BHG - Bright Health Group posts widening Q3 net loss amid rising medical cost ratio
Bright Health Group (NYSE:BHG) is trading ~18.6% lower in the pre-market after the company indicated a sharp rise in its medical cost ratio (“MCR”) with its Q3 2021 financials. However, revenue for the quarter surged ~206% YoY to ~$1.1B, driven by organic membership growth and the strength of its NeueHealth business. While Bright HealthCare Commercial and Medicare Advantage consumer numbers grew ~305% YoY and ~98% YoY to stand at ~606.6K and ~114.1K, respectively, the NeueHealth value-based patient base expanded ~789% YoY to reach ~170.2K. However, the net loss climbed ~400% YoY to $296.7M while MCR for the quarter stood at ~103%, up from ~90% in the previous year’s quarter and the first nine months of the year. The company attributed the increase to the impact of COVID-19 related costs and a decline in premium revenue due to a failure to capture risk adjustment on newly added lives. For 2021, Bright Health (BHG) has
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Bright Health Group posts widening Q3 net loss amid rising medical cost ratio