Fierce Healthcare November 8, 2023
Bright Health Group posted a $462.8 million operating loss in the third quarter as it continues to wind down its Affordable Care Act (ACA) business and navigates the sale of its Medicare Advantage (MA) arm.
Mike Mikan, CEO of the embattled insurtech, told investors on the company’s earnings call Tuesday that as it finalizes its exit from key payer markets, Bright’s care delivery arms are progressing.
Its accountable care organizations, for example, generated $30.3 million in gross savings for 2022, for a rate of 4.4% compared to benchmarks. Bright’s new “health pineapple” ACO posted a gross savings rate of 11%, making it one of the top performing programs last year.
Overall, Bright expects to have between 335,000 and 355,000 people...
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