Fierce Healthcare April 28, 2023
By Paige Minemyer

Embattled insurtech Bright Health will fully ax its insurance business as a potential bankruptcy looms, the company announced Friday.

The company secured an extension to its credit facility through June 30, giving it a few extra months to avoid going belly-up. To ensure it qualifies for the extension, the company must find a buyer for its California-based Medicare Advantage (MA) business by the end of May, according to a filing with the Securities and Exchange Commission.

Bright Health revealed March 1 that it had overdrawn its credit and would need to secure $300 million by the end of April to stay afloat.

The MA business includes nearly 125,000 California seniors across its Brand New Day and Central Health...

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Topics: Insurance, Medicare Advantage, Mergers & Acquisitions / JV, Payer, Trends
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