From asking its shareholders to approve a reverse stock split, to two states publicly stating they're in direct control of its financial operations, here are eight updates on Bright Health, Becker's has reported since Feb. 1:
1. Bright Health Group is asking shareholders to OK a reverse stock split as it tries to remain in compliance with stock exchange listing standards.
2. Tennessee publicly announced it has taken control of Bright Health's financial operations. Until further notice in Tennessee, Bright is not allowed to spend more than $10,000 on anything without the state's approval, and it may be required to pay for an on-site state employee to monitor its finances, along with any additional experts, actuaries and examiners that may be needed.
3. Despite a complete exit from the ACA market and a major scaling back of Medicare Advantage plans last year, Bright Health Group awarded its top executives $3.77 million in cash bonuses for their performances in 2022.
4. Florida has been supervising Bright Health's operations in the state since last fall and plans to continue until at least May 1. Bright is not allowed to spend more than $10,000 on anything without the state's approval and it has to pay for an on-site state employee to monitor its finances — and provide them an office.
5. Bright Health Group's board of directors includes leaders from venture capital, managed care and health systems.
6. Shawn Fitzgibbon, former senior vice president at Bright Health Group and president of Bright Health subsidiary NeueNetworks, joined healthcare consulting firm BDC Advisors.
7. Bright Health Group reported a net loss of $668.6 million in the fourth quarter of 2022 and shed doubt on the company's future ability to continue operating.
8. Bright Health announced plans to lay off 68 employees at its Bloomington, Minn. headquarters, effective April 1. The payer laid off 99 employees Jan. 7, and 150 employees in March 2022.