Bright Health Group, the Bloomington-based health insurance and services company, said Monday it expects to exceed 1 million members in its plans this year.
In December, company officials said it would have 875,000 to 900,000 members by the end of this year.
However, citing strong growth in core geographic areas including Florida, North Carolina and Texas, the insurer and health care services provider increased the projection and also said annual revenue will be on the high end of its previously disclosed annual revenue guidance of $6.3 billion to $6.5 billion.
"We continue to demonstrate our ability to drive scale within our differentiated model and are now well-positioned to realize the full potential of the Bright Health Group strategy," Mike Mikan, Bright Health's chief executive, said in a news release. "Serving 1 million health plan members was a key milestone for the company."
Founded by former executives at Minnetonka-based UnitedHealth Group, Bright Health sells health insurance coverage to individuals under age 65 and seniors buying Medicare Advantage health plans.
Company officials will be giving more details on their outlook for 2022 at J.P. Morgan's Healthcare Conference on Tuesday.
The company made its public company debut in June when it raised $924 million from its initial public stock offering, the largest IPO in Minnesota. The shares priced at $18 per share but have traded down significantly since.
At its Dec. 6 investors conference, the company said it had 721,000 commercial and Medicare consumers as of Sept. 30.
Shares of Bright Health Group were trading around $2.98 a share on Monday morning, up around 1%.
