Bright Health plans to expand into 42 new markets in 2022
Startup health plan Bright HealthCare plans to enter 42 new markets for plan year 2022.
The commercial arm falls under Bright Health Group, which went public earlier this year. The expansion includes entry into several new states and growth within the states it already serves, bringing its total footprint to 17 states and 131 markets across the country.
Bright Health’s footprint makes it accessible to 16.5 million potential members, the company said. The insurer said it would be the first plan added to Covered California, the state’s exchange, in six years.
“In nearly every one of our products and markets, consumers choose Bright HealthCare. This shows that our integrated Care Partner model is working. said Simeon Schindelman, CEO of Bright HealthCare, in a statement.
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“Our continued growth in expanding states like Texas, as well as existing states like California and Florida is further proof that our transformation model is not only meeting demand, but more importantly, lowering the costs of healthcare and improves quality for consumers while building durable and trusted products. two-way relationships between consumers and primary care providers,” Schindelman said.
Bright Health offers individual and family plans, employer-sponsored and Medicare Advantage. It is built on proprietary technology called DocSquad.
The company went public in late June, when it raised $924 million in its IPO. This haul has set a new benchmark for insurer startup IPOs.