About Bright HealthCare
Bright HealthCare (NYSE: BHG) offers affordable, benefit-driven Individual & Family and Medicare Advantage health insurance plans. Through exclusive partnerships with health systems, affordable health insurance plans, and a simple, friendly approach to technology, the company seeks to improve the way people and physicians achieve better health together.
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Research containing Bright HealthCare
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CB Insights Intelligence Analysts have mentioned Bright HealthCare in 14 CB Insights research briefs, most recently on May 3, 2022.
Expert Collections containing Bright HealthCare
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Bright HealthCare is included in 10 Expert Collections, including Fintech 250.
HLTH is a healthcare event bringing together startups and large companies from pharma, health insurance, business intelligence, and more to discuss the shifting landscape of healthcare
Tech IPO Pipeline
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Digital Health 150
2019's cohort of the most promising digital health startups transforming the healthcare industry
Value-Based Care & Population Health
The VBC & Population Health collection includes companies that enable and deliver care models that address the health needs for defining populations along the continuum of care, including in the community setting, through participation, engagement, and targeted interventions.
Latest Bright HealthCare News
Oct 11, 2022
10/11/2022 | 07:05am EDT Message : *Required fields Reaffirms previous 2022 Adjusted EBITDA guidance at midpoint and accelerates Adjusted EBITDA profitability to 2023, a year earlier than previously anticipated Will no longer offer Individual and Family Plan products through Bright HealthCare in 2023, or Medicare Advantage products outside of California and Florida Raises $175 million of committed convertible preferred equity capital to fully fund business to profitability Expects to deliver a $3 billion Net Revenue balanced business in 2023 through its risk-bearing care delivery and Medicare Advantage businesses Bright Health Group, Inc. (“Bright Health”) (NYSE: BHG) today announced its decision to further focus its business on its Fully Aligned Care Model and will no longer offer Individual and Family Plans through Bright HealthCare, or Medicare Advantage products outside of California and Florida in 2023. In addition, Bright Health announced raising $175 million of committed convertible preferred equity capital that is expected to close in the coming weeks and take the business through profitability. Focusing on Bright Health’s largest healthcare markets where it operates its differentiated Fully Aligned Care Model in partnership with aligned external payors and care providers is a faster path to profitability, has greater predictability, and is more capital efficient. The company now expects to be profitable on an Adjusted EBITDA basis in 2023 and will serve underserved populations through its risk-bearing care delivery business, Medicare Advantage products, and the ACO REACH Program in states that cover 26% of the aging U.S. population. Further, given the continued solid performance year-to-date, Bright Health Group reaffirms its previous Adjusted EBITDA guidance for 2022 at the midpoint of the range. “We have demonstrated the power of the Fully Aligned Care Model in serving aging and underserved populations and progressed the marketplace towards seeing the promise in value-based care across all populations,” said Mike Mikan, President and CEO, Bright Health Group. “The changes announced today give Bright Health a strong and stable platform for profitable growth at much lower risk. This is one more strategic step to building a differentiated and profitable business at scale.” With this announcement, in addition to the previously announced market exits, Bright HealthCare will not offer Individual and Family health plans in Alabama, Arizona, Colorado, Florida, Georgia, Nebraska, North Carolina, Texas, and Tennessee after 2022(1), or Medicare Advantage plans outside of California and Florida. This focused footprint reduces Bright Health’s overall regulated capital need and is expected to release excess regulated capital of approximately $250 million upon settlement of all medical liabilities and approval from state regulators. Bright HealthCare will continue to meet its obligations and service impacted members for the remainder of plan year 2022 and will work to support all impacted members in the move to new plans during the upcoming annual and open enrollment periods so that they do not experience any interruption in their coverage. Members enrolled in impacted plans will receive discontinuation letters, in the near future. For more information, visit https://brighthealthcare.com/markets . (1) Bright HealthCare is in ongoing discussion on the continuation for 2023 of an immaterial amount of Individual and Family Plan business in certain states including California and Colorado. Conference Call Bright Health Group will host a conference call to discuss today’s announcement with investors at 8:30 a.m. Eastern Time today. To participate via telephone, please register at this link . Bright Health Group will also webcast this conference call live, which can be accessed from the Investor Relations page of the company’s website: investors.brighthealthgroup.com . Following the call, a webcast replay will be available on the same site. About Bright Health Group Bright Health Group is a technology enabled, value-based healthcare company that organizes and operates networks of affiliate care providers to be successful at managing population risk. We focus on serving aging and underserved consumers that have unmet clinical needs through our Fully Aligned Care Model in Florida, Texas and California, some of the largest markets in healthcare where 26% of the U.S. aging population call home. We believe everyone should have access to personal, affordable, and high-quality healthcare. Our mission is to Make healthcare right. Together. For more information, visit www.brighthealthgroup.com . Forward-Looking Statements Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. and the closing of our committed convertible preferred equity capital. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: our ability to continue as a going concern if we do not obtain additional financing; our ability to comply with ongoing regulatory requirements, including consent decrees or governmental orders; a lack of acceptance or slow adoption of our updated business model; our ability to retain existing consumers and expand consumer enrollment; our ability to obtain and accurately assess, code, and report Individual and Family Plan and Medicare Advantage risk adjustment factor scores for consumers; our ability to contract with high-quality care partners, maintain healthy relationships with them, and arrange for the provision of quality care; our ability to accurately estimate our medical expenses, effectively manage our costs and claims liabilities or appropriately price our products and charge premiums; our ability to obtain claims information timely and accurately; the impact of the ongoing COVID-19 pandemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage any growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions and integrate acquired businesses; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; our ability to comply with requirements to maintain effective internal controls; our ability to adapt to the new risks associated with our expansion into Direct Contracting / ACO Reach program; adverse outcomes of regulatory investigations or audits or lawsuits, actions or claims against us; our ability to successfully exit insurance markets in a cost and resource effective and efficient manner; and the other factors set forth under the heading “Risk Factors” in the Company’s reports on Form 10-K and Form 10-Q (including all amendments to those reports) and our other filings with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20221010005817/en/ © Business Wire 2022
Bright HealthCare Frequently Asked Questions (FAQ)
When was Bright HealthCare founded?
Bright HealthCare was founded in 2016.
Where is Bright HealthCare's headquarters?
Bright HealthCare's headquarters is located at 219 North 2nd Street, Minneapolis.
What is Bright HealthCare's latest funding round?
Bright HealthCare's latest funding round is IPO.
How much did Bright HealthCare raise?
Bright HealthCare raised a total of $1.575B.
Who are the investors of Bright HealthCare?
Investors of Bright HealthCare include New Enterprise Associates, Bessemer Venture Partners, Greenspring Associates, Tiger Global Management, Blackstone and 11 more.
Who are Bright HealthCare's competitors?
Competitors of Bright HealthCare include Groundspeed Analytics, Metromile, Alan, Digit Insurance, PolicyGenius and 13 more.
Compare Bright HealthCare to Competitors
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Snapsheet develops a cloud-based technology platform that facilitates customer engagement and intelligent workflows. Snapsheet builds software to adapt to workflows, operational needs, and systems environments.
Digit Insurance is a tech-driven insurance startup based in Bengaluru, India. The company seeks to build simple and transparent solutions, focusing on car, travel, mobile, jewelry, and bicycle insurance. Digit Insurance was founded in 2006 and is based in Bengaluru, India.
PolicyGenius is an online insurance platform. Through its highly tailored Insurance Checkup, users can discover their coverage gaps and read about solutions for their exact needs. The company provides a place to shop online for life, long-term disability, renters, and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
Spruce is built from the ground up to help make real estate transactions fast, frictionless and secure. The company provides title and settlement services that empower lenders to efficiently close loans and deliver excellent customer experience.
Groundspeed Analytics offers SaaS-based application submission and data services for the commercial property and casual insurance industry. The company uses machine learning for commercial insurance data automation, to help brokers and carriers improve financial performance. Its platform automatically turns loss runs, exposure documents, and policy files into actionable information, empowering users to identify profitable pools of risk and drive better financial outcomes. Groundspeed Analytics was founded in 2016 and is based in Ann Arbor, Michigan.
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