Bright Health is hemorrhaging money, raising questions not only about its future but also about its increasingly close relationship with Cigna, which has become a major investor.
Bright, one of the largest startups combining health insurance and doctor clinics, disclosed this week that it lost almost $1.2 billion in 2021 and will lose upward of $800 million this year, suggesting it will quickly burn through the $550 million cash injection Cigna extended in January. Some of those losses were expected, but some — such as Bright struggling with basic medical claims technology — were surprising.
Even as Bright struggles, however, it’s growing closer to Cigna. This week Bright added Matt Manders, a 30-year veteran executive of Cigna, to its board.
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