MedCity News May 4, 2023
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.
After Bright Health Group announced last week that it plans to sell its California Medicare Advantage business — essentially ending its insurance business altogether — industry experts are saying it is likely because the insurtech ran out of options after a series of financial troubles.
“They were about to go bankrupt,” said Ari Gottlieb, principal at A2 Strategy Corp. “It’s a pretty easy answer, they desperately need capital. … The most viable way for...
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