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Bright Health

Bright Health Group, Inc.
Company typePublic
NYSE: BHG
IndustryHealth insurance
Founded2016; 8 years ago (2016)
FoundersBob Sheehy, Kyle Rolfing, and Tom Valdivia
HeadquartersMinneapolis, Minnesota, U.S.
Key people
G. Mike Mikan (CEO)
RevenueIncrease $400 million(2019)[1][2]
Number of employees
1500

Bright Health Group, Inc. is an American health insurance company based in Minneapolis, Minnesota.

History

The company was founded by Bob Sheehy, the former CEO of United Healthcare, with partners Kyle Rolfing, Tom Valdivia and seed investor Flare Capital Partners, upon raising $81.5 million in venture capital in 2016.[3] The company said it would focus on "consumer-centric" technology, facilitating patient experiences through digital interfaces.[4] Bright Health is based in Minneapolis.[5] It first began offering plans in Colorado in a partnership with Centura Health[6][7] after several large insurers announced they would be pulling out of the state.[8]

In 2017, Bright Health acquired the marketing firm Spyder Trap,[9] and its founder became Bright Health's Chief Technology Officer.[10] In June 2017, the company raised an additional $160 million in Series B funding.[11] In September 2017, Forbes included Bright Health on a list of 25 "next billion-dollar startups".[12] The company aligned with Mercy Health, the largest hospital system in Ohio, in July 2018[13] and partnered with Mount Sinai in New York to offer Medicare Advantage plans the next month.[14] Bright Health closed a $200 million Series C financing round in November 2018, bringing the total raised to more than $440 million.[15] It next began offering plans in the State of Arizona, before setting plans to sell in Alabama in 2018,[16][17][18] partnering with Arizona Care Network (an insurer owned by Dignity Health and Abrazo Community Health Network) in Phoenix and Brookwood Baptist Health in Birmingham.[19][18]

In 2019, Bright Health joined America's Health Insurance Plans, a trade association for health insurance companies,[20] and expanded into parts of New York, Ohio, and Tennessee.[21] It also raised an additional $635 million for expansion, bringing the total amount of funding to more than $1 billion.[22] G. Mike Mikan, who formerly held leadership roles at UnitedHealth Group and Best Buy, joined as vice chairman and president in September 2019.[23][24] By December 2019, Bright Health was operating in 22 markets in 12 states.[25]

In January 2020, Bright Health appointed former Target executive, Cathy Smith, to be the new CFO, replacing Don Powers.[26] That same month, the company announced it would acquire Brand New Day Health Plan, increasing its reach in the Medicare Advantage market.[27] The acquisition also enabled Bright Health to begin offering services in California.[28] Bright Health became Minnesota's first "unicorn" when it reached a valuation of $1 billion.[1] G. Mike Mikan became the company's CEO in April 2020.[29]

In 2020, the company promoted former Periscope CEO, Liz Ross, to the post of new chief marketing officer.[30] Bright Health raised $500 million in Series E funding in September 2020.[25]

In early 2021, Bright Health announced record membership growth, providing coverage to more than 500,000 consumers.[31] The company also announced another acquisition in California, Central Health Plan of California Inc., further growing the Medicare Advantage business.[32][33]

In April 2022, Bright Health announced it would discontinue offering plans in six states for 2023: Illinois, New Mexico, Oklahoma, South Carolina, Utah and Virginia. These markets were expected to contribute less than 5% of the company's revenue for 2022.[34] In October 2022, Bright Health announced that it would close plans in Alabama, Arizona, Colorado, Florida, Georgia, Nebraska, North Carolina, Texas and Tennessee.[35]

In 2023, Bright Health announced it would sell its Medicare Advantage operations, including Brand New Day and Central Health Plan in California, to Molina Healthcare.[36]

Health insurance

The company began selling health insurance plans in 2017 and Medicare Advantage plans in 2018, in reaction to the Affordable Healthcare Act.[37] Bright Health works with "narrow networks" of specific doctors and hospitals to suppress the cost of healthcare for those enrolled in their program and facilitate coordination of care.[38][39] The company works in cooperation with major health systems in a market to design a network of services around those providers.[40] Bright Health refers to these providers as "care partners".[41] As of April 2021, it operates in more than 50 markets in 13 states and provides virtual and in-person care to more than 220,000 patients.[42] The company also has three technology components: a user interface, a data analytics module, and a platform that works with electronic medical records and telemedicine companies.[19]

References

  1. ^ a b Miller, Carrigan (13 February 2020). "Bright's Future". Minneapolis / St. Paul Business Journal. Retrieved 17 April 2021.
  2. ^ "News". Bright Health. Retrieved 27 April 2021.
  3. ^ "Health Insurance Startup Raising Big Money". Fortune Magazine.
  4. ^ Herman, Bob (6 April 2016). "Former UnitedHealthcare CEO launches venture-backed insurer". Modern Healthcare. Retrieved 14 April 2021.
  5. ^ "Bright Health". Fortune Magazine. 17 October 2017.
  6. ^ "Health insurance startup Bright Health picks up another $160 million". Mobile Health News. 1 June 2017.
  7. ^ "After raising $80 million Bright Health prepares to sell insurance online". Digital Commerce 360. 8 August 2016.
  8. ^ "Health startup Bright Health picks Colorado as first market". The Denver Post. 26 May 2016.
  9. ^ "Bright Health Acquires Marketing Agency Spyder Trap". TCB Magazine.
  10. ^ "Bright Health buys Minneapolis digital-marketing agency Spyder Trap". Minneapolis/St. Paul Business Journal.
  11. ^ Gormley, Brian (1 June 2017). "Bright Health Is Latest to Fundraise Despite Obamacare Uncertainty". The Wall Street Journal – via www.wsj.com.
  12. ^ Adams, Susan (26 September 2017). "The Next Billion-Dollar Startups 2017". Forbes. Retrieved 14 April 2021.
  13. ^ Brunsman, Barrett J. (18 July 2018). "Mercy Health teams with insurer on new plans". Cincinnati Business Courier. Retrieved 14 April 2021.
  14. ^ Beaton, Thomas (24 August 2018). "Payers, Providers Create New Medicare Advantage Partnerships". HealthPayerIntelligence. Retrieved 14 April 2021.
  15. ^ Mack, Heather (29 November 2018). "Mack's Take: A New Wave of Health Insurers is Taking Charge—and Market Share". Wall Street Journal. Retrieved 14 April 2021.
  16. ^ "Bright Health is expanding into Medicare market". The Star Tribune.
  17. ^ "Oscar gets into bed with Humana to scale employer health insurance business (Updated)". medcitynews.com. MedCity News.
  18. ^ a b "Health insurer plans Alabama expansion, will partner with Brookwood". Birmingham Business Journal.
  19. ^ a b "In quest to fix broken member experience for insurance, Bright Health raises fresh capital". medcitynews.com. MedCity News.
  20. ^ Morse, Susan (24 January 2019). "AHIP advocacy group questions Medicare Advantage payment changes". Healthcare Finance News. Retrieved 17 April 2021.
  21. ^ Snowbeck, Christopher (3 September 2019). "Minneapolis-based startup Bright Health adds top executives". Star Tribune. Retrieved 16 April 2021.
  22. ^ Snowbeck, Christopher (17 December 2019). "Bright Health raises additional $635 million for expansion". Star Tribune. Retrieved 16 April 2021.
  23. ^ Ostuni, Amanda (6 September 2019). "Former Best Buy Exec Mike Mikan Joins BrightHealth". Twin Cities Business. Retrieved 16 April 2021.
  24. ^ Miller, Carrigan (3 September 2019). "Bright Health hires former interim Best Buy CEO as president; co-founder Rolfing has left". Minneapolis / St. Paul Business Journal. Retrieved 17 April 2021.
  25. ^ a b Reuter, Elise (22 September 2020). "Bright Health raises $500M, plans expansion into employer-based insurance". MedCity News. Retrieved 17 April 2021.
  26. ^ "Bright Health Picks Former Target Exec to Be CFO". Twin Cities Business. Retrieved 2020-04-07.
  27. ^ Minemyer, Paige (8 January 2020). "Bright Health to buy California health plan, further growing its MA reach". FierceHealthcare. Retrieved 17 April 2021.
  28. ^ Miller, Carrigan (8 January 2020). "With purchase of California health plan, Bright Health will cover America's three biggest cities". Minneapolis / St. Paul Business Journal. Retrieved 17 April 2021.
  29. ^ Gilyard, Burl (24 April 2020). "Mike Mikan Tapped as New CEO for Bright Health". Twin Cities Business. Retrieved 12 April 2021.
  30. ^ "Former Periscope CEO Liz Ross Joins Bright Health". www.bizjournals.com. Retrieved 2020-12-12.
  31. ^ Vaidya, Anuja (2 April 2021). "Report: Bright Health eyes $1B IPO". MedCity News. Retrieved 17 April 2021.
  32. ^ Dela Cruz, Katherine (7 January 2021). "Corporate America Not Likely To Unwind COVID-19 Debt Buildup Despite Credit Hits". S&P Global. Retrieved 17 April 2021.
  33. ^ Gilyard, Burl (8 January 2021). "Bright Health to Buy California-based Central Health Plan Amid Ballooning Growth". Twin Cities Business. Retrieved 17 April 2021.
  34. ^ "Bright Health exiting six markets after a rough 2021". Healthcare Finance News. Retrieved 2022-05-17.
  35. ^ https://www.mobihealthnews.com/news/bright-health-cut-individual-family-insurance-plans-next-year
  36. ^ https://www.healthcarefinancenews.com/news/bright-health-announces-sale-its-remaining-medicare-advantage-plans
  37. ^ "Former UnitedHealth executive to launch new health plan". The Star Tribune.
  38. ^ St. Anthony, Neal (22 July 2017). "Minnesota venture capital take in first half nearly topped last year's entire funding". Star Tribune. Retrieved 12 April 2021.
  39. ^ Snowbeck, Christopher (3 September 2019). "Minneapolis-based startup Bright Health adds top executives". Star Tribune. Retrieved 12 April 2021.
  40. ^ Carlson, Joe (24 July 2019). "Minneapolis' Bright Health plans to double markets where it sells health plans". Star Tribune. Retrieved 12 April 2021.
  41. ^ Hackett, Mallory (30 June 2020). "Bright Health Plan to expand into new markets in 2021". Healthcare Finance News. Retrieved 12 April 2021.
  42. ^ Landi, Heather (8 April 2021). "Bright Health snaps up Zipnosis to build out telehealth services". FierceHealthcare. Retrieved 12 April 2021.

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