穆巴迪 19世纪初，美国医学充斥江湖郎中与低端从业者，医生地位低于律师。A－MA于1847年成立（美国医 学会，AmericanMedicalAssociation），推动标准化教育，将医学提升为"主权专业"——独立于市场、政 府与公众的自治领域。医生宣称"高于市场"，强调伦理而非利润，并赢得公众信任，塑造了早期系统私 人执业、无广告、无价格竞争的形象。然而，1930年代的大萧条打破了早期的平衡。在失业潮下，医院 面临倒闭，蓝十字蓝盾（BlueCrossBlueShield）等非营利保险兴起，承诺支付医院费用，换取稳定收 入。医生最初抵制，视保险为"企业医学"威胁专业自主，但战后经济繁荣与税收优惠（如雇主保险免 税）加速产业化。到1950年代，私人保险覆盖半数人口，医院从慈善机构转为"半企业"——行政费用从 战前5%飙升至20%。斯塔尔强调，这一转型非必然。欧洲选择国家保险，美国却因AMA反对"社会化医 学"，偏好市场模式，奠定了利润优先的基础，这就产生了"专业vs市场"的冲突，从而导致种种问题 ——医生从主权者沦为产业劳工、医疗系统碎片化，行政负担沉重，医疗费用昂贵，甚至会导致医院合 并浪潮，放大垄断。 2 ...

Group 1: Company Performance - Salesforce (CRM) shares fell 29.1% year-to-date, underperforming the Dow by 32.5 percentage points, despite reporting Q3 fiscal 2026 revenue of $10.26 billion and raising full-year guidance to $41.45 billion to $41.55 billion [1][2] - Microsoft (MSFT) experienced a 17.4% decline in stock price, lagging the Dow by 20.8 percentage points, even after reporting Q2 revenue of $81.3 billion, a 17% year-over-year increase, and Azure growth of 39% [1][2] - UnitedHealth (UNH) saw a 12.7% drop in stock value, trailing the Dow by 16.1 percentage points, with Q4 2025 revenue of $113.22 billion missing estimates and operating income plummeting 95% to $380 million [1][2] Group 2: Market Sentiment and Trends - The divergence in performance between these companies and the Dow reflects a broader market sentiment where fundamentals alone do not drive returns, as investors reassess structural assumptions regarding AI, healthcare regulations, and capital expenditures [2] - Concerns over AI's impact on traditional software demand have led to a sell-off in software stocks, with Salesforce's valuation being questioned despite a projected 14.7% growth in business software spending in 2026 [1][2] - Microsoft's significant capital expenditures of $29.9 billion in Q2, up 89% year-over-year, raised investor concerns about whether this would translate into expected growth rates, contributing to stock price declines [1][2] Group 3: Financial Metrics - Salesforce's revenue grew 8.6% year-over-year, but shares dropped from $264.91 to $187.79 between December 31, 2025, and February 18, 2026 [1] - Microsoft reported a free cash flow decline of 9.3% despite strong operating cash flow growth, indicating potential challenges in maintaining profitability amid high capital expenditures [1] - UnitedHealth's net income fell to $10 million, down 99.8% year-over-year, highlighting the fragility of its Medicare Advantage model amid regulatory pressures and increased medical costs [1][2]

Core Viewpoint - Humana Inc. has declared a cash dividend of $0.885 per share, payable on April 24, 2026, to stockholders of record as of March 27, 2026 [1] Company Overview - Humana is a leading U.S. healthcare company that provides insurance services and healthcare services through its CenterWell division, aiming to help millions achieve better health [1]

LOUISVILLE, Ky.--(BUSINESS WIRE)--Humana invests $1.7M to drive better health outcomes across Illinois. ...

This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. Dive Brief: Humana’s health services arm CenterWell has acquired MaxHealth from private equity firm Arsenal Capital Partners as the insurer continues to expand its primary care business. MaxHealth operates a network of 54 primary care clinics, four specialty and ancillary locations as well as 24 affiliated clinics across West and South Florida, the company ...

Core Viewpoint - The healthcare market is expected to normalize in 2026, presenting a buying opportunity for health insurance stocks that have seen significant declines in 2025 due to rising healthcare costs and other challenges [1][2]. Group 1: Oscar Health - Oscar Health has experienced a decline of over 60% in stock value, attributed to fears over expiring subsidies and rising healthcare costs, leading to losses [2][6]. - The company has grown its insurance membership from 400,000 in 2020 to 3.4 million as of February 2026, indicating strong market share growth despite current challenges [6]. - Revenue is projected to increase from $11.7 billion in 2025 to as high as $19 billion in 2026, with operating earnings expected to range from $250 million to $450 million, making the current stock price attractive given its market cap of $3.6 billion [7]. Group 2: UnitedHealth Group - UnitedHealth Group's stock has decreased by 53.6% from its highs, facing multiple headwinds including cybersecurity issues and legal challenges [2][8]. - The company anticipates generating $439 billion in revenue and $24 billion in operating earnings in 2026, supported by rate repricings for customer premiums [10]. - Trading at a market cap of approximately $266 billion, UnitedHealth is valued at just over 10 times its expected operating income, suggesting potential for significant growth in the coming years [11].

The sticker shock can be severe. Data from the Kaiser Family Foundation indicates that average annual premium payments for subsidized enrollees may rise from $888 in 2025 to $1,904 in 2026 — a 114% increase year-over-year (3). And this is happening as families’ budgets are already under stress from unrelentingly expensive groceries and utilities.Now that the math has flipped, many families are finding that they either receive far less assistance or have lost eligibility for credits entirely.First introduced ...

Headquartered in Minnesota, UnitedHealth Group Incorporated (UNH) owns and manages organized health systems. With a market cap of $265.6 billion, the company provides employers with products and resources to plan and administer employee benefit programs serving customers worldwide. Shares of this health insurance giant have significantly underperformed the broader market over the past year. UNH has declined 44.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 11.8%. In 202 ...

Group 1 - CVS Health Corporation (NYSE:CVS) is the top stock pick for billionaire Larry Robbins, accounting for 13.76% of his portfolio, valued at $617.96 million [1] - Despite a decrease in fourth-quarter profit, CVS exceeded Wall Street expectations, indicating early success in restructuring efforts after a challenging 2024 [2] - Adjusted EPS for CVS was $1.09, down from $1.19 a year earlier but above the consensus estimate of $0.99, with total revenue increasing from $97.70 billion to $105.70 billion due to higher prescription volumes and assets acquired from Rite Aid [3] Group 2 - For 2026, CVS reaffirmed its revenue guidance of at least $400.00 billion and adjusted EPS guidance of $7.00–$7.20, reflecting a focus on execution discipline rather than aggressive growth [4] - The Aetna insurance unit reported a medical loss ratio of 94.80%, slightly better than expected, despite pressures from Medicare Advantage cost trends related to the Inflation Reduction Act [4] - CVS operates as a diversified healthcare company, integrating insurance, pharmacy benefit management, retail pharmacies, and clinical services across the United States [6]

Core Insights - Families earning the median household income are spending 10% or more of their paychecks on employer-sponsored health coverage in 19 states, particularly in the southern US, with potential increases if incomes do not keep pace with rising healthcare costs [1][2] Group 1: Premiums and Deductibles - The Commonwealth Fund's analysis indicates that combined premiums and deductibles for family plans average 10.1% of the median family's household income nationwide, with family coverage premiums averaging $24,540 and families contributing $7,216 [5] - In states like Louisiana, combined premium and deductible costs account for 15.6% of incomes, while Florida, Mississippi, and North Carolina see similar figures at 13.7% [6] - Conversely, states like New Hampshire and Washington, D.C. report lower percentages, with costs at 6.9% and 5.7% of median household income, respectively [7] Group 2: Future Projections and Concerns - A previous survey from KFF noted that annual premiums for employer-sponsored family plans reached nearly $27,000, with workers paying $6,850, and costs are expected to rise further by 2026 due to increased healthcare utilization and the introduction of high-cost therapies [8] - The affordability of health coverage remains a significant concern, as families are spending more for plans that offer less protection [9]