As the healthcare world evolves, so does health insurance. Founded in 2015 by former UnitedHealthcare CEO Bob Sheehy, Bright Health is an insurance startup. Based in Minneapolis, Minnesota, Bright Health raised $80 million in Series A funding in 2016.
Via phone, Bright Health Chief Business Officer Rachel Winokur talked to MedCity News about accountable care, VCs and how payers are approaching the market.
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Rachel Winokur, Bright Health chief business officer
Winokur will be on a panel titled “The Evolving Payer-Provider Collaboration” at MedCity INVEST on May 17 in Chicago.
How would you describe your role as chief business officer of Bright Health?
My role is to drive growth in the organization — everything from new markets in which we enter to the hospital systems with which we partner. I also lead our business development work, including M&A, strategy and fundraising — typical activities for a growth organization. Additionally, I pick up various things as they arrive, all of which make logical sense for me to do.
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Attend MedCity INVEST to hear from healthcare innovators like Rachel Winokur and other experts. Use promo code MCNPOST to save $50. Register now .
What sets Bright Health apart from other companies working in the health insurance startup space?
Bright Health is unique in how we partner with a leading health system in each market — working side by side to codevelop consumer-driven insurance plans that focus on individuals. We currently offer plans for individuals under 65 in Colorado and are rapidly expanding into new geographies and segments.
Why have venture capitalists been investing heavily in health insurance startups over the past year or so?
There is a huge opportunity for VCs to move the needle in terms of outcomes at scale and speed. Health insurance is the epicenter of change for how we finance healthcare in America. With that responsibility comes great opportunity.
How does the push for accountable care impact healthcare venture capital firms?
Hospitals were very good at fee-for-service. Now they need help to migrate from fee-for-service to a value-based model. Hospitals need tools and services to be able to assess their population and then measure that change. There are a host of companies doing any number of these activities. It added a bunch of innovation and created new opportunities for investors to put dollars to work.
How are health systems currently collaborating with payers to work toward accountable care?
Many of these systems realize they don’t have the ability to make this migration on their own. But they recognize the value that’ll come to their patients. They’re looking for help, and they want to be sure they don’t lose money. Who better to understand how to take risk than a payer?
Certain parts of the current healthcare landscape are likely to change under the new administration. How are insurers coping with these potential changes?
They’re coping in various ways. Some are saying they’ll pull out. Others are increasing premiums. Bright Health’s business model allows us to focus on what we call the 2 E’s — economics and experience. Because our model is anchored in exclusive Care Partnerships with leading health systems in each community we serve, we can continue to deliver what consumers value in a sustainable way.
Photo: Minerva Studio, Getty Images
