Bright Health to Acquire California Health Care Plan
Minneapolis-based health insurance startup Bright Health is expanding its geographic reach yet again.
On Wednesday, the company announced that it’s acquiring Brand New Day, a California-based Medicare plan by health insurance company Universal Care Inc.
Brand New Day was founded in 1983 with the aim of improving health care by focusing on care management, population health, and patients’ relationships with their primary care physicians, according to a news release issued by Bright Health.
Today, the company consists of a provider network of more than 7,300 primary care doctors and 22,300 specialists, who serve patients across 12 counties throughout California.
Brand New Day CEO Jeff Davis will join Bright Health’s leadership team and continue to lead local market operations for Brand New Day. His brother Jay Davis, who serves as executive VP of Universal Care/Brand New Day, also will join the leadership team.
The Brand New Day acquisition is expected to close sometime later this year, pending regulatory procedure.
The news comes less than a month after Bright Health closed on the largest fundraise for a Minnesota company in a decade.