Bright Health narrows footprint to only offer Medicare Advantage in California, Florida
Oct. 11, 2022 8:28 AM ETBright Health Group, Inc. (BHG)By: Jonathan Block, SA News Editor
- As part of its Fully Aligned Care Model Plan, Bright Health Group (NYSE:BHG) will no longer offer Medicare Advantage plans outside of California and Florida.
- In addition, the health insurer will no longer offer individual and family plan products through its Bright HealthCare segment in 2023.
- Bright House (BHG) also said it has raised $175M in committed convertible preferred equity capital that is expected to close in the next few weeks.
- As a result of the changes, the company expects to be profitable on an adjusted EBITDA basis next year.
- Bright House is also maintaining its 2022 adjusted EBITDA at the midpoint of the range.
- Seeking Alpha's Quant Rating views Bright House (BHG) as a hold with high marks for valuation and growth.