Bright Health to Move HQ to Florida
Bright Health Group is officially bidding farewell to Minnesota and shedding its name.
On Wednesday, the company announced that it’s moving its corporate headquarters from Minnesota to Doral, Florida. The company also said it will change its name from Bright Health to NeueHealth.
The moves come as the once-promising startup continues its pivot away from health insurance. Now, the company is primarily focused on managing health clinics in Florida and Texas. In a press release issued this week, Bright Health said it aims to grow its “value-driven, consumer-centric care model” for people insured through the Affordable Care Act Marketplace, Medicare, or Medicaid.
“Our NeueHealth identity has been a core and successful part of our organization’s story, and we look forward to building on its strong performance as we take the lead in the industry’s shift to value-based care,” said Mike Mikan, the company’s president and CEO.
NeueHealth said no Minneapolis jobs will be impacted by the HQ move. The company also plans to continue operating “certain corporate and administrative functions” in Minneapolis.
In addition to its clinics in Florida and Texas, the company said it works with more than 3,000 “affiliated providers” across the nation through its “NeueSolutions” care management business.
Bright Health was once lauded as one of Minnesota’s most promising startups, having pulled in hundreds of millions of investor dollars before going public in 2021. But since its IPO, the company’s stock has fallen considerably, and it has exited its business providing health insurance plans for the Affordable Care Act market. The company sold its Medicare plan business, too, and continued to struggle to turn a profit.
