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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.
Anyone looking for a progressive model of care that leverages the power of the public and private sectors to improve outcomes need not look further than Medicare Advantage plans. Increasingly, startups (Iora Health, Devoted Health, Bright Health, Clover Health) and incumbents (Anthem, Humana, United Healthcare, among others) are discovering that Medicare Advantage plans offer powerful tools to improve and measure outcomes — especially when they take into consideration the social determinants of health.
Over the last 12 months, Minnesota's tech and startup scene saw a number of exciting headlines, including major leadership shakeups and record-breaking venture capital rounds. It was an interesting year for the local startup ecosystem. Now it's time to look ahead to 2019.
Bright Health Bright Health is well on its way to becoming Minnesota's very first unicorn. In November, Bright raised a $200 million round of venture capital – likely the largest round in Minnesota history. The previous holder of that record? Bright Health. In 2017, the company closed on a $160 million round of venture capital. After its most recent round, Pitchbook placed Bright's valuation at $950 million, which puts the company just $50 million shy of unicorn status.
Allen Gjersvig, director of navigator and enrollment services at the Arizona Alliance for Community Health Centers, said all Arizonans who want to buy ACA insurance should consider their options and shop plans. In Maricopa County, three more insurance companies besides Ambetter have entered the market — Bright Health, Oscar Health and Cigna Health Insurance.
Pima County residents have more choice for 2019 plans, too. In addition to Ambetter, which was offered there in 2018, Blue Cross Blue Shield and Bright Health are offering plans in Pima County for 2019.
Even though there are more health plan choices for consumers selecting Obamacare, insurers continue to limit physician choices via narrow networks.
Those signing up for 2019 coverage are finding far more health plan choices than two years ago when Aetna, Anthem, Humana and UnitedHealth Group scaled back or left the Obamacare business because they were unable to effectively manage the costs of sick patients signing up for coverage.
Unlike national players that couldn’t effectively manage the costs of newly insured sick patients, those that have remained on the ACA’s exchanges like Oscar Health, Bright Health and Centene have grown and expanded gradually.