Todd Park

We just got our first look at the financial results for $1.8 billion health insurer Devoted Health.
Devoted began offering plans in Florida in 2019. For the first three months of the year, it posted a net loss of $1.5 million, according to insurance filings reviewed by Business Insider.
Devoted has filed to be an insurer in the state of Texas, suggesting in 2020 it could have plans to expand there.
Visit Business Insider’s homepage for more stories.

Buzzy health insurance startup Devoted Health just posted its financial results for the first time since it started signing up customers.

Devoted was founded to sell Medicare Advantage plans, or private health insurance to US seniors, a market that’s growing rapidly. Devoted in October raised $300 million ahead of launching its first Medicare Advantage plans in Florida in 2019. The company was then valued at $1.8 billion, before it began covering a single customer.

For the first three months of 2019, the company posted a net loss of $1.5 million, according to state insurance filings reviewed by Business Insider. The filings also show that Devoted has registered as an insurer in Texas, suggesting the company might start offering plans there.

Devoted covered about 2,489 …read more


Source:: Businessinsider – Finance

      

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