DEVOTED HEALTH IS ALREADY PLOTTING AN EXPANSION ONLY A FEW MONTHS IN TO OFFERING HEALTH PLANS.

Devoted Health is already plotting a geographic expansion beyond Florida, its first state.

State insurance filings reviewed by Business Insider show that Devoted has registered as an insurer in Texas, suggesting the company might start offering plans there. Devoted has previously declined to comment on its plans.

Devoted was founded to sell Medicare Advantage plans, or private health insurance to US seniors, a market that’s growing rapidly. The company was valued at $1.8 billion, before it began covering a single customer.

For the first three months of 2019, the company posted a net loss of $1.5 million for its plans in Florida, according to the filings.

Devoted covered about 2,489 people at the end of March. In the first quarter, the company took in $8 million in premium revenue and spent more than that, an estimated $8.2 million, on medical care in the first quarter. Health insurers generate profits by spending less on medical care than they receive in premiums.

Read more: We just got our first look at $1.8 billion startup Devoted Health’s financials since the health insurer began signing up customers

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