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From wearable devices to apps, the healthcare industry is buzzing with strategies to deliver a more “Amazon-like” personalized and simplified patient experience. But plenty of barriers remain, according to a panel of executives from some of the top healthcare providers, payers and digital health startups in New York City.
“One of the gaps that we’re still facing is just the data aggregation,” said Rachel Winokur, chief business officer at insurance startup Bright Health. “Amazon has a slew of data about you as an individual and it’s all aggregated so they can run analytics. We don’t seem to be able to do that in healthcare, and part of that is because of our fragmented delivery system, part of it is the fragmented underlying technology infrastructure and part of it is the analytics just aren’t there yet. Once we can do that, there’s a lot we can do on top of that.”
Seven health care coverage and solutions providers have become members of America’s Health Insurance Plans (AHIP), joining us in our commitment to improve health care for every American:
Bright Health offers individual, family, and Medicare Advantage plans in Arizona, Colorado, and Alabama. This year, Bright Health expanded its unique Care Partner model of integrated and affordable care into Ohio, Tennessee, and New York.
Apple Watch might be pricier than other trackers, such as the Fitbit, but insurance executives say they'd work with Apple if the company can show that it helps its members detect potentially serious health problems before they require an expensive intervention.
"Avoiding one emergency room visit would more than pay for the device," said Bob Sheehy, CEO of Bright Health, an insurance start-up with a Medicare Advantage plan, and the former CEO of United Healthcare.
Yep, in the health sector, “flyover tech” is hot; and this year, New York and Silicon Valley-based venture capitalists will be looking to add some octane to their portfolios by refueling in America’s Heartland.
After raising $440 million on top of a nearly billion dollar valuation, Minneapolis-based Bright Health, a major disruptor which is using customer-friendly technology to sell affordable health care insurance plans, has become, in many respects, the poster child for why coastal and global VCs are booking a lot of flights to the Midwest.
Bright Health, an insurance startup led by a group of healthcare industry veterans, closed on a $200 million round of venture capital in November. Bright’s $200 million Series C is likely the largest venture capital raise in Minnesota history. The previous holder of that record? Bright Health. Just last year, the company raised $160 million in a round led by Greenspring Associates.
Bright Health is now valued at approximately $950 million, according to Pitchbook. If Pitchbook’s calculations are correct, that puts Bright just $50 million shy of “unicorn” status. At the time, the company declined to comment to the Minneapolis/St. Paul Business Journal about Pitchbook’s number. If Bright reaches a $1B valuation, it would Minnesota’s first unicorn.