Bright Health Outperforms Expectations During Open Enrollment and Accelerates Its Membership Growth in 2021; Announces Agreement to Acquire Central Health Plan of California | Financial Buzz

Bright Health Outperforms Expectations During Open Enrollment and Accelerates Its Membership Growth in 2021; Announces Agreement to Acquire Central Health Plan of California

Bright Health Group (“Bright Health”) is announcing record membership growth in 2021 with more than three times as many individuals choosing its next generation integrated Care Partner model to help meet their personalized care needs. Bright Health now operates a diversified set of technology-enabled products across 13 states and more than 50 markets.

Bright Health creates a personalized and affordable consumer experience by improving access to healthcare and enabling stronger relationships between patients and their providers. In alignment with its over 30 Care Partners, Bright Health leverages its intelligent technology platform to provide health benefits coverage to over 500,000 consumers and delivers high-quality virtual and in-person clinical care to over 220,000 patients through its approximately 40 owned and managed advanced risk-bearing primary care clinics.

Bright Health is proud to be the country’s third largest Medicare Advantage chronic condition special needs plan (C-SNP), a health plan that exclusively serves individuals with severe or disabling chronic conditions. To manage these complex and vulnerable populations, Bright Health leverages its intelligent operating system to create and share digital personalized care plans for high-risk patients with their entire care team, which has consistently proven to produce better outcomes.

Additionally, continuing its national expansion, Bright Health announced it has signed an agreement to acquire Central Health Plan of California, Inc. (“Central Health Plan”). Upon closing, Bright Health will serve approximately 110,000 individuals within its Medicare Advantage business. This transaction will allow Bright Health to continue building scale and expanding its alignment model in this very important market segment.

Once complete, current employees and leadership of Central Health Plan are expected to join the Bright Health team and will continue to lead local market operations, ensuring continuity for members, providers and distribution partners. The transaction is subject to regulatory approval and is expected to close in the Spring of 2021.

“From day one, we made a promise to build a business that served the healthcare needs of consumers in a new and more personalized way, and we are humbled by the growing number of individuals who choose us to do just that every day,” said G. Mike Mikan, Bright Health’s president and CEO. “Deep partnership and alignment with local care delivery organizations is a core component to Bright Health’s disruptive, technology-enabled, alignment model of healthcare. We are pleased to be a leader in bringing the future system of integrated healthcare to consumers and providers on a national scale.”

About Bright Health Group

Bright Health Group is defining the future of healthcare by integrating financing, care delivery services and technology to create a better performing healthcare experience for physicians and consumers. As a leading national high-growth integrated healthcare platform, we offer diversified health products and managed care services to over 500,000 consumers in 13 states and more than 50 markets. By aligning with our Care Partners, we provide consumers access to personalized care teams tailored to their individual needs. We deliver high quality virtual and in-person clinical care to over 220,000 patients through our approximately 40 owned and managed advanced risk-bearing primary care clinics. We give providers the tools they need to optimize their practices and deliver valued-based care to the patients they serve. Driving it all is our person-centric, intelligent technology platform which connects consumers, payers and providers with the common purpose of lowering healthcare costs while improving outcomes, experience and access. We are making healthcare right. Together. Learn more at www.brighthealthinc.com.

Contacts

Kris Patrow

651.492.1556

Kris.Patrow@padillaco.com