Fierce Healthcare December 18, 2023
The hits keep coming for embattled insurtech Bright Health.
Earlier this month, the company’s agreement to sell its Medicare Advantage business to Molina Healthcare was amended to lower to the purchase price, according to a filing with the Securities and Exchange Commission. The original deal was up to $600 million in cash, and the new agreement lowers that price to $500 million.
In addition, $100 million of the proceeds will be put into an escrow account, according to the filing. Those funds will be released either when Molina is able to successfully consolidate the plans, which operate as Brand New Day and Central Health Plan, or if Brand New Day secures at least three stars from the Centers for Medicare...
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