Bloomington, Minnesota-based Bright Health Group, an American health insurance company, has announced a major cost-cutting initiative that will result in a large reduction in force impacting 150 employees.
The company is experiencing major financial difficulties following large losses in 2021 and continuing issues with risk adjustment calculations and processing submitted claims.
According to a company statement, "We are addressing talent and cost structure. We continue to evolve our team, adding expertise as needed, and have taken specific actions to reduce the cost structure, eliminate redundancies and drive efficiencies across the organization. While this decision was difficult, we strongly believe it is essential for the long-term health and success of our organization to realizing our vision of making health care right together.”
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