Founded in 2015, Bright's idea was to work closely with doctors and arm them with data they could use to take better care of patients, while also selling plans to individuals buying coverage through the ACA marketplace. It later expanded to the private-health-plan market for older people, called Medicare Advantage. didn't cover the cost of their medical care
. By 2022, it covered more than 1.1 million people in plans across 17 states, predominantly in individual ACA-marketplace plans. It couldn't handle the rush of new customers. In October, after raising $175 million, Bright pulled the plug entirely on selling ACA-marketplace plans, a business that brought in two-thirds of its revenue. That left its remaining business serving Medicare Advantage members in California, where it has 125,000 members, and providing care to patients in medical clinics in Florida and Texas.
Now, it plans to focus just on the care-delivery business it provides to patients in those medical clinics. Bright said in Friday's release that it serves 375,000 patients out of those clinics. Sign up for notifications from Insider! Stay up to date with what you want to know.