Report: DOJ launches antitrust probe into UnitedHealth

Zoom in: In recent weeks, DoJ investigators have been interviewing health care industry representatives in areas where UnitedHealth competes, including doctor groups, WSJ says.

• Investigators have inquired about relationships between UnitedHealthcare's insurance unit and subsidiary Optum's health-services arm, per the report.

By the numbers: UnitedHealth's stock was down 2.3% at close on the news.

The bottom line: The FTC and DOJ are keeping busy, as the current administration remains relentless in efforts to crack down on anti-competition.

Our thought bubble: Optum arguably created the playbook for owning doctors offices and is now the largest employer of physicians in the U.S.

• A breakup would be complicated business — and would undercut the vertical integration strategy that peers and private equity alike have emulated.

The bottom line: Optum was once a steady buyer of large, private equity-backed provider groups, but those days may be over.

DoJ declined to comment. UnitedHealth did not immediately respond to Axios' request for comment.

If you need smart, quick intel on health tech dealmaking for your job, get Axios Pro.