By coins-news -
June 3, 2019
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A crop of health insurance startups — Oscar Health, Devoted
Health, Bright Health, and Clover Health — have raised a combined $1.3 billion
in the last year to use technology to build new kinds of health-insurance
plans.
·
We took a look at expansion plans and first-quarter 2019
financials for the four startups.
·
The financial results were mixed, with some of the startups
posting profits right off the bat and others posting losses, financial filings
show.
·
The filings and other reporting by Business Insider shed light on
the companies’ plans to start selling their health insurance in more areas of
the US.
Health
insurance startups just came out with their first-quarter financial results for
2019.
The
startups are taking on some of the biggest companies in the US, like
UnitedHealth Group and CVS Health. They’re trying to get a foothold in massive
insurance markets, with the bet that technology can help them provide better
care to their members.
Business
Insider looked through regulatory filings of four startups — Oscar Health,
Devoted Health, Bright Health, and Clover Health — to get a sense of how the
startups fared. Devoted’s results were the the first financials since the
company launched health plans at the start of 2019 in Florida.
The
results were mixed, with Oscar and Bright reporting profits and Devoted and
Clover posting losses. Bright Health’s enrollment more than doubled, while
Oscar and Clover also increased their membership, but at a slower clip. The
startups mainly sell health insurance to individuals in the Affordable Care
Act’s markets and to seniors in the form of Medicare Advantage health plans.
The
filings also reveal the startups’ plans to expand their geographic footprints
in the coming years.
The
companies have been raising funds from investors to support their growth. In
August, Oscar Health
raised $375 million from Alphabet as it gears up to get into
the Medicare Advantage market in 2020. Devoted Health in October raised $300
million in a round led by Andreessen Horowitz ahead of
launching its first Medicare Advantage plans in Florida in 2019.
Bright
Health, a Minneapolis startup that provides individual and Medicare Advantage
plans, in November raised $200 million. Clover Health in
January raised $500 million in a round led by Greenoaks Capital.
The
slides below have more information about each company’s funding, financials,
and expansion plans.
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