Bright Health Plan announced details of its 2021 expansion, which will include Medicare Advantage, individual and family plans in six new markets in Florida, North Carolina and Illinois. For the first time, they will also be offering employer-sponsored plans in certain markets, subject to final regulatory approval.
“Bright Health set out to reimagine how health care is delivered in this country, and to create a truly personalized, efficient and affordable health care experience through aligning the interests of patients, providers, and the health plan,” said Simeon Schindelman, CEO of Bright Health Plan. “Our continued growth in membership, geographies, and end markets – including our entry into employer-sponsored plans – is further proof of the transformative power of our model in which payers and providers work together to enable fully integrated care.”
Bright Health Plan will begin offering individual and family plans in the Fort Lauderdale, Miami, Asheville, Greensboro and Raleigh-Durham markets, as well as Medicare Advantage plans in Fort Lauderdale. In its existing Chicago market, the company will expand into DuPage County and add individual and family plans to their current Medicare Advantage offerings.
The company’s self-funded options will include level-funded plans for employers with 20-100 employees and administrative services only (ASO) plans for those with 100+ employees. Bright Health Plan’s self-funded solutions will include broad and flexible administrative services, stop-loss insurance and network management. Additionally, fully insured small business plans will be available in Denver, Nashville, Memphis and Nebraska.
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“We continue to see tremendous potential in combining innovative technology solutions with the knowledge and expertise of our local provider partners,” said Mike Mikan, CEO of Bright Health, Inc. “Bright Health Plan continues to demonstrate the power of that vision and we look forward to bringing our model to even more people in 2021.”
Bright Health was founded in 2015 to create a more personalized and affordable member experience by improving access to health care and enabling stronger relationships between members and their providers. Over the past five years, Bright Health has seen tremendous success scaling their alignment-based health plans, supported by their record-breaking fundraising success. In December 2019, the company announced the close of an oversubscribed $635M Series D funding round, bringing total capital raised to more than $1B. Shortly after, the company announced its entry into the California market through the acquisition of Westminster-based Medicare Advantage plan provider Brand New Day.
Source: PR Newswire