Bright Health Group Announces Fourth Quarter and Full Year 2021 Results
Mar 2, 2022 By MarketDepth
Bright Health Group, Inc. (NYSE: BHG) has announced financial results for the fourth quarter and full year ended December 31st, 2021. For the fourth quarter, media cost ratio included an 860 basis point that was due to COVID-19 related costs and a 2,640 basis point reflecting the combined impact of a cumulative reduction in premium revenue due to an ability to capture risk adjustment on newly added lives, including prior period medical costs recognized within the fourth quarter.
“Bright Health Group achieved substantial growth in 2021, delivering $4 billion in Revenue, and reaching a significant scale milestone of serving over 1 million health plan lives for the start of 2022. While progressing on important foundational capabilities, this level of growth created challenges during the year which resulted in worse than expected performance. Despite a challenging 2021, we have conviction in our strategy to continue driving alignment and integration of care delivery and financing at the local level. None of this is possible without an incredible team who deeply cares about making healthcare right for consumers and we are focused on driving results off our scaled platform in 2022 and beyond.”Mike Mikan, President and CEO of Bright Health Group
For full year 2022, Bright Health Group expects total revenue to range from USD 6.8 Billion to USD 7.1 Billion with an expected Medical Cost Ratio between 90% and 94%. Bright HealthCare end of year membership is expected to be 1,000,000 while NeueHealth Revenue is expected to be USD 2.3 Billion.