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Bright Health Group Increases Bright HealthCare Membership Guidance for 2022
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Rhea-AI Summary
Bright Health Group (NYSE: BHG) has announced an updated membership guidance for 2022, projecting to serve over 1 million health plan lives across its Commercial and Medicare segments. This increase stems from better-than-expected retention and growth in key markets such as Florida, North Carolina, and Texas. The company reaffirmed its revenue expectations at $6.3 to $6.5 billion. CEO Mike Mikan stated that this milestone positions the company to achieve operating efficiencies and long-term success.
Positive
Projected membership surpassing 1 million health plan lives.
Better-than-expected retention and growth in key markets.
Revenue guidance reaffirmed at $6.3 billion to $6.5 billion.
Negative
None.
Now Serving Over 1 Million Health Plan Lives
MINNEAPOLIS--(BUSINESS WIRE)--
Bright Health Group, Inc. ("Bright Health Group," the "Company," “we,” or “our”) (NYSE: BHG), the first technology-enabled fully aligned system of care, built for healthcare's consumer retail market, today announced its updated 2022 Bright HealthCare AEP/OEP Membership guidance of over 1 million lives across its Commercial and Medicare lines of business. The increased membership projection reflects better than expected retention and growth in core markets during open enrollment, including in Florida, North Carolina, and Texas.
The enterprise continues to make investments to scale its technology and operating platforms to differentiate in the consumer retail healthcare market. The Company also reaffirmed its remaining 2022 guidance, with an updated Revenue expectation at the high-end of the previously provided guidance range of $6.3 – $6.5 billion.
Updated FY2022 Outlook Highlights:
Bright HealthCare AEP/OEP Membership
>1.0 million
Bright HealthCare End of Year Membership
950,000 to 1,000,000
Bright Health Group Revenue
$6.3 – $6.5 billion
“We continue to demonstrate our ability to drive scale within our differentiated model and are now well-positioned to realize the full potential of the Bright Health Group strategy,” said Mike Mikan, President and CEO. “Serving 1 million health plan members was a key milestone for the Company. Combining our scale with our growing integrated care delivery business, NeueHealth, provides the opportunity to start realizing meaningful operating efficiencies across the enterprise. We are making the necessary investments now to position ourselves for long-term success.”
Bright Health Group executives will present on the Company’s performance and strategic outlook in more detail at the upcoming J.P. Morgan Healthcare Conference on Tuesday, January 11, 2022, at 3:00 p.m. ET. A live webcast of the session will be available on the company’s investor relations website at investors.brighthealthgroup.com.
About Bright Health Group
Bright Health Group is the first technology-enabled, fully aligned system of care built for healthcare's consumer retail market. Our differentiated approach aligns care delivery with the financing of care to drive better outcomes, lower costs, and enhance the consumer experience. We have two market-facing businesses: NeueHealth and Bright HealthCare. NeueHealth provides care delivery and value-based enablement services to over 400,000 value-based patients through our owned and affiliated clinics. Bright HealthCare offers Commercial and Medicare health plan products to over 1 million consumers across the nation. We believe everyone should have access to personal, affordable, and high-quality healthcare. Our mission is to Make healthcare right. Together. For more information, visit www.brighthealthgroup.com.
Forward-Looking Statements
Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including guidance and descriptions of our future business plan, performance and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our ability to contract with care providers and arrange for the provision of quality care; our ability to accurately estimate our medical expenses, effectively manage our costs and claims liabilities or appropriately price our products and charge premiums; our ability to capture risk adjustment scores and related data; the impact of the COVID-19 pandemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage the growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions and integrate acquired businesses; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; and the other factors set forth under the heading “Risk Factors” in Bright Health Group’s prospectus filed pursuant to Rule 424(b)(4) on June 25, 2021, and our other filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations.
