Devoted Health is the fastest growing Medicare Advantage startup plan, according to an analysis from Chartis.
Startup MA plans grew by 21.7 percent from 2022 to 2023, according to Chartis' report published March 23.
Though enrollment is on the rise, startup plans account for only 1.8 percent of all Medicare Advantage enrollment, or around 560,000 members.
Devoted Health accounted for 59,000 of the 100,000 startup plan members that enrolled for 2023, according to Chartis.
Devoted Health, a "payvider" offering Medicare Advantage plans and in-home care, was founded in 2017.
Here's how the largest startup plans fared in 2023 enrollment:
- Bright Health added 11,000 new members for 2023, an 8.3 percent growth rate. Bright Health is the eighth largest Medicare Advantage provider in the country, with 149,000 enrollees in 2023. The company, which has faced a slew of financial challenges in recent years, withdrew its Medicare Advantage offerings from every market except California for 2023.
- Devoted Health added 59,000 new members for 2023, an 88.4 percent growth rate. The startup has 125,000 members for 2023.
- Alignment Healthcare added 18,000 new members for 2023, an increase of 20.5 percent. The startup has 109,000 members for 2023.