Minneapolis-based insurance business Bright Health has teamed up with Cincinnati-based Mercy Health and will enter the Ohio Medicare Advantage market.
The company will offer plans to citizens of Cincinnati, Springfield, Toledo and Youngstown. Bright Health earned conditional approval from CMS to start offering 2019 Medicare Advantage plans during the fall open enrollment period.
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Through this news, Bright Health will bring its Care Partner Health Plan model to Ohio, meaning the insurer’s members will have access to Mercy’s 20 hospitals and larger provider network.
“Collaborating with Bright Health, as their Care Partner of choice, gives our Medicare patients an excellent, high-value health insurance option that marries convenience and best-in-class care,” Tom Golias, Mercy Health’s chief managed care officer, said in a news release.
Bright Health co-founder and CEO Bob Sheehy elaborated.
“Our Care Partner Health Plans put consumers first and eliminate the friction that has existed between providers and insurers in the past, allowing our members to focus on what really matters — their health,” he said in a statement.
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Sheehy, the former CEO of UnitedHealthcare, helped found Bright Health in 2015. The startup pairs up with health systems in an effort to create a culture of collaboration between payers and providers.
In 2016, it raised $80 million in a Series A round led by Bessemer Ventures and New Enterprise Associates. Flare Capital Partners and other investors also took part. It also raked in a $160 million Series B last year led by Greenspring Associates. New investors Greycroft Partners, Redpoint Ventures and Cross Creek Advisors participated, as did existing investors New Enterprise Associates, Bessemer Ventures and Flare Capital Partners.
This year, Bright Health offered plans to consumers in Colorado, Arizona and Alabama. Earlier this summer, it announced it will expand its footprint for 2019 by heading into new markets in Ohio, Tennessee and New York.
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