A little more than a year after going public, Bright Health Group is in danger of going under.
Bright, a health insurance company that also owns physician offices, had $2 billion to fund operations as of June 30. Although executives are telling investors that Bright is “meaningfully closer to profitability in 2023,” the company admitted it could go belly-up by the end of the year if it doesn’t secure more cash.
“Our ability to continue as a going concern is highly dependent upon us obtaining additional financing,” the company said in its quarterly financial report, filed Monday. “However, such additional capital may not be available to us on acceptable terms on a timely basis, or at all.”
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