Minneapolis-based Bright Health reported significant losses in 2021's third quarter despite triple-digit revenue growth.
Here are five things to know:
1. Bright Health's revenue for the quarter was $1.1 billion, up $727 million or 206.3 percent year over year.
2. However, the company reported $296.7 million in lost income, which is 400.1 percent higher than 2020's third quarter losses, which totaled $54.1 million.
3. The payer's medical loss ratio also increased year-over-year to 103 percent this quarter compared to 90.1 percent in 2020.
4. Bright Health saw growth along all consumer lines, increasing membership across commercial (606,594 members), Medicare Advantage (114,094 members) and NeueHealth Value-Based Patients (170,211 members).
5. The report included a raised outlook on the year, including a total revenue of $4.1 billion to $4.2 billion and 700,000 members.