A health insurer that once hoped to remake health insurance has decided to focus on the health care delivery market in an effort to keep its business going.
Bright Health Group said last week that it hopes to sell its surviving Medicare Advantage plan business, wind down its remaining Affordable Care Act exchange plans and focus on providing care.
Bright Health lost $1.4 billion in 2022 on $2.4 billion in revenue.
The company noted that it expects to file its official 10-K annual report with the U.S. Securities and Exchange Commission within the next two weeks, and that the filing "will include a disclosure around substantial doubt of the company's ability to continue as a 'going concern.'"
Bright Health is hoping to find capital to fund its ongoing operations over the next 12 months, the company said.
What It Means
Some clients may get a sudden reminder that some of the financial institutions they do business with are facing hard times.
The Company
Bright Health is a Minneapolis-based company that currently provides health care for about 375,000 people.
