Bright Health Group is transitioning to a new CFO as it looks to sell its last insurance business.
Here are seven updates about the insurtech Becker's has reported since April 12.
- Bright Health sold its virtual care platform Zipnosis to health technology company Florence. Financial terms of the deal were not disclosed. Bright originally purchased the company in 2021.
- A reverse stock split approved by Bright Health's shareholders took effect May 22. The split is intended to up Bright Health's stock price above $1 per share to avoid a delisting from the New York Stock Exchange.
- Bright Health Group improved on its losses year over year and upped revenue in the first quarter of 2023. The company posted a $169.5 million net loss in the first quarter of 2023, down from $180.6 million in the first quarter of 2022, and down from the $669 million loss the company posted in the fourth quarter of 2022.
- Bright Health Group promoted Jay Matushak to CFO, effective May 12. Former CFO Cathy Smith will become CFO of retailer Nordstrom May 29.
- Bright Health is trying to sell its California Medicare Advantage business, a move that would effectively end all of the company's insurance business. A potential sale is not final, the company said.
- Oklahoma City-based SSM Health is suing Bright Health over allegations that the insurtech has not paid for more than $13 million in medical claims.
- Peak Health Alliance will begin offering health insurance again in 2024 through Denver Health Medical Plan. The alliance previously partnered with Bright Health to offer health plans and was unable to offer plans for 2023 after Bright Health exited the Colorado individual and group insurance market.