Bright Health Group reported massive enrollment growth across its commercial, Medicare Advantage and value-based lines, but recorded a net loss of more than $180 million in the quarter ending March 31, according to its first-quarter earnings report released May 4.
"Bright Health Group had a strong start to the year, demonstrating solid performance in the first quarter," President and CEO Mike Mikan said. "We are seeing the results from Bright HealthCare getting to scale and the emergence of our NeueHealth business. Bright Health Group is focused on optimizing the business, driving performance through investments in our integrated technology platform, and delivering differentiated value for consumers."
Eight things to know about Bright Health's first quarter results:
- The company's revenue increased nearly 110 percent year over year, growing from $874.6 million in 2021 to $1.84 billion in 2022.
- Total revenue by year end is expected to be $6.8 billion to $7.1 billion.
- Operating expenses in 2022 topped $2 billion, compared to $897 million in 2021.
- Net losses totaled $180.6 million in the first quarter, rising from $24.5 million in 2021.
- Adjusted net losses are expected to total between $500 million and $800 million by year end.
Enrollment:
- Commercial enrollment grew 117 percent year over year, with 1.04 million total in 2022.
- Medicare Advantage enrollment doubled, growing from 60,000 in the first quarter of 2021 to 120,000 in 2022.
- NeueHealth value-based plans exploded in growth year over year, rising 1,667 percent from 30,000 to 530,000 members.