NeueHealth, Inc. - BHG STOCK NEWS

Bright Health Group reported Q1 2022 revenue of $1.8 billion, a 109.9% increase from Q1 2021. However, the company faced a GAAP net loss of $180.6 million and an Adjusted EBITDA loss of $74.8 million. The enterprise medical cost ratio stood at 84.8%, while Bright HealthCare's ratio was 83.1%. The company serves 1.16 million members and expects full-year 2022 revenue between $6.8 billion and $7.1 billion, with an anticipated Adjusted EBITDA loss of $500 million to $800 million.

Bright Health Group (NYSE: BHG) will announce its First Quarter financial results on May 4, 2022, before market opening, followed by a conference call at 8:00 AM ET. Interested participants can register via a provided link and will receive instructions to join the call. Bright Health is recognized as a technology-enabled, Fully Aligned system of care focused on healthcare's consumer retail market, serving over one million consumers through its Bright HealthCare and NeueHealth divisions, which emphasize affordable and high-quality healthcare.

Bright Health Group (NYSE: BHG) announced it will cease offering Individual and Family Plan products in six states for the 2023 Plan Year, namely Illinois, New Mexico, Oklahoma, South Carolina, Utah, and Virginia. This decision aims to focus on markets contributing significantly to revenue, as these states are projected to comprise less than 5% of total revenue. The company will enhance its Fully Aligned care model in remaining states, strengthen NeueHealth services, and ensure a smooth transition for affected members without disruption in coverage.

Bright Health Group (NYSE: BHG) announced that its subsidiary, NeueHealth, will participate in the CMMI's Global and Professional Direct Contracting Model. This initiative aims to provide care to around 50,000 Medicare beneficiaries through 2,000 affiliated primary care providers across six states. The model focuses on improving health equity and care coordination, particularly for underserved communities. NeueHealth operates local integrated systems of care, currently serving 400,000 patients across various value-based arrangements. This selection signals a commitment to value-based care and strengthens relationships between consumers and physicians.

Bright Health Group (NYSE: BHG) announced that Keith Nelsen will retire as General Counsel, with Jeff Craig promoted to the role effective March 18, 2022. Nelsen will remain as a senior advisor until June 30, 2022. Mike Mikan, President and CEO, praised Nelsen for his contributions, including navigating the IPO and establishing corporate governance. Craig, who has been with Bright Health for over two years, has previously overseen legal aspects of M&A transactions, corporate governance, and litigation.

Bright Health Group reported significant growth in 2021, achieving $4 billion in revenue, a 233.7% increase from 2020. However, it faced challenges, resulting in a GAAP net loss of $1.18 billion and an adjusted EBITDA loss of $1.08 billion. For 2022, the company expects revenue between $6.8 billion and $7.1 billion with a Medical Cost Ratio between 90% and 94%. Bright Health is serving over 1 million lives and aims to improve performance moving forward.

Bright Health Group (NYSE: BHG) has appointed Matt Manders as an independent director, effective March 1. Manders brings extensive healthcare experience, having previously served as president of Cigna Corporation’s Government and Solutions organization. His background includes managing Cigna's U.S. Government business segment, covering Medicare, Individual, and Medicaid services. With this appointment, Bright Health's Board will have 12 directors, of which 10 are independent, aligning with the company's focus on operational excellence and consumer-driven healthcare.

Bright Health Group (NYSE: BHG) will announce its fourth quarter financial results on March 2, 2022, before market opening. A conference call is scheduled for 8:00 AM Eastern Time, with participants advised to pre-register via provided links. The company focuses on technology-enabled, fully aligned systems of care in the consumer retail healthcare market. It operates two primary businesses: NeueHealth, which serves over 400,000 value-based patients, and Bright HealthCare, providing health plan products to over one million consumers nationwide.

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.