Bright Health, a new health insurance startup co-founded by industry veterans, including former CEO of UnitedHealthcare has raised $80 million in Series A funding led by Bessemer Venture Partners and New Enterprise Associates (NEA), with participation by Flare Capital Partners and others. The startup will utilize the funding to expand its nationwide rollout to the individual health insurance marketplace. The startup is led by Bob Sheehy, former CEO of UnitedHealthcare; Kyle Rolfing, co-founder and former CEO of Definity Health and RedBrick Health; and Tom Valdivia, MD, MS, former chief health consumer officer of Definity Health, serial entrepreneur and health informaticist. Sheehy is Bright Health’s CEO; Rolfing is the company’s president; and Valdivia is its chief medical officer.
Bright Health delivers a smarter, more connected healthcare experience by developing a single, exclusive partnership in each market with a leading health system. This partnership enables Bright Health to support stronger relationships between consumers and care providers. Bright Health offers affordable health plans, a simpler, more integrated technology experience, and provides health systems compelling economic rewards for practicing efficient, high-quality healthcare.
Bright Health plans to enter its first market and enroll members for the 2017 plan year. The company’s individual health insurance plans will be offered directly to consumers, via broker partners, and through public and private health insurance exchanges. Additional market expansion, care provider partnerships and Medicare Advantage Plans are planned for 2018 and beyond.
“There’s a better way to better health,” said Bob Sheehy, co-founder and chief executive officer (CEO) of Bright Health. “We are realigning the broken payer-provider relationship, focusing on the consumer and reimagining how technology can simplify the healthcare experience from beginning-to-end. Making that happen and starting a new health plan is no small feat, but we’re confident we have the right team and model to create real and necessary change.”
