Bright Health, a Minneapolis-based health insurance startup, said that a Colorado health system would be its first “care provider partnership” as it attempts to shake up the health care market.
The agreement makes Centura Health
the exclusive provider in the Denver region. The faith-based organization runs 17 hospitals, a dozen partner hospitals and many clinics and urgent care centers.
“We explored a number of markets and health systems around the United State and, ultimately, chose Centura Health as our ideal first care partner,” Bright Health CEO Bob Sheehy said in a statement. “Centura Health has an incredible reputation for offering high-quality care, making health care more accessible and promoting lifelong health – all core values shared by both organizations.”
Details of Bright Health’s model are scarce, though it describes itself as offering “simple and affordable health insurance that connects you to top physicians and enhanced care … more easily than you ever thought possible.” The company says it only partners with a single health care organization in each region to drive down costs.
The lack of public details has stopped money from flowing in, however. The startup announced an $80 million venture capital raise
in early April from firms in Silicon Valley and Boston. Its heavyweight founders probably help: They include leaders from UnitedHealthcare (Bob Sheehy), Definity Health (Tom Valdivia) and RedBrick Health (Kyle Rolfing, who was also a cofounder of Definity).
Bright Health’s license to offer insurance in Colorado is currently under review. The company plans to offer individual plans on its website, through brokers, private exchanges and the state’s ACA exchange, Connect for Health Colorado.
Assuming no regulatory or other issues, plans will be offered by the time 2017 open enrollment begins in November 2016.