UnitedHealth grew into a vertically integrated giant through scores of acquisitions over past 15 years, most too small to trigger FTC or SEC disclosure. Large acquisitions require antitrust preclearance, but UH quietly rolled up 1000s of local providers without anyone noticing.

Like it or not, this is what healthcare in America looks like today. Great report sponsored by @Arnold_Ventures detailing the 2,694 subsidiaries of UnitedHealth.