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brighthealthcare.com

Founded Year

2016

Stage

IPO | IPO

Total Raised

$1.575B

Date of IPO

6/24/2021

Market Cap

0.67B

Stock Price

1.06

Revenue

$0000 

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.

Bright HealthCare Headquarters Location

219 North 2nd Street Suite 401

Minneapolis, Minnesota, 55401,

United States

888-974-0199

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Expert Collections containing Bright HealthCare

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Bright HealthCare is included in 11 Expert Collections, including Fintech 250.

F

Fintech 250

748 items

C

Conference Exhibitors

5,501 items

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

T

Tech IPO Pipeline

286 items

F

Fintech for Seniors

26 items

Fintechs specifically targeting Baby Boomers and retirees.

I

Insurtech

2,487 items

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

D

Digital Health 150

300 items

2019's cohort of the most promising digital health startups transforming the healthcare industry

Latest Bright HealthCare News

States monitoring Bright Health Group's finances

Sep 1, 2022

Bright Health Group State regulators are monitoring Bright Health Group’s finances after the insurer was required to transfer nearly $150 million at the last minute to remain in compliance with capital requirements for health insurance companies. Bright Health Group's second-quarter filings in Georgia, Texas, Colorado and Illinois show it transferred funds into its insurance arms in those states just before the filings were due. In a Securities and Exchange Commission filing Aug. 15, the company said it was working with regulators in three unnamed states to resolve "potential instances of noncompliance." “As we filed the 10-Q prior to filing our quarterly statutory reports, we noted the potential for certain states to be in non-compliance, as we were waiting for approval of specific capital infusions, which have all occurred,” a Bright Health Group spokesperson wrote in an email. The company’s regulatory disclosure and cash flow follow normal and accepted accounting practices, the spokesperson said. “Bright is currently in compliance with all state regulatory capital requirements,” the spokesperson said. The spokesperson did not respond to questions regarding Bright Health's compliance in individual states. The special enrollment periods President Joe Biden’s administration implemented as part of the COVID-19 relief effort led the insurtech’s membership to balloon to 1.09 million members as of June 30, up 65% from the prior-year period. The additional enrollment periods opened the door for sicker, more costly patients than Bright Healthcare expected to sign up for the company's health insurance plans. Bright Healthcare also struggled to collect information about these new members' conditions, which led federal regulators to fine the company more than $1 million for purportedly insuring healthier individuals than competitors. Bright Health Group’s increase in membership meant the company had to set aside more reserve funds in each state where it operates. States require health insurance companies to hold a specific portion of their revenue relative to the size of their local membership to ensure they can pay claims. Each state has different capital requirements for insurers. The company’s losses could inspire state regulators to deny the insurtech’s bids to market local plans for the coming year, said Ari Gottlieb, a principal at A2 Strategy Group. Open enrollment for Medicare and exchange coverage starts as soon as Oct. 15. “It’s an open question if they’ll allow members to sign up for plans for 2023 for a company that has publicly disclosed that without additional financing they cannot operate for all of 2023,” Gottlieb said. Bright Health Group transferred $13 million to its local reserves in Georgia on Aug. 12 to partially offset a net loss of $14 million, Weston Burleson, director of communications and legislative affairs for the state’s Office of the Commissioner of Insurance, Safety and Fire, wrote in an email. The insurer is in compliance with state premium reserve laws, Burleson said. “Bright Health has been a topic of discussion among state departments for the past several months,” Burleson said. “The company’s trajectory and access to additional capital support are topics of ongoing concern. We are monitoring the situation closely and will act should the need arise.”  The Georgia Life and Health Guaranty Association would cover local policyholders if the company defaults on its financial commitments, Burleson said. Bright Health Group transferred $125 million on Aug. 12 to its Texas insurance arm to ensure it met the state’s regulatory standards. The Texas Department of Insurance declined to comment on Bright Health Group’s operations. Additionally, the insurtech transferred $9 million to its Colorado operation on Aug. 15. The insurer meets the state’s capital requirements and the Colorado Department of Regulatory Affairs is in “constant communication with the company,” a department spokesperson wrote in an email. “We will continue to closely monitor Bright’s ability to meet its financial obligations,” the spokesperson said. Bright Health Group transferred $1.2 million on Aug. 12 to its Illinois insurance arm. The Illinois Department of Insurance is reviewing the insurer’s quarterly statement to make sure the company holds the necessary cash reserves. The agency said it will engage in future discussions about Bright Healthcare with Florida regulators, which is “the lead state for the company holding group," said a spokesperson for the Illinois Department of Insurance. Regulators from Florida, North Carolina, New Mexico, Tennessee, Virginia, Ohio and Arizona said that Bright Healthcare holds the necessary minimum in its state accounts. Officials said they are regularly monitoring the company for solvency. South Carolina regulators declined to comment on Bright Health Group’s finances. Letter

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  • 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 Bessemer Venture Partners, New Enterprise Associates, Greenspring Associates, T. Rowe Price, Blackstone and 11 more.

  • Who are Bright HealthCare's competitors?

    Competitors of Bright HealthCare include Metromile, Alan, Digit Insurance, BIMA, PolicyGenius and 13 more.

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