. As we look towards 2027 and beyond, we are shifting our focus to sustainable organic growth underpinned by improving Medicare fundamentals, a stronger commercial outlook, continued opportunities to enhance Medicaid performance and an organization that is operating with greater discipline and accountability for all our stakeholders.

我們的目標是為與我們合作的臨床醫師與醫療體系提供更無縫的體驗，並更快速地解決問題。展望 2027 年及其後，我們正將重心轉向可持續的有機成長，其基礎包括 Medicare 基本面改善、更強勁的商業保險展望、持續提升 Medicaid 表現的機會，以及一個以更高紀律與問責性運作、服務所有利害關係人的組織。

With that, I'll turn it over to Patrick.

接下來，我把時間交給 Patrick。

Thanks, Tim. Our results in the third quarter underscore the important work underway across all of Optum to lay the groundwork for long-term growth. Starting with Optum Health. Overall, Optum Health continued to deliver strong performance in the third quarter, driven by the continued return to value-based care principles, combined with strong execution across our clinical programs and operational improvements, enabling clinicians to focus more on their patients and improve patient experience.

謝謝你，Tim。我們第三季的結果凸顯 Optum 全體正在推進的重要工作，為長期成長奠定基礎。先從 Optum Health 談起。整體而言，Optum Health 在第三季持續交出強勁表現，動能來自持續回歸價值導向照護原則，並結合我們臨床計畫的強力執行與營運改善，使臨床醫師能更專注於病患並提升病患體驗。

A few of the examples for this morning: a 27% increase from last year in online self-scheduling, making it easier for patients to reach clinicians; an increase in home health visits by 10% over last year. And we are very encouraged by the early success of our program to co-locate behavioral specialists within our primary care practices. The number of patients referred has doubled since last year, with an engagement rate of more than 90%.

今天早上的幾個例子：線上自助預約（online self-scheduling）較去年增加 27%，讓病患更容易聯繫到臨床醫師；居家健康訪視（home health visits）較去年增加 10%。此外，我們對於在基層照護診所內共址配置行為健康專家（co-locate behavioral specialists）的計畫初期成功感到非常振奮。轉介病患數自去年以來已翻倍，且參與率超過 90%。

As Tim mentioned, it is now more important than ever to provide seamless care and coverage for our chronic and complex patients through all phases of the care continuum, from primary care to specialist to home to the pharmacy. Moving to Optum Rx. Our focus in this business continues to be on 2 efforts to ensure value alignment to the customers and patients we serve.

如 Tim 所提到，現在比以往任何時候都更重要的是，透過照護連續體（care continuum）的各個階段，為我們的慢性與高複雜病患提供無縫的照護與保障——從基層照護到專科、到居家、再到藥局。接著談 Optum Rx。我們在此業務的重點仍聚焦於兩項工作，以確保與我們所服務的客戶與病患達成價值一致（value alignment）。

First, we continue to increase transparency on the PBM side of Optum Rx. Through the 2027 selling season, we have seen our industry first affordability, experience and transparency initiatives resonating in the marketplace and customers, the employers, governments, unions we serve, continuing to recognize the vital role of PBMs in controlling prescription drug costs and ensuring people have access to the medications they need, particularly as the prices charged by drug manufacturers continue to increase. For the first time, over 50% of Optum Rx membership is external, non-UHC membership.

第一，我們持續提升 Optum Rx 在 PBM 端的透明度。在 2027 年銷售季期間，我們業界首創的可負擔性、體驗與透明度倡議在市場與客戶端引發共鳴；我們所服務的雇主、政府與工會也持續認同 PBM 在控制處方藥成本、並確保民眾取得所需藥物方面的關鍵角色，尤其在藥廠持續調高藥價之際。首次，Optum Rx 會員中超過 50% 來自外部、非 UHC 的會員。

Second, we fundamentally believe that pharmacy services have to be closer to the patient. Accordingly, you will see continued efforts within our separate pharmacy services businesses to more closely align pharmacy care with medical care. Integrated value-based care means just that, integrated. When pharmacy care and medical care are aligned, outcomes improve for the patients we serve, access improves and the total cost of care is lowered.

第二，我們從根本上相信，藥事服務必須更貼近病患。因此，你將會看到我們在各自獨立的藥事服務業務中持續努力，使藥事照護與醫療照護更緊密對齊。整合式價值導向照護的意涵正是「整合」。當藥事照護與醫療照護對齊時，我們所服務病患的健康結果會改善、可近性會提升，且整體照護成本會下降。

Specifically, within the pharmacy service side of Optum Rx, Genoa continues to expand its dedicated behavioral health pharmacy footprint and serve patients with serious mental illness and substance use disorders. Specialty pharmacy continues to grow through both volume and mix while improving patient support for increasingly complex therapies.

具體而言，在 Optum Rx 的藥局服務端，Genoa 持續擴大其專注於行為健康的專屬藥局布局，並服務患有嚴重精神疾病與物質使用障礙的病患。專科藥局業務在量與組合兩方面持續成長，同時在面對日益複雜的療法時，提升對病患的支持。

And infusion services are becoming more important as we help shift appropriate care into lower-cost and more convenient settings. We will continue to expand our portfolio of integrated pharmacy services and align them as close to medical care settings as possible, delivering better care, convenience and access. Turning to Optum Insight.

而輸注服務正變得更加重要，因為我們正協助將適當的照護轉移到成本更低、也更便利的場域。我們將持續擴大整合式藥局服務的產品組合，並盡可能使其與醫療照護場域更緊密對接，以提供更好的照護、便利性與可近性。接下來談 Optum Insight。

2026 has been both a performance and an investment year, and 2027 will show meaningful progress, setting the foundation for accelerating growth in '28 and beyond. Our investment focus has been on further developing and bringing to market healthcare-specific AI solutions that enhance productivity, performance, outcomes while improving the patient and clinician experience.

2026 年既是績效之年，也是投資之年；而 2027 年將展現顯著進展，為 2028 年及其後的加速成長奠定基礎。我們的投資重點在於進一步開發並推向市場的醫療保健專用 AI 解決方案，以提升生產力、績效與成果，同時改善病患與臨床人員的體驗。

Overall, we are looking to 2027 with confidence. Our major remediation work is largely complete and has created a strong foundation for growth across Optum.

整體而言，我們對 2027 年充滿信心。我們主要的補救整頓工作大致已完成，並為 Optum 的成長建立了堅實基礎。

With that, I'll turn it over to Wayne.

接下來我把時間交給 Wayne。

Thanks, Patrick, and good morning. Third quarter results reflect continued progress across the enterprise and improving execution in our businesses where we have been focused on operating reforms to drive better consumer and clinician experience. For Q3 2026, we reported revenue of $113 billion and adjusted earnings per share of $4.69, up from $2.92 a year ago. Consolidated medical care ratio of 88.4% for the quarter compares to 89.9% last year. The quality of earnings is strong and durable as we head into 2027.

謝謝你，Patrick，大家早安。第三季的結果反映出我們在全企業持續取得進展，並在我們聚焦推動營運改革的業務中，執行力持續改善，以帶來更好的消費者與臨床人員體驗。2026 年第三季，我們報告營收 1,130 億美元，調整後每股盈餘 4.69 美元，高於一年前的 2.92 美元。本季合併醫療照護比率為 88.4%，相較去年為 89.9%。在邁向 2027 年之際，我們的盈餘品質強勁且具持續性。

At UnitedHealthcare, performance continued to reflect pricing discipline, fundamental medical cost management and care delivery enhancements. We continue to be respectful of continued elevated utilization trends, which typically step up in the back half of the year, particularly in our risk-based businesses.

在 UnitedHealthcare，表現持續反映出定價紀律、基本的醫療成本管理以及照護交付的強化。我們仍審慎看待持續偏高的使用量趨勢；該趨勢通常在下半年會上升，尤其是在我們的風險承擔型業務中。

Within Optum Health, we are seeing steady progress from modernization, a return to a disciplined value-based care approach and operating improvements as the actions taken through 2026 begin to yield results. In Optum Insight, performance is benefiting from technology and AI-enabled improvements, including payment integrity and broader operating efficiency, while we invest into the new areas to expand and modernize our offerings to drive growth.

在 Optum Health，我們看到現代化帶來的穩健進展、回歸具紀律的價值型照護方法，以及營運改善；隨著 2026 年採取的行動開始產生成果。在 Optum Insight，績效正受惠於科技與 AI 驅動的改善，包括支付完整性與更廣泛的營運效率提升；同時我們也投資於新領域，以擴展並現代化我們的產品與服務，推動成長。

And in Optum Rx, we continue to see the benefits of disciplined execution and the breadth of our pharmacy services model, now based on a simpler, more transparent approach to serving these evolving market needs. Turning to the full year. Our updated 2026 adjusted EPS guidance of at least $20.50 reflects performance through the third quarter, balanced by expected investments in the final months of the year. From a capital deployment perspective, our priorities remain consistent.

而在 Optum Rx，我們持續看到具紀律的執行以及我們藥局服務模式廣度所帶來的效益；目前該模式建立在更簡化、更透明的方式上，以因應這些不斷演變的市場需求。接下來談全年展望。我們更新後的 2026 年調整後 EPS 指引為至少 20.50 美元，反映第三季為止的表現，並同時納入今年最後幾個月預期的投資。就資本配置而言，我們的優先順序維持一致。

First, reinvest in the business through targeted organic growth and steady expansion in care delivery, technology modernization and broad-based AI adoption. Second, maintain balance sheet strength. And third, return value to shareholders. Our balance sheet remains strong. Our debt-to-cap ratio was 41.7% at the close of the quarter, and we remain on track to approach 40% by year-end. We repurchased $5 billion of UNH stock through the third quarter.

第一，透過聚焦的有機成長再投資於業務，並在照護交付、科技現代化與廣泛採用 AI 方面穩健擴張。第二，維持資產負債表的強健。第三，回饋股東價值。我們的資產負債表仍然強勁。截至本季末，我們的負債對資本比率為 41.7%，並仍按計畫在年底前接近 40%。截至第三季，我們已回購 50 億美元的 UNH 股票。

We have paid $6.2 billion in dividends year-to-date and expect to exceed $8 billion by year-end. Our strategic priorities remain focused on capabilities that align with and strengthen our ability to deliver value to consumers, benefit sponsors and customers and support long-term growth for shareholders.

今年迄今我們已支付 62 億美元股利，並預期在年底前超過 80 億美元。我們的策略優先事項仍聚焦於那些能與我們為消費者、福利方案贊助者與客戶提供價值的能力相一致並加以強化的領域，同時支持股東的長期成長。

We view our 2026 adjusted EPS guidance of at least $20.50 as a solid run rate on which to grow. We would offer that current analyst consensus for 2027 may understate the opportunity ahead, and we see the lower end of our long-term 13% to 16% growth rate as a more reasonable starting point.

我們將 2026 年調整後 EPS 指引至少 20.50 美元視為穩健的基準水準，可在其上持續成長。我們也認為，目前分析師對 2027 年的共識可能低估了未來的機會；我們認為長期 13% 至 16% 成長率區間的下緣，作為起點更為合理。

As we think about 2027 more broadly, we continue to see a balanced set of tailwinds and headwinds. Tailwinds include continued enterprise-level performance progress, share repurchases, value-based care performance improvements and further gains from AI and modernization that improve both consumer and clinician experiences, drive productivity benefits, reduce costs and create sustainable performance improvement opportunities for our business and those we serve as well as product opportunities for Optum Insight.

從更宏觀的角度看 2027 年，我們仍看到一組相對平衡的順風與逆風因素。順風包括：企業層級績效持續改善、股票回購、價值型照護績效提升，以及 AI 與現代化帶來的進一步增益；這些增益可同時改善消費者與臨床人員體驗、提升生產力效益、降低成本，並為我們的業務與我們所服務的對象創造可持續的績效改善機會，同時也為 Optum Insight 帶來產品機會。

On the headwind side, we will accelerate our investments in the policy reforms and modernization of the businesses, particularly in UnitedHealthcare and Optum Insight, and remain respectful of medical trend and the broader external environment, where health benefit funding remains pressured.

在逆風方面，我們將加速對政策改革與業務現代化的投資，特別是在 UnitedHealthcare 與 Optum Insight；同時也將審慎看待醫療趨勢與更廣泛的外部環境，在該環境下，健康福利資金仍承受壓力。

Overall, we're steadily and methodically improving performance broadly across the portfolio. We are positioned to finish 2026 strongly, and we remain focused on consistently delivering our 13% to 16% long-term growth target. With that, I'll turn it back over to Steve.

整體而言，我們正穩健且有條不紊地在整個產品組合中廣泛改善績效。我們已具備條件在 2026 年強勁收官，並仍專注於持續實現我們長期 13% 至 16% 的成長目標。接下來我把時間交回給 Steve。

Thanks, Wayne. Let me close with a few thoughts before we move to questions. For a little more than a year, our priorities have been clear: return to our core mission and culture, better serve the needs of healthcare as one enterprise and one leadership team, restore financial and operating discipline, turn around and strengthen our performance business by business across all performance measures, begin the process of reimagining and modernizing all we do to harness the compelling potential of modern intelligent technologies, simplify our processes, elevate our service levels and advance our response and service speed to consumers and clinicians.

謝謝你，Wayne。在進入提問前，我做幾點總結。在過去一年多的時間裡，我們的優先事項一直很清楚：回歸我們的核心使命與文化；以一個企業、同一個領導團隊更好地滿足醫療保健的需求；恢復財務與營運紀律；逐一業務、在所有績效衡量上扭轉並強化我們的表現；啟動重新構想並現代化我們所有作為的進程，以掌握現代智慧科技的巨大潛力；簡化流程、提升服務水準，並加快對消費者與臨床人員的回應與服務速度。

And finally, reposition all our businesses to return to responsible levels of profitable organic growth. As you've heard today, we are well underway in all those areas, but fully achieving those priorities requires us to get outside our four walls. Throughout our company, we are spending time listening carefully to customers, consumers, clinicians, policymakers and other stakeholders.

最後，重新定位我們所有業務，使其回到負責任水準的獲利性有機成長。如同各位今天所聽到的，我們在所有這些領域都已大步推進，但要完全達成這些優先事項，我們必須走出公司四面牆之外。在全公司範圍內，我們投入時間仔細傾聽客戶、消費者、臨床人員、政策制定者及其他利害關係人的意見。

We're doing so with humility and with a service mindset, conscious of the positive role we can play and the responsibility we have to improve the health system experience when we operate at our best. Those conversations are helping renew and reinforce the fundamental understanding that success in healthcare depends on relationships and trust, and we need to continue to build both with all stakeholders.

我們以謙遜與服務的心態來進行，並意識到當我們發揮最佳狀態時，能扮演的正面角色，以及我們在改善健康體系體驗方面所肩負的責任。這些對話正協助我們重新建立並強化一項根本理解：醫療保健的成功取決於關係與信任，而我們需要持續與所有利害關係人建立這兩者。

We will continue listening, we will continue learning, and we will continue advancing our business in ways that improve experiences, provide easier access and lower costs while delivering better outcomes. And for you, our shareholders, all these accountabilities align and create value. The progress we've made in 2026 gives us confidence. Our businesses are improving. Our modernization efforts are gaining traction.

我們將持續傾聽、持續學習，並持續以能改善體驗、提供更容易的可近性並降低成本、同時帶來更好成果的方式推進我們的業務。而對各位股東而言，所有這些責任彼此一致並創造價值。我們在 2026 年取得的進展讓我們更有信心。我們的業務正在改善。我們的現代化努力正逐步見效。

Our investments in AI and in integrated value-based care are creating tangible benefits today while positioning us for the future. We remain focused on better managing our businesses, finishing '26 strong and building that foundation for growth in '27 and '28 and beyond. So we look forward to providing you a more comprehensive update on our outlook for next year before year-end.

我們在 AI 與整合式價值型照護方面的投資，正在今天就創造具體效益，同時也讓我們為未來做好準備。我們仍專注於更好地管理業務、在 2026 年強勁收官，並為 2027 年、2028 年及其後的成長奠定基礎。因此，我們期待在年底前，向各位提供對明年展望更全面的更新。

And I'll thank you now. And operator, let's open the lines for questions.

我現在先向各位致謝。接線員，請開放電話線供提問。

(Operator Instructions)

(接線員指示)

Justin Lake, Wolfe Research.

Justin Lake，Wolfe Research。

I wanted to focus on the government side for a second, specifically your comments around Medicaid. Things were getting better. Curious what you're seeing in terms of your third quarter run rate and what's driving that? Are you actually back to kind of breakeven given your improvement there? And maybe you can also let us know where your MA margins are at this point for 2026.

我想先把焦點放在政府端，特別是你們對 Medicaid（醫療補助）的評論。情況原本在改善。想請教你們在第三季的 run rate（運行水準）看到什麼，以及背後的驅動因素是什麼？就你們的改善而言，是否其實已回到接近損益兩平？另外也請你們說明一下，2026 年你們的 MA（Medicare Advantage，聯邦醫療保險優勢計畫）利潤率目前大概在哪個水準。

Mike, do you want to take that?

Mike，你要回答這題嗎？

Sure. Thanks, Justin. Thank you for the question. As Tim indicated, our membership and overall acuity are within our expectations, and we now expect full year 2026 performance moderately better than our forecasted range. The main drivers of that activity has really been our focus on complex care cost management, network and services curation, increasing our membership engagement, particularly in our coaching -- AI-powered coaching activities, modernization activities and the ongoing identification and removal of fraud, waste and abuse activities.

好的。謝謝，Justin。謝謝你的提問。如 Tim 所提，我們的會員數與整體病況嚴重度（acuity）符合我們的預期，而我們現在預期 2026 全年表現將較我們原先預測區間略為更佳。推動這些表現的主要因素，確實是我們聚焦於複雜照護成本管理、醫療網絡與服務的優化配置、提升會員參與度（特別是在我們的教練式服務——AI 驅動的教練活動）、現代化轉型，以及持續辨識並移除詐欺、浪費與濫用（FWA）行為。

And we do believe these activities are durable. We did see good improvement in Q3, and we believe that will continue on for the rest of the year. We continue to see elevated trends in the areas of behavioral healthcare services, specialty pharmacy services and home and community based services and also in inpatient care costs as well.

我們也相信這些作為具有持續性。我們在第三季確實看到良好的改善，並相信這將在今年剩餘期間延續。我們仍持續看到在行為健康照護服務、專科藥局服務、居家與社區式服務，以及住院照護成本等領域的趨勢仍偏高。

Those elevation rates are moderating slightly, and we're continuing to monitor that. We anticipate margin improvement as we look into next year, and we will continue to work with our state partners to mitigate what has been a stubborn gap between funding and medical cost trends through the year. And again, as we think about this for 2028, we're very aspirational to move to rate of margins by the end of that year. Thank you for the question.

這些偏高的增幅正在略為趨緩，我們也會持續監測。展望明年，我們預期利潤率將改善；同時，我們也會持續與各州合作夥伴合作，以緩解今年以來資金（funding）與醫療成本趨勢之間一直存在且難以消除的落差。另外，當我們把時間拉到 2028 年，我們非常有企圖心在該年年底前把利潤率提升到目標水準。謝謝你的提問。

And Justin, maybe just, this is Bobby, on the Medicare margin piece that you highlighted. So given where we've paced through 2026, we do now expect to be near the top end of the 2% to 4% range. I would attribute a lot of that to some of the great recovery actions that the team has executed on here throughout the year, I think the initiatives around medical trend, our cost management focus and then a broader focus on the durable product offerings that we brought to the marketplace for '26.

Justin，另外補充一下，我是 Bobby，針對你提到的 Medicare 利潤率部分。以我們 2026 年目前的進度來看，我們現在預期會接近 2% 到 4% 區間的上緣。我認為這很大一部分要歸功於團隊今年執行的一些很好的修復與改善行動，包括醫療趨勢相關的措施、我們對成本管理的聚焦，以及我們為 2026 年帶到市場上的、更具持續性的產品組合。

It also allows us to make investments now to set us up for future success, I think what we're doing in quality, what we're doing in AI, modernization, provider. And ultimately, I feel good about how it sets us up for continued success in '27. Thanks for the question.

這也讓我們能夠現在就進行投資，為未來成功打底——包含我們在品質、AI、現代化轉型以及醫療服務提供者（provider）方面所做的事。總體而言，我對這些作為如何讓我們在 2027 年持續成功感到樂觀。謝謝你的提問。

Lance Wilkes, Bernstein.

Lance Wilkes，Bernstein。

Great. Could you talk a little bit about how you're approaching growth in 2027, in particular, in Medicare Advantage as you're approaching the top end of the range, how you're looking at growth there? And then likewise, with the selling seasons in for national accounts and for PBM, how is that coming along?

很好。能否談談你們在 2027 年如何看待成長策略？特別是在 Medicare Advantage 方面，當你們接近區間上緣時，你們如何看待那邊的成長？另外，針對全國型客戶（national accounts）以及 PBM（藥品福利管理）目前的銷售季進展如何？

So we'll start with Bobby.

那我們先請 Bobby 回答。

Yes. Thanks, Lance, for the question. So yes, AEP is kind of right around the corner here. And while we'll wait until later this year to provide kind of formal membership guidance, maybe a couple of early observations to share with you.

好的。謝謝你，Lance，謝謝提問。是的，AEP（年度選擇期）已近在眼前。雖然我們會等到今年稍晚才提供正式的會員數指引，但我先分享幾點初步觀察。

So obviously, some of the things we did as we set up for planning in '27 was continue to look at ensuring we have a durable set of product offerings, and that meant some continued footprint refinements and product refinements really around the residual PPOs that we started kind of moderating a year or two ago. But then as I look at the opportunities, I think that's actually a lot of good growth potential out there.

很明顯地，我們在規劃 2027 年時做的一些事情，是持續確保我們擁有一套具持續性的產品組合；這也意味著我們持續進行服務區域（footprint）與產品的調整，主要是針對我們在一兩年前開始逐步降溫的剩餘 PPO 產品。不過就機會面來看，我認為市場上其實仍有相當不錯的成長潛力。

So maybe one important stat for you, even with some of the footprint refinements, we did actually expand our overall footprint. Tim noted it in the prepared remarks. Now more than 94% of American eligibles for Medicare have access to one of our plan offerings. That's an expansion year-over-year. We also took a more dynamic approach to the product planning this year.

也許提供一個重要數據：即便做了一些服務區域的調整，我們的整體覆蓋範圍其實仍然擴大了。Tim 在事先準備的發言中也提到。目前超過 94% 符合 Medicare 資格的美國人，都能使用我們的某一項計畫產品。這是相較去年增加的。今年我們也採取了更具動態性的產品規劃方式。

And I think there are some real opportunities for smart, durable growth in the marketplace right now. We are particularly focused on the Dual Special Needs Plan offerings, the Chronic Special Needs Plan offerings and then some of the high-value HMO. And I think we're better positioned to capture that growth in some of those key areas as we step into AEP in 2027 than we have been in recent years, and we aligned our go-to-market strategy accordingly.

我認為目前市場上確實存在一些能夠帶來聰明且具持續性的成長機會。我們特別聚焦於雙重資格特殊需求計畫（D-SNP）、慢性病特殊需求計畫（C-SNP），以及一些高價值的 HMO。隨著我們邁入 2027 年的 AEP，我認為我們在這些關鍵領域捕捉成長的定位，比近年來更好，並且我們也相應調整了我們的上市策略（go-to-market strategy）。

Maybe just last thing to highlight on that is I -- when I think about the overall capabilities of the enterprise, the capabilities that we bring to bear, our emphasis on value-based care, I do think we have an incredible opportunity to make an impact for the members that are on these D-SNP, C-SNP and HMO plans and really drive some incredible outcomes and quality for those folks over time.

最後再強調一點：當我思考整個企業的能力、我們能夠整合運用的能力，以及我們對價值型照護（value-based care）的重視，我確實認為我們有非常好的機會，為參與這些 D-SNP、C-SNP 與 HMO 計畫的會員帶來影響，並在時間推進下，為這些族群帶來非常出色的結果與品質。

Great. Thanks, Bobby.

很好。謝謝你，Bobby。

Yes. Lance, this is Tim. I'm going to turn it over to Brandon Cuevas, who is our new CEO of our Commercial business, for some insights into the commercial selling season and our pricing posture there.

是的。Lance，我是 Tim。我接下來把問題交給我們商業業務（Commercial）新任 CEO Brandon Cuevas，請他分享商業端銷售季以及我們在定價立場上的一些看法。

No. Thanks, Lance. Appreciate the question. We're coming off of two really, really strong years in national account sales. And we're pleased to see that our persistency and our group retention looks very, very strong going into 2027. As we look at our pipeline and our selling season, obviously, we're well through that in our national account space. And we've had a really successful selling season this year. I think as we think about the overall growth looking into our commercial business, again, I think we remain respectful of trend.

好的。謝謝你，Lance。感謝你的提問。我們在全國型客戶銷售方面，剛經歷了兩個非常、非常強勁的年度。我們也很高興看到，展望 2027 年，我們的續保率（persistency）與團體留存（group retention）看起來非常、非常強。就我們的商機管線（pipeline）與銷售季而言，在全國型客戶這一塊，我們顯然已經進行到相當後段。而今年我們的銷售季非常成功。當我們思考商業業務的整體成長、展望未來時，我認為我們仍然對趨勢（trend）保持審慎。

We've had to be very mindful of the trend increases as well as being very markedly focused on affordability. As we look at 2026, we think that our growth is going to be reflective of some of the increased trend pressures that we've seen in the marketplace. But our pipeline is filling and products like Surest and where we are in our mid-market selling is actually continuing to come in remarkably strong. And so we're having a very solid selling season looking at 2027, but we're still in the midst of our mid-market selling. The national accounts are very strong going into next year. Thanks for the question.

我們必須非常留意趨勢上升，同時也非常明確地聚焦在可負擔性（affordability）。展望 2026 年，我們認為成長將反映出我們在市場上看到的部分趨勢壓力上升。不過，我們的商機管線正在充實，像 Surest 這類產品，以及我們在中型市場（mid-market）的銷售進展，仍持續表現得非常強勁。因此，展望 2027 年，我們的銷售季表現相當穩健，但我們仍在中型市場銷售的進行當中。全國型客戶方面，進入明年看起來非常強。謝謝你的提問。

Thanks, Brandon. How about -- Jon, PBM?

謝謝你，Brandon。那麼——Jon，PBM 呢？

Yes. Thank you, Steve. And Lance, thank you for the question. Building really on Brandon's comments, we've enjoyed a couple of strong selling seasons back-to-back years, and we see that trend continuing this year, really driven by the transformation and transparency modernization efforts within the PBM.

是的。謝謝你，Steve。Lance，也謝謝你的提問。在 Brandon 的評論基礎上延伸，我們已連續兩年經歷了幾個強勁的銷售季，並且我們看到這個趨勢今年仍將延續，主要由 PBM 內部的轉型與透明化現代化工作所驅動。

Those efforts are really resonating in the market, driven, first and foremost, by the fact that every Optum Rx client gets the benefit of the fully transparent supply chain instrumentation that we are putting in place. So that's driving retention, again, in the high 90s this year. And then success in the new client marketplace, as Patrick mentioned in his prepared remarks, while maintaining pricing discipline.

這些努力在市場上確實引起了強烈共鳴，首先也是最重要的原因是，每一位 Optum Rx 客戶都能受益於我們正在建置的、完全透明的供應鏈監測與量測機制。因此，今年的留存率再次被推升到 90% 後段的高水準。同時，如 Patrick 在事先準備的發言中提到的，我們在新客戶市場也取得成功，並且維持定價紀律。

We're growing membership now to north of 50% of our covered lives and expect that trend to continue in 2027. As we wind down the year, we're staying close to our clients. We're in the heat of the enrollment season. Brandon and I still have efforts in flight together. We'll stay close to those clients as we work to update our membership outlook for 2027. Thanks for the question.

我們目前的會員覆蓋已成長到超過我們承保人數的 50%，並預期這個趨勢在 2027 年仍會延續。隨著今年接近尾聲，我們會與客戶保持緊密聯繫。我們正處於投保登記季的高峰期。Brandon 和我目前仍有一些共同推進中的工作。在我們更新 2027 年會員展望的同時，我們也會持續貼近這些客戶。謝謝你的提問。

Stephen Baxter, Wells Fargo.

Stephen Baxter，富國銀行。

Just to round out some of the 2027 color, I think you just spoke pretty clearly to the health plan and PBM assumptions. Can you add some color on how you're thinking about your top line dynamics for Health and Insight and repositioning those businesses for growth, I think, in 2028 or beyond?

為了補充一些 2027 年的資訊，我認為你剛才已相當清楚地談到健康保險計畫與 PBM 的假設。你能否再補充一些你們如何看待 Health 與 Insight 的營收動能，以及如何重新定位這些業務以在 2028 年或更長期恢復成長？

Sure. We'll start out with Krista, and then we'll go to Sandeep.

當然。我們先請 Krista 開始，接著請 Sandeep。

Yes. Thanks so much for the question, Stephen. I would just -- I kind of want to just start with highlighting some of the performance that we're actually seeing inside the third quarter. Really strong performance in our clinical programs in medical management. Those programs are going to continue to be durable as we head into 2027.

好的。非常感謝你的提問，Stephen。我想——我想先強調一下我們在第三季內部實際看到的一些表現。我們在醫療管理的臨床方案上表現非常強勁。隨著我們邁向 2027 年，這些方案將會持續具備韌性。

The work we're doing to reduce unnecessary inpatient stays, the work we're doing to improve access to primary care, preventive care, the work we're also doing to improve access to home health and helping serve our patients in community and home settings. As I think about 2027, again, we'll unpack more of this in the coming months. But I think, really confident in our ability to grow earnings inside 2027.

我們正在做的工作包括：降低不必要的住院天數、改善基層醫療與預防保健的可近性，以及提升居家照護的可近性，並協助在社區與居家場域服務我們的病患。談到 2027 年，我們會在接下來幾個月進一步拆解說明。但我對我們在 2027 年實現獲利成長的能力非常有信心。

And our focus is going to be on just really thoughtful growth. And there's a couple of things I maybe would just point to as growth opportunities for this business in '27, but also just really long term. First is we serve 20 million patients today. About 4 million of those are in fully accountable relationships.

而我們的重點將放在非常審慎、深思熟慮的成長。我想指出幾個這項業務在 2027 年、以及更長期的成長機會。第一，我們目前服務 2,000 萬名病患。其中約 400 萬名處於完全承擔責任（fully accountable）的合作關係中。

So still room for fully accountable growth, but even more importantly, lots of opportunity for professional cap, shared savings and other ways in which we can serve our patients in our integrated model. Second, I would point to is just the high-performing service lines that we have today.

因此，完全承擔責任的成長仍有空間；但更重要的是，在專業人頭付費（professional cap）、共享節省（shared savings）以及其他方式上，我們有大量機會透過整合式模式來服務病患。第二點，我會指出我們目前擁有的高績效服務線。

So think examples of home health, hospice, surgery centers, D-SNP, C-SNP, HMOs. Again, lots of opportunity for growth in those services to go deeper in our existing markets and serve kind of more patients more comprehensively. And then last, I would also just point to opportunities where we're launching new products in the market. Maybe just calling out one as an example.

例如居家照護、安寧療護、手術中心、D-SNP、C-SNP、HMO 等。再次強調，這些服務都有很大的成長機會，能在既有市場更深耕，並以更全面的方式服務更多病患。最後，我也想指出我們在市場上推出新產品的機會。我或許舉一個例子。

This year, in partnership with one of our payers, we've expanded our ability to manage risk across a post-acute continuum. So I think, from an inpatient hospital stay, all the way through SNF and home health. We've seen really strong demand for these products to serve post-acute care risk comprehensively.

今年，我們與其中一個付款方合作，擴大了我們在急性後照護（post-acute）連續照護體系中管理風險的能力。也就是從住院治療，一路延伸到專業護理機構（SNF）與居家照護。我們看到市場對這些產品有非常強勁的需求，因為它們能更全面地承接急性後照護風險。

And we're also really pleased with the results. We're seeing an improved access to timely care, again, improved access to home health utilization. And I think you'll see those programs also expand inside 2027. So taken together, this is still a multiyear journey to make sure we're pacing appropriately towards our 6% to 8% target margin range, but see ample opportunity for growth inside Optum Health.

而且我們也對成果非常滿意。我們看到及時就醫的可近性提升，同時居家照護使用的可近性也提升。我認為你也會看到這些方案在 2027 年進一步擴大。綜合來看，這仍是一段多年期的旅程，以確保我們能以適當節奏朝 6% 到 8% 的目標利潤率區間邁進，但我們也看到 Optum Health 內部有充足的成長機會。

And you're really oriented to do the new things.

而你們確實是以推動新事物為導向。

Exactly.

沒錯。

Sandeep?

Sandeep？

Yes. Stephen, for Optum Insight, the goal is to simplify healthcare with AI for consumers, providers, payers and life sciences companies. As 2026 is on plan, I want you to think about Insight as a multiyear investment and execution journey. So there's a few moving parts here. We are continuing to rationalize existing products and contracts where they don't make sense.

是的。Stephen，對於 Optum Insight，我們的目標是運用 AI 為消費者、醫療服務提供者、付款方以及生命科學公司簡化醫療照護。在 2026 年按計畫推進的同時，我希望你把 Insight 視為一段多年期的投資與執行旅程。因此這裡有幾個變動因素。我們持續在既有產品與合約上做合理化調整，對於不具合理性的部分就會退出或重整。

But we are infusing AI into our existing offerings that help make them more competitive and profitable and then launching new AI-first products and platforms. To give you some examples of the momentum there, our Optum AI consulting firm with a Medicaid plan is helping them adjudicate their most complex claims in seconds instead of days using agentic AI.

同時，我們也把 AI 注入既有產品，使其更具競爭力與獲利能力，並推出新的 AI 優先（AI-first）產品與平台。舉幾個動能的例子：我們的 Optum AI 顧問團隊與某個 Medicaid 計畫合作，運用代理式 AI（agentic AI）在幾秒內而非幾天內裁決他們最複雜的理賠。

Another example is a product called Optum Integrity One, which automates claims coding in the revenue cycle space. We launched this at the end of 2025. We had two clients at the end of 2025. Today, we have 15 clients implemented and another 24 clients implementing. So you see the momentum of some of our new AI clients. We recently launched a partnership joining the Anthropic Partner Network.

另一個例子是一項名為 Optum Integrity One 的產品，它在收入循環領域自動化理賠編碼。我們在 2025 年底推出。在 2025 年底我們有兩個客戶。今天，我們已有 15 個客戶完成導入，另有 24 個客戶正在導入中。因此你可以看到我們一些新的 AI 客戶帶來的動能。我們最近也推出一項合作，加入 Anthropic Partner Network。

We had announced similar go-to-market partnerships with Microsoft and Google in recent quarters across products. We are seeing strong disciplined execution, new team members that are AI-first and new product teams, et cetera. And in the next two quarters, we'll be seeing a series of product launches. So overall, with those moving parts, we feel confident about our prospects for 2027. Thank you.

在最近幾個季度，我們也曾宣布與 Microsoft 和 Google 在多項產品上的類似上市策略（go-to-market）合作夥伴關係。我們看到強勁且有紀律的執行，包括加入新的 AI 優先團隊成員與新的產品團隊等。在接下來兩個季度，我們將看到一系列產品發布。總體而言，在這些變動因素之下，我們對 2027 年的前景感到有信心。謝謝。

AI is reinventing that business.

AI 正在重塑那項業務。

A.J. Rice, UBS.

A.J. Rice，瑞銀。

I might go back to the commercial business. I think the risk portion, you guys have indicated that maybe that's operating at a below 5% margin. Part of that is the IDR issues that you've highlighted. It sounds like you're saying today that, that's stabilizing somewhat.

我想回到商業保險業務。我認為風險（risk）那一部分，你們曾表示其營運利潤率可能低於 5%。其中一部分原因是你們提到的 IDR 問題。聽起來你們今天的說法是，那正在某種程度上趨於穩定。

And I know that historically, you've talked about that business having a high single-digit, 7% to 10% or something, margin. I wonder your thoughts about the pacing of margin recovery there and maybe flesh out a little bit more about the stabilization you're seeing right now.

我也知道，過去你們談到那項業務的利潤率應該是高個位數，大約 7% 到 10% 或類似水準。我想請教你們對於那裡利潤率回升節奏的看法，並且能否再更具體說明一下你們目前看到的穩定跡象？

Tim, do you want to start with that?

Tim，你想先從這個開始嗎？

Yes. Thanks, A.J. Yes. So as we talked about in the opening remarks, we are seeing a stabilizing of the trends that we're seeing, the medical cost trends that we're seeing in the commercial business, albeit at levels that are high and significantly higher than historical norms that we've seen in the commercial business. As we priced for 2027, we took the view that we would see these trends continue and persist into 2027 and priced rationally just consistent with all of that.

是的。謝謝你，A.J. 是的。正如我們在開場致詞中談到的，我們看到我們所觀察到的趨勢正在趨於穩定，也就是我們在商業保險業務中看到的醫療成本趨勢，儘管其水準仍然偏高，且明顯高於我們過去在商業保險業務中看到的歷史常態。在為2027年定價時，我們的看法是這些趨勢將會延續並持續到2027年，因此我們以理性的方式定價，與上述判斷一致。

As we think about our long-term targeted margins and some of these utilization pressures that we're facing in the commercial business, it is going to stretch out our ability to achieve those long-term objectives on margins for the commercial business. So more color in a couple of months. We'll have an opportunity to dive into some of the detail of that business, but that's how you should be thinking about it right now.

當我們思考長期目標利潤率，以及我們在商業保險業務中面臨的一些使用量壓力時，這將會拉長我們達成商業保險業務長期利潤率目標的時間。幾個月後我們會提供更多細節。我們將有機會深入探討該業務的一些細節，但你現在應該這樣來理解。

Ann Hynes, Mizuho Securities.

Ann Hynes，瑞穗證券。

Maybe we could fine-tune some of your earlier comments on MA. Just in general, how do you view your competitiveness from a benefit offering versus your peers? And do you believe UNH is positioned to deliver overall membership growth for next year?

也許我們可以更精準地釐清你先前對MA（Medicare Advantage，聯邦醫療保險優勢計畫）的評論。整體而言，從福利方案提供的角度，你如何看待相較同業的競爭力？以及你是否認為UNH已具備條件在明年實現整體會員成長？

Bobby?

Bobby？

Yes. Ann, thanks for the follow-up question. So again, we're not going to get to specific guidance. We'll get to that here in a few months. That said, we took a very deliberate approach for 2027 with a focus on investing in benefits, investing in products and providing stability in products where we know we can make a meaningful impact, meaningful impact on growth, meaningful impact on the consumers that we serve, meaningful impact in partnership with many of our value-based care providers who serve those populations and think about that, again, in the context of our Dual Special Needs Plans, our Chronic Special Needs Plans and our HMO plans.

是的。Ann，謝謝你的追問。再次強調，我們不會提供具體指引。我們會在幾個月後再談到這些。不過，我們在2027年採取了非常審慎且有意識的做法，重點放在投資福利、投資產品，並在我們知道能產生實質影響的產品上提供穩定性——對成長有實質影響、對我們服務的消費者有實質影響，也能在與許多服務這些族群的價值型照護提供者合作下產生實質影響；並且再次在我們的雙重特殊需求計畫（Dual Special Needs Plans）、慢性特殊需求計畫（Chronic Special Needs Plans）以及HMO計畫的脈絡下來思考。

A big part of why we've had the recovery actions we have in '26 is our focus in those areas, the broad capabilities that we bring to life in those areas, our ability to get after some of the medical cost areas, driving more cost management, things of that nature. So I think as I look to '27 and look at the competitive landscape, we have a nice opportunity to capture some of that growth to continue serving more members in those areas, and that's what we're focused on as we continue to modernize our business. Thanks for the question.

我們在2026年採取復原行動的一大原因，就是我們對這些領域的聚焦、我們在這些領域所能落地的廣泛能力，以及我們在一些醫療成本領域採取行動、推動更強的成本管理等能力。因此，當我展望2027年並觀察競爭環境時，我們有不錯的機會去掌握部分成長、在這些領域持續服務更多會員，而這正是我們在持續推動業務現代化時所專注的方向。謝謝你的提問。

Kevin Fischbeck, Bank of America.

Kevin Fischbeck，美國銀行。

I appreciate the earlier comments that trend tends to be a little bit higher in the back half of the year, but the trend data points that we're tracking kind of really imply that trends started off really low to start the year, but it kind of has accelerated as the year has gone on.

我理解你先前提到趨勢通常在下半年會稍微高一些，但我們追蹤的趨勢數據點其實相當明顯地顯示：年初的趨勢起步很低，但隨著年度推進似乎有所加速。

I mean, is this consistent with what you're seeing? And if so, why is it maybe accelerating a little bit more than normal? And I guess, how comfortable are you that you're pricing 2027 to the exit rate as far as trend goes?

我的意思是，這與你們看到的情況一致嗎？如果一致，為什麼它可能比正常情況加速得更多一些？另外，就趨勢而言，你們對於2027年的定價是以退出率（exit rate）為基礎，你們有多大把握？

Tim?

Tim？

Kevin, this is Tim. So we are not seeing the dynamics that you're talking about. When you kind of go across each of our businesses, we've talked about commercial kind of continuing at the level, stabilizing somewhat in more recent durations, but still tracking north of 11% we talked about. We're seeing moderation in trend in the Medicaid business. And we are seeing some better-than-expected performance when you start thinking about the Medicare businesses broadly.

Kevin，我是Tim。我們沒有看到你所提到的那些動態。當你橫向看我們各項業務時，我們談到商業保險仍大致維持在那個水準，近期期間略有穩定，但仍如我們所說，追蹤值高於11%。我們看到Medicaid業務的趨勢正在趨緩。而當你更廣泛地思考Medicare相關業務時，我們看到的表現也優於預期。

But in terms of trend acceleration, no, we are not seeing that. And in fact, we're seeing some moderation in the government programs business and stabilization in the commercial business. And as we think about our forward pricing, right now, we are able to incorporate the latest information using better analytical tools, more real-time information on the direction of travel of medical cost utilization and are incorporating all of that into our forward pricing assumptions, but not seeing the elevation that you're referencing as we pace through the year.

但就趨勢加速而言，不，我們沒有看到。事實上，我們看到政府計畫業務有些趨緩，而商業保險業務則趨於穩定。在前瞻定價方面，目前我們能運用更好的分析工具、更多即時資訊來納入最新資訊，掌握醫療成本使用量的走向，並把這些都納入我們的前瞻定價假設；但在年度推進過程中，我們沒有看到你所提到的那種上升。

Scott Fidel, Goldman Sachs.

Scott Fidel，高盛。

I was hoping just on the Medicaid side, I would be interested in your thinking around as we think about '27 to 2030 and you have that natural opportunity for cyclical margin recovery in Medicaid, clearly with margins still negative. But then sort of -- and then having to sort of interface with the implementation of the OB3 reforms that will sort of scale up from '27 to '30.

我想就Medicaid這一端請教。當我們思考2027到2030年時，你們在Medicaid上有一個自然的、週期性的利潤率修復機會，尤其目前利潤率仍為負。但接著——同時又必須與OB3改革的落地相互交織，而該改革將在2027到2030年逐步擴大。

And maybe sort of walk us through how you sort of see those two offsetting each other and maybe how you think about maybe a reasonable sort of view on sort of where margins maybe average over that time period.

能否請你帶我們走一遍，你如何看待這兩股相互抵銷的力量？以及你如何思考在那段期間利潤率平均水準可能落在什麼位置，算是合理的看法？

Mike?

Mike？

Scott, thanks for the question. As we look at what's happening over the next four years, there certainly will be a cycle process that goes through the Medicaid business. We've seen this over history, if you look at it, and we expect that to happen through Medicaid through this cycle as well, particularly as we think about OB3. We think there is an opportunity to get back to rate of margins in 2028.

Scott，謝謝你的提問。當我們看未來四年會發生的事情時，Medicaid業務確實會經歷一個週期性過程。如果回顧歷史，我們已經看過這種情況，我們也預期在這一輪週期中，Medicaid同樣會如此運作，特別是當我們考量OB3時。我們認為在2028年有機會回到既有的利潤率水準。

We're continuing to focus on our efforts around clinical care management, cost management, leveraging AI tools to do that as well. We do think that over time, there will be opportunities for us to look at markets, to look at ways we can tie into our strategy around duals and make sure that this can be effective.

我們會持續聚焦在臨床照護管理、成本管理等工作，也會運用AI工具來協助。我們也認為，隨著時間推進，我們將有機會檢視各個市場、檢視能夠如何與我們在雙重資格（duals）方面的策略連結，並確保這能有效運作。

But overall, we think getting back to those margins and remaining at those margins will be an opportunity for us and will be our goal through 2030. Thank you for the question.

但整體而言，我們認為回到那些利潤率並維持在那些利潤率，將是我們的機會，也會是我們到2030年的目標。謝謝你的提問。

And in the long term, Medicaid is a good, durable marketplace to continue to grow.

從長期來看，Medicaid是一個良好且具韌性的市場，值得持續成長。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

I have a question on specialty pharmacy. You brought it up on the cost side, but Patrick also talked about it on the opportunity side. And just really want to understand two things here. One, you talked about infusion. I'm curious about capabilities today and what you see around infusion.

我有一個關於專科藥局（specialty pharmacy）的问题。你們在成本面提到了它，但Patrick也在機會面談到了它。我主要想釐清兩件事。第一，你提到了輸注（infusion）。我想了解你們目前的能力，以及你們對輸注領域的看法。

Two, what do you see around potential opportunities in biosimilars? And then lastly, the comment around integrated medical and pharmacy together. You talked about the fact that 50% are now external clients. I'm curious about how you bring the 2 entities together if they're not under a single umbrella of UnitedHealth Group.

第二，你們如何看待生物相似藥（biosimilars）的潛在機會？最後，關於醫療與藥局整合在一起的評論。你提到目前有50%是外部客戶。如果這兩個實體不在UnitedHealth Group的同一個架構之下，我很好奇你們要如何把它們整合在一起？

Sure. So why don't we start with Patrick, and then we'll go to Jon, and then we might come back to Patrick on the integrated piece, okay?

好的。那我們先從Patrick開始，接著請Jon，然後在整合的部分我們可能再回到Patrick，好嗎？

So Lisa, thanks for the question. We'll call out a few areas. First, specialty pharmacy, as you know well, with the drug pipeline and the patient need, is a growing market. What we talked about in the opening comments is we're increasingly bringing that closer and closer with our care delivery enterprise and clinicians broadly across the marketplace.

所以，Lisa，謝謝你的提問。我們點出幾個面向。首先，專科藥局（specialty pharmacy），如你很清楚的，隨著藥物研發管線與病患需求，這是一個成長中的市場。我們在開場談到的是，我們正愈來愈把它與我們的照護交付事業（care delivery enterprise）以及市場上更廣泛的臨床人員緊密整合。

So Jon and the team have led terrific efforts, both in LDD drugs where we have high win rates with care models, working with Krista and the Optum Health team, also working with external clinicians and physicians and prescribers. So we see that market continuing to grow, and it's about service, experience and patient care.

因此，Jon 和團隊主導了非常出色的工作，無論是在 LDD 藥物上（我們透過照護模式有很高的得標率），與 Krista 及 Optum Health 團隊合作，也與外部臨床人員、醫師與開立處方者合作。所以我們看到該市場持續成長，而關鍵在於服務、體驗與病患照護。

Infusion, you also alluded to, that's a lower-cost setting, as you know, and more convenient for patients. So what we hear from payers and our other customers is they want infusion to grow because it's lower cost and better experience for patients. And once again, we have a robust clinical care model and growth in that area. I'll let Jon talk a little bit more about the sort of PBM and pharmacy linkage, and then we'll go from there.

你也提到輸注（infusion），那是一個較低成本的照護場域，如你所知，也更方便病患。因此，我們從付款方與其他客戶那裡聽到的是，他們希望輸注業務成長，因為成本更低、病患體驗更好。同樣地，我們在那個領域有強健的臨床照護模式並持續成長。我先讓 Jon 多談一點 PBM 與藥局之間的連結，然後我們再接著往下。

Yes, very good. Thank you, Patrick. I'll start, Lisa, with the strength within -- Patrick started with this. With the strength within our specialty pharmacy led by Mike Einodshofer and the team, we're winning on experience there, Lisa. So if you look at overall volumes, while volumes might have been down 5% for the quarter, specialty volume is actually up 2.6% for the quarter.

是的，非常好。謝謝你，Patrick。Lisa，我先從內部的優勢談起——Patrick 已經先提到一些。在 Mike Einodshofer 與團隊帶領下，我們的專科藥局實力很強，我們在體驗上勝出，Lisa。若看整體量，雖然本季量可能下滑 5%，但專科量本季其實成長 2.6%。

And that's driven by a couple of initiatives. We're winning on provider choice, which, again, is strong LDD win rates, our strongest in years there, Lisa. Coupled with the continued build-out of our centers of excellence -- our therapeutic centers of excellence. We have 15 of those serving the provider space. That allows us to get very close to those provider relationships across our covered footprint.

這是由幾項措施所驅動。我們在提供者選擇（provider choice）上勝出，也就是 LDD 得標率強勁，Lisa，這是我們多年來最強的一次。同時也搭配我們持續擴建卓越中心——我們的治療領域卓越中心（therapeutic centers of excellence）。我們有 15 個這樣的中心服務提供者端。這讓我們能在我們所覆蓋的服務範圍內，與這些提供者關係保持非常緊密的連結。

Within the specialty pharmacy, then we win on consumer experience. We recently won the Specialty Pharmacy of the Year from the National Association of Specialty Pharmacy, an incredibly competitive award. And so that puts us in the right place to serve consumers as we continue to expand that footprint. This offer is resonating with our PBM clients who look for a seamless extension of the specialty pharmacy care as part of their pharmacy benefit.

在專科藥局方面，我們也在消費者體驗上勝出。我們最近獲得全美專科藥局協會（National Association of Specialty Pharmacy）頒發的「年度專科藥局」獎，這是一個競爭非常激烈的獎項。因此，當我們持續擴大覆蓋版圖時，這讓我們處於能夠服務消費者的正確位置。這項方案正引起我們 PBM 客戶的共鳴，他們希望專科藥局照護能作為其藥品福利的一部分，無縫延伸。

Maybe just two quick other notes on biosimilar because you asked about that, we're seeing robust uptake across our clients, lowest net cost. Our Optum Specialty Distribution, which we had stood up, is functioning well.

另外就你問到的生物相似藥（biosimilar），再補充兩點：我們看到客戶端採用情況強勁，且淨成本最低。我們所建立的 Optum 專科配送（Optum Specialty Distribution）運作良好。

Last thing I'll call out across Krista and Jon's team, really great collaboration between the Optum Health clinicians and the pharmacies to make sure we're providing that integrated care experience for the patients we serve.

最後我想強調的是，在 Krista 與 Jon 的團隊之間，Optum Health 的臨床人員與藥局之間有非常好的協作，確保我們為所服務的病患提供整合式照護體驗。

Erin Wright, Morgan Stanley.

Erin Wright，摩根士丹利。

So as you continue to make progress on the Optum Health turnaround, I guess, how should we think about Optum Health margins, where they land in 2027 relative to that 6% to 8%? And just longer term, how you think about potential margins exceeding even that range?

隨著你們持續推進 Optum Health 的扭轉（turnaround），我想問，我們應該如何看待 Optum Health 的利潤率，在 2027 年相較於 6% 到 8% 這個區間會落在哪裡？以及更長期來看，你們如何看待利潤率甚至可能超過該區間的可能性？

Are there any structural constraints to further kind of margin expansion? And with the evolution of that business, the business mix, alongside what you're doing with automation and AI, I guess, could that support even higher margins over time?

是否存在任何結構性限制，會約束進一步的利潤率擴張？隨著該業務的演進、業務組合的變化，再加上你們在自動化與 AI 上的作為，是否可能隨時間推移支撐更高的利潤率？

Yes. And before Krista gets to that, maybe just a general comment that there's only so much we can say about 2027, that we will have a conversation with you before the end of the year where we'll be able to give you, let's say, more color on 2027, which we view very positively, but we've already provided probably more forward-looking views than we probably have ever done on a call at this stage. So with that, I think very positive outlook. Krista and Mike, do you want to respond?

是的。在 Krista 回答之前，我先做個一般性說明：關於 2027 年，我們能說的其實有限；我們會在年底前與各位再進行一次溝通，屆時我們能提供更多關於 2027 的細節。我們對 2027 的看法非常正面，但在這個階段的電話會議上，我們已經提供了可能比以往任何時候都更具前瞻性的觀點。因此，整體展望非常正面。Krista 和 Mike，你們要回應嗎？

Yes. Thanks, Steve, and thanks, Erin, for the question. Again, I think just kind of anchoring back to the work we've been doing to reposition this business for long-term success. Again, really pleased with the performance we're seeing inside 2026. Third quarter is another great example of that.

是的。謝謝你，Steve，也謝謝 Erin 的提問。我想再次回到我們一直在做的工作：重新定位這項業務，以確保長期成功。我們對 2026 年內部所看到的表現非常滿意。第三季就是另一個很好的例子。

That core performance improvement is durable and will contribute meaningfully to our kind of outlook in 2027. And again, I think 2027 is a year where we'll see a strong pace towards that 6% to 8% by 2028.

這種核心績效改善具有持久性，並將對我們 2027 年的展望做出實質貢獻。同時，我認為 2027 年將是我們以強勁速度朝向 2028 年達到 6% 到 8% 的一年。

That is really our focus. And then as I alluded to in the earlier question, I'm optimistic and see a lot of opportunities for growth in this business kind of across the domains I mentioned. But again, we look forward to unpacking more detail around those. And I see some of that starting in '27, but also opportunity in 2028 and beyond for this business across those three domains I mentioned.

這確實是我們的重點。另外，如我在前一個問題中提到的，我保持樂觀，並看到這項業務在我提到的各個領域都有很多成長機會。但我們也期待能進一步拆解並說明更多細節。我看到其中一些會從 2027 年開始顯現，但在 2028 年及之後，這項業務在我提到的三個領域仍有機會。

So very positive, but we can't really get to precision at this range.

所以整體非常正面，但在這個區間內我們無法給到精確數字。

Andrew Mok, Barclays.

Andrew Mok，巴克萊。

Optum Health's EBIT guidance still appears to imply a meaningfully negative fourth quarter. Can you walk through what's driving that sharp seasonality and help quantify 4Q investments that might be impacting that segment?

Optum Health 的 EBIT 指引看起來仍暗示第四季將顯著為負。你能否說明是什麼驅動了這種明顯的季節性，並協助量化可能影響該事業部的第四季投資？

Yes, yes. Thanks for the question. So I mentioned the third quarter performance will be durable into the fourth quarter, but fourth quarter does reflect risk seasonality, which is normal course for this business, and some additional investments that we're making for long-term performance.

是的，是的。謝謝你的提問。我提到第三季的表現會延續到第四季，但第四季確實反映風險季節性（risk seasonality），這是這項業務的常態，同時也包含我們為了長期表現所做的一些額外投資。

So inside those additional investments, think things like technology, AI, but more specifically, even workflow improvements for our clinicians to ensure that we're providing the appropriate expanded access that we're focused on, but also make it easier to care for our patients to deliver strong quality outcomes and support that integrated experience that we're talking about.

在這些額外投資中，可以想像像是科技、AI，但更具體地說，還包括臨床人員工作流程的改善，以確保我們能提供我們所聚焦的適當擴大可近性（expanded access），同時也讓照護病患更容易，交付強勁的品質成果，並支援我們所談到的整合式體驗。

So think of things like AI-enabled care summaries, to make it easier for clinicians to prepare for visits. Ambient, we've talked a lot about how can that translate from just listening and documentation to kind of next best action insights for our clinicians. Also doing quite a bit of work on scheduling that I mentioned.

例如 AI 啟用的照護摘要（care summaries），讓臨床人員更容易為就診做準備。另外，環境式（Ambient）方面，我們談過很多：如何從單純的聆聽與文件紀錄，進一步轉化為提供臨床人員「下一步最佳行動」（next best action）的洞察。我們也在排程（scheduling）上做了不少工作，如我先前提到的。

And there's a handful of other investments that we're making in our clinician workflows, again, really just to enable durable performance for the long term in this business. And those are the things that are really part of the fourth quarter. I would say, overall, again, third quarter will be kind of durable into fourth, but some kind of performance reflected with our risk seasonality. Thanks.

此外，我們也在臨床人員工作流程上進行其他幾項投資，核心目的同樣是為這項業務的長期穩健表現奠定基礎。而這些正是第四季所包含的內容。我會說，整體而言，第三季的表現會大致延續到第四季，但會因風險季節性而反映出一些績效變動。謝謝。

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

I wanted to follow up on some of the policy items that Tim Noel referenced. I think you talked about your work with CMS on quality efforts. You have also talked about the issues on the IDR side. I was just hoping you could give us a sense for how you'd like to see those programs evolve over the next few years in a way that would be constructive to the system.

我想跟進一下 Tim Noel 提到的一些政策事項。我想你談到了你們與 CMS 在品質提升方面的合作。你也談到了 IDR 方面的議題。我只是希望你能讓我們了解一下，未來幾年你希望這些計畫如何演進，才能以建設性的方式促進整個體系。

Yes. Thanks, Matthew, for the question. Yes. So with respect to the IDR process, we're really referring to the dispute resolution process. The spirit of the legislation is one that we're certainly aligned on, but the result and outcomes that we're seeing where the awards are significantly more multiples, 10x, 11x what Medicare would pay in some of those instances is excessive, and it's contributing to the lack of affordability in healthcare that we're seeing right now.

是的。謝謝你，Matthew，這個問題。是的。所以就 IDR 流程而言，我們實際上指的是爭議解決流程。我們當然認同這項立法的精神，但我們目前看到的結果與結局是，在某些情況下，裁決金額是 Medicare 會支付金額的顯著倍數，達到 10 倍、11 倍，這是過度的，也正在加劇我們目前看到的醫療照護負擔不起的問題。

So our issue with the IDR process relates specifically to the dispute resolution and the inefficiencies of it, the costs associated with it and the outcomes that it's resulting in generating, but not with the spirit of the law because that is something that we're totally aligned to. And I'll turn it over to Bobby to talk a little bit about some of the modernization of the Medicare program.

因此，我們對 IDR 流程的問題，具體在於爭議解決本身及其低效率、相關成本，以及它所導致的結果；但不是針對法律的精神，因為那一點我們完全一致。我把時間交給 Bobby，請他談談 Medicare 計畫的一些現代化。

Yes. Thanks, Tim. So Matthew, I mean you alluded to it, but very appreciative of the active and ongoing dialogue that we have with CMS, that we have with policymakers. What I want you to hear from us is we are supportive of modernization. We are supportive of reform that advances the program and ensures sustainability of the program.

好的。謝謝你，Tim。所以 Matthew，你剛才也提到了，我們非常感謝與 CMS 以及政策制定者之間積極且持續的對話。我希望你從我們這裡聽到的是：我們支持現代化。我們支持能推動計畫向前並確保計畫可持續性的改革。

We provided ideas in that regard, I think quality opportunities, payment opportunities, affordability opportunities, administrative efficiency, tech interoperability and all of those in response to CMS's various requests for proposals. I think important to note, MA has a really strong foundation from which to build upon.

在這方面我們也提出了想法，我認為包括品質機會、支付機會、可負擔性機會、行政效率、技術互通性等，這些都是回應 CMS 各項徵求提案（RFP）的內容。我認為重要的是，MA 有非常強的基礎可以在其上持續建構。

And so it's key that as we kind of pace through these reforms and modernization opportunities that it's done thoughtfully and with broad stakeholder engagement, and that doesn't just mean plans like UnitedHealthcare, that means with providers, clinicians, members, broader stakeholders, et cetera, all those voices are critical to this conversation. And it all needs to be done with program stability at the forefront, and I'm optimistic about what that looks like. Thanks for the question.

因此，關鍵在於，當我們逐步推進這些改革與現代化機會時，必須審慎進行並廣泛納入利害關係人參與；而這不僅僅是像 UnitedHealthcare 這樣的保險計畫，也包括醫療提供者、臨床人員、會員、以及更廣泛的利害關係人等等，所有這些聲音對這場對話都至關重要。而且一切都需要以計畫穩定性為首要考量；我對未來的樣貌感到樂觀。謝謝你的提問。

Ryan Langston, TD Cowen.

Ryan Langston，TD Cowen。

Great. You recently talked about making some unique investments in the Stars program. Now that the details are out, I'm sorry if I missed this, but can you give us any insight into the size and maybe types of investments you're making in the Stars program? And any commentary you can provide on your broker strategy heading into open enrollment would be helpful as well.

很好。你最近談到在 Stars 計畫上進行一些獨特的投資。現在細節已經公布了，如果我漏看了很抱歉，但你能否提供一些洞見，說明你們在 Stars 計畫上的投資規模，以及可能的投資類型？另外，你們在進入開放投保期時的經紀人策略，若能提供任何評論也會很有幫助。

Yes. Ryan, Bobby here. So I'll hit the Stars one and then I'll hit the broker one quickly as well. So overall, very pleased with how we executed on the controllables for the Star season. We take a long-term view of quality, no different than our approach to products and pricing.

好的。Ryan，我是 Bobby。我先談 Stars，然後也快速談一下經紀人。整體而言，我們對於在 Star 季度中把可控因素執行到位感到非常滿意。我們對品質採取長期觀點，這與我們對產品與定價的做法沒有不同。

And so while we knew there could be some Star pressure related to the repositioning of benefits we did for '26 in response to the funding and policy headwinds impacting the overall industry, that's also why we made the investments we did, to drive improvements in key areas like clinical outcomes, pharmacy outcomes.

因此，雖然我們知道，因應資金與政策逆風影響整體產業，我們為 2026 年所做的福利重新定位可能會帶來一些 Star 壓力，但這也正是我們進行相關投資的原因，以推動在臨床結果、藥局（藥品）結果等關鍵領域的改善。

And what you saw is we actually, therefore, year-over-year improved nearly every HEDIS and Rx measure for this Star season. But we're not satisfied there. There's more work to be done. There's more opportunity. There's more opportunity to invest and further improve as we pace forward, and that is what we're focused on in that regard. So think of our continued investment in '26, Q4 and into '27 as continuing to accelerate, not slow down given the criticality of quality and Stars to the overall business.

而你看到的是，因此我們在這個 Star 季度中，幾乎每一項 HEDIS 與 Rx 指標都較去年有所改善。但我們並不滿足於此。還有更多工作要做。還有更多機會。隨著我們持續向前推進，還有更多投資與進一步改善的空間，而這正是我們在這方面的重點。因此，請把我們在 2026 年、第四季以及進入 2027 年的持續投資視為在加速而非放慢，因為品質與 Stars 對整體業務至關重要。

And maybe lastly, just your question on broker. I would say, again, similar to my comments around the product positioning, more dynamic, really more strategically positioned for '27 than perhaps in recent years with key growth opportunities in the D-SNP, C-SNP and HMO space, we have aligned our broker strategies accordingly.

最後再談你的經紀人問題。我會說，同樣呼應我對產品定位的評論：相較於近年，我們為 2027 年做了更具動態性、也更具策略性的布局；在 D-SNP、C-SNP 與 HMO 領域有一些關鍵的成長機會，我們也已相應地調整了經紀人策略。

We've aligned our marketing strategies accordingly, and we are going to market with that very clear objective to drive good stability within our base business and good growth opportunity in those areas where we think there's some nice opportunities for us. Thanks for the question.

我們也相應地調整了行銷策略，並以非常明確的目標推向市場：在我們的基本盤業務中維持良好穩定性，同時在我們認為具備不錯機會的領域取得良好成長。謝謝你的提問。

Thank you. So I think we will -- I appreciate the questions this morning and the level of engagement. I think we'll close this now, but we will be around as a team for the rest of the day if you have questions that didn't get responded to or if you have further questions. Again, we thank you for your time today.

謝謝。所以我想我們會——我很感謝今天早上的提問以及大家的投入程度。我想我們現在就先結束，但如果你有尚未獲得回覆的問題或還有進一步問題，我們團隊今天其餘時間都會在場。再次感謝你今天撥冗參與。

And I hope you get a sense of the momentum we're bringing into '27 as our emphasis on disciplined execution kind of -- and very much improved patient and care provider experiences continue to go forward.

我也希望你能感受到，我們在進入 2027 年時所帶來的動能；我們對嚴謹執行的重視，以及顯著改善病患與照護提供者體驗的努力，將持續向前推進。

And I think we'll just build on this quarter-by-quarter. And we look forward to providing you with a more complete outlook. We'll meet before the end of the year to really engage with investors and really give more color to 2027. So thank you, and have a great day.

我想我們會在每一季的基礎上持續累積。我們也期待能向各位提供更完整的展望。我們會在年底前再會面，與投資人深入交流，並就 2027 年提供更多細節與說明。所以謝謝各位，祝大家今天愉快。

This does concludes today's conference. We thank you for your participation, and have a great day.

今天的電話會議到此結束。感謝各位的參與，祝大家今天愉快。