Insurtechs like Bright Health Group, Clover Health and Oscar Health set out to disrupt health insurance — but have they actually done so? Not in a positive way, several experts say.
Bright Health Group said last week it is “exploring strategic alternatives” for two Medicare Advantage plans in California: Brand New Day and Central Health Plan, which the insurtech purchased several years ago for $500 million. One expert said selling is necessary as the company faces bankruptcy.
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Though the Medicare Advantage-focused insurance technology startup is smaller than rivals like Clover Health in terms of membership and revenues, this latest financing round places it ahead of, or at least on par with, several larger competitors with regard to total funds raised.
Bright Health will use proceeds from its IPO to fund the expansion, which will bring its total number of markets to 141 from 99. The company will also expand its product portfolio in states where it already operates.
The insurtech company, which went public in March, is planning to expand to 16 new markets across Nevada, North Carolina and Arizona next year. It will also add new plan options to its portfolio, including a virtual-first PPO.
With plans to sell 60 million shares of common stock, Bright Health will price its IPO between $20 and $23 per share. It will trade on the New York Stock Exchange under the symbol "BHG," according to a recent SEC filing.
A new independent study from Phyx Primary Care’s Innovation Lab points to measurable improvements in physician burnout, documentation efficiency, and key VBC metrics among primary care practices.
Insurance technology startup Bright Health has purchased Zipnosis, which provides telehealth services. Though details of the transaction are sparse, the acquisition aims to lower healthcare costs and expand access to quality care.
Alignment Healthcare, an insurtech startup, has launched its IPO and plans to price its individual shares between $17 and $19. The company offers Medicare Advantage plans and says it uses predictive analytics technology to pinpoint seniors' care needs.
Insurance startup Alignment Healthcare filed preliminary paperwork with the Securities and Exchange Commission to go public. It’s another healthcare startup that is banking on the value of its technology in an IPO.
A new startup has entered the highly competitive insurtech market — with $50 million in new funds. Circulo, co-founded by Olive CEO Sean Lane, is a Medicaid managed care company that plans to build a platform to improve care delivery and member experience.
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Insurance startup Oscar Health plans to price its IPO between $32 and $34 per share. The New York-based startup plans to trade on the New York Stock Exchange under the ticker “OSCR.”
Oscar Health filed preliminary paperwork for an IPO on Friday. The health insurance startup is betting that its technology can give it an edge as it fights for market share with bigger competitors.
The newly crowned unicorn's insurance product enables members to shop for medical services and pay directly for care. The company raised $125 million in a recent funding round, boosting its valuation, which it will use to increase its footprint and launch new products.
Medicare Advantage startup Clover Health will go public in a blank-check acquisition led by billionaire Chamath Palihapitiya. The deal will value Clover at $3.7 billion.
Read about new developments from healthcare startups including HealCo, Eikonoklastes, Sidecar Health and more.