The payer
will bring its Medicare Advantage plan into 13 new markets using its
personalized, coordinated care model.
July 24,
2019 - Bright Health will be expanding its
Medicare Advantage plan into 13 new markets across seven states, nearly
doubling its footprint. The health plan will be expanding its product offerings
by about 300 percent.
The Minneapolis-based
payer’s expansion brings them into six states, including Florida, Illinois,
Nebraska, Ohio, South Carolina, and Tennessee. Last year, Bright Health grew to
include products in Arizona, New York, Ohio, and Tennessee.
Bright Health will be
expanding its Medicare Advantage plans by extending its Health Plan Care Partner
Model into these new regions. The Health Plan Care Partner Model arranges
personalized provider networks for members based on its markets. The plans are
organized around several elements such as cross-specialty care, geographic
reach, and quality and efficiency of care.
“In just four years,
we've grown from serving consumers in our pilot market of Colorado to serving
tens of thousands of members across six states,” said Bright Health CEO Bob
Sheehy “This substantial growth shows that consumers are hungry for a new
healthcare model that is simple, personal and more affordable. We've been able
to meet this demand because our Health Plan Care Partner Model allows us to
scale quickly and effectively, and our significant expansion in 2020 is further
validation of that.”
Along with its
Medicare Advantage plans, Bright Health will extend its supplemental plans into
17 markets and its individual and family plans into 11 markets.
The company also
plans to maintain partnerships with local providers. Bright Health states that
these partnerships result in fully coordinated care, lower out-of-pocket costs,
lower readmission and emergency room visit rates, fewer duplicate testing experiences,
and referral-free specialist visits. The company emphasizes that this is
particularly effective for high-risk or chronically ill members.
“With decades of
experience under our belts, we knew it would take a radical change to fix
healthcare, and we've found that many consumers, investors and health systems
agree,” Sheehy explained. “Bright Health is leading the charge in the formation
of truly collaborative relationships with our Care Partner networks to track
savings, share data and rein in costs, all while personalizing the patient
experience. We've had phenomenal success in our first four years and our 2020
expansion proves that we are able to deliver a much-needed product to an
underserved population.”
Bright Health is
growing, the payer showed in its latest earnings. In 2017, Bright Health raised
$160 million. In 2018, that number nearly tripled to a total of $440 million,
including $200 million through Series C financing. Bright Health is one of many
venture Medicare Advantage plans funded last
year that is majorly expanding this year. Oscar Health also received funding in
2019 and just announced its
partnership with Montefiore Health System this week.
These plans follow a
strong trajectory towards greater privatized Medicare. Medicare Advantage
plans’ penetration growth rose steadily by 1.5 percentage points each year for
the past decade and LEK Consulting expects this
trend to continue. Between 2030 and 2040, plans like Centene’s, Bright
Health’s, and Oscar’s could reach 70 percent penetration into the Medicare
market, according to an LEK Consulting study.
These product
growth and funding announcements come on top of previous expansions for Bright
Health.
In 2018, the
payer partnered with
Mount Sinai Hospital in New York City for its Medicare Advantage plan, which it
offered through its website, brokers, and Medicare.gov. The
partnership was a significant move for the fledgling Medicare Advantage plan,
bringing in a network of 2,500 providers, 300 community facilities and seven
hospitals.
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