Bright Health just added $635 million to its war chest as the health startup plots a massive expansion
in January raised $500 million. Altogether, the four venture-backed health insurance startups have raised $3.6 billion.for the first three quarters of 2019, a deeper net loss than the $4.2 million loss the company had over the same period in 2018. The company made $164.3 million in revenue and recorded $127.9 million in medical claims.
The startup covered 60,434 members as of September 30, mostly in ACA health plans for individuals and families.The funding will come in handy as the startup looks to expand its reach in 2020.The company said in July that it would operate in parts of 12 states in 2020, roughly double its geographic footprint for 2019.
That'll include specific cities and counties in Florida, Illinois, North Carolina, Oklahoma, and South Carolina as well as the whole state of Nebraska. It builds on Bright's presence in Alabama, Arizona, Colorado, Tennessee, Ohio, and New York. Bright typically partners with one health system in each market to help set up its insurance plan. For instance, in New York, it's working withThe idea is that by working directly with one health system in a region rather than contracting more broadly, Bright can make its members' care better and less expensive.
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