A young innovative company – Start-up health insurer led by former UnitedHealthcare CEO is off to a good start, filings show | CNBC
- Bright Health competes with Oscar Health and other start-up insurance plans.
- It has raised more than $240 million from technology and health investors.
- New filings show how it fared in its first year: 2017.
The company sells its plan on the individual market in Colorado, including via the state exchange created through the Affordable Care Act.
Its Minneapolis-based team is also planning to expand into other states and into the burgeoning market for Medicare Advantage in the coming months.
Sheehy told CNBC he saw an opportunity to sell individual health insurance under Obamacare, as his former company pulled out of multiple states, reportedly to stem losses. In Colorado, both UnitedHealth Group and Humana announced plans to stop selling individual plans in 2016.
“I started the company with a vision to catalyze the individual marketplace,” he said. “My vision was to improve health affordability, and the health care experience.”
Bright’s secret sauce involves working in tight partnership with a single health system within a region, in this case Centura Health, which gives it better window into physician cost and quality.
As a broker, they are a breath of fresh air when it comes to their service, lack of bureaucracy, and their support as expressed by reasonable commissions.