Bright Health Group will end individual and family health insurance coverage and reduce its Medicare Advantage coverage to just two states, steps that will cut its revenue in half.
The moves, announced Tuesday, represent a dramatic retreat for the Bloomington, Minnesota-based company that built a national presence in just five years.
After attracting billions of dollars in investment capital, Bright Health's fast growth created the need to meet greater regulatory reserve requirements. Coupled with pandemic-related payouts, the company reported huge financial losses. Executives said the restructuring would ease those pressures and bring stability.
