The news keeps on breaking in the Bright Health camp. Fresh off of announcing its new CFO earlier this week, the Minneapolis healthcare company has signed an agreement to acquire Universal Care, an entity that operates under the name Brand New Day. Based in Los Angeles, Brand New Day provides Medicare Advantage plans in Southern California.
“This transaction gives Bright Health Plan a strong presence in California with an established and philosophically aligned partner,” Mike Mikan, president and vice chairman of Bright Health, said in a release. “But beyond that, it positions us to leverage this partnership to bring key elements of Brand New Day’s patient-first, integrated clinical model of care to all our members across product lines and geographies.”
Financial details of the expansion are under wraps for now, but the deal is expected to close this year. We’ll be sure to provide updates when the cat is let out of the very large money bag.