Bright Health

Bright Health is an American health insurance company.

Bright Health Management, Inc.
Private
IndustryHealth insurance
Founded2016
FoundersBob Sheehy, Kyle Rolfing, and Tom Valdivia
HeadquartersMinneapolis, Minnesota
Websitebrighthealthplan.com

In November 2018 it was announced Bright Health raises $200M at ~$950M valuation.[1]

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.[2] Sheehy is the company's CEO,[3] and Rolfing is the company's president.[4] Bright Health is based in Minneapolis,[5] and first began offering plans in the State of Colorado,[6] after several large insurers announced they would be pulling out of the state,[7] in a partnership with Centura Health.[8] In 2017 Bright Health acquired the marketing firm Spyder Trap,[9] and its founder became Bright Health's Chief Technology Officer.[10] It next began offering plans in the State of Arizona, before setting plans to sell in Alabama in 2018,[11][12][13] partnering with Arizona Care Network (a insurer owned by Dignity Health and Abrazo Community Health Network) in Phoenix and Brookwood Baptist Health in Birmingham.[14][13] In January 2020, Bright Health appoints former Target exec Cathy Smith to be the new CFO, replacing Don Powers.[15]

Health insurance

It began selling health insurance plans in 2017 and Medicare Advantage plans in 2018, in reaction to the Affordable Healthcare Act.[16] In June 2017, the company raised an additional $160 million in Series B funding.[17] Bright Health works with “narrow networks” to suppress the cost of healthcare for those enrolled in their program.[18] 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.[14]

References
  1. "Insurance startup Bright Health raises $200M at ~$950M valuation". TechCrunch. Retrieved 2018-11-30.
  2. "Health Insurance Startup Raising Big Money". Fortune Magazine.
  3. "Bright Health CEO hopes to help radiologists reduce clinical variation, advance evidence-based medicine - FierceHealthcare". www.fiercehealthcare.com.
  4. "Star power can't obscure Obamacare's higher premiums". medcitynews.com. MedCity News.
  5. "Bright Health". Fortune Magazine. 17 October 2017.
  6. "After raising $80 million Bright Health prepares to sell insurance online". Digital Commerce 360. 8 August 2016.
  7. "Health startup Bright Health picks Colorado as first market". The Denver Post. 26 May 2016.
  8. "Health insurance startup Bright Health picks up another $160 million". Mobile Health News. 1 June 2017.
  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. "Bright Health is expanding into Medicare market". The Star Tribune.
  12. "Oscar gets into bed with Humana to scale employer health insurance business (Updated)". medcitynews.com. MedCity News.
  13. "Health insurer plans Alabama expansion, will partner with Brookwood". Birmingham Business Journal.
  14. "In quest to fix broken member experience for insurance, Bright Health raises fresh capital". medcitynews.com. MedCity News.
  15. "Bright Health Picks Former Target Exec to Be CFO". Twin Cities Business. Retrieved 2020-04-07.
  16. "Former UnitedHealth executive to launch new health plan". The Star Tribune.
  17. Gormley, Brian (1 June 2017). "Bright Health Is Latest to Fundraise Despite Obamacare Uncertainty". The Wall Street Journal – via www.wsj.com.
  18. "Minnesota venture capital take in first half nearly topped last year's entire funding". The Star Tribune.
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