Five payers experienced net losses in 2022 due to COVID-19 and pricing pressures in Medicare Advantage. BCBS Michigan reported a $777 million loss, while Bright Health had a net loss of $1.4 billion. Alignment Healthcare had a net loss of $149.6 million, Clover Health posted a $339 million net loss, and Oscar Health recorded a net loss of $606 million.
These are five payers that reported net losses in 2022:
1. BCBS Michigan reported a $777 million loss for 2022, driven in part by the ongoing cost of the COVID-19 pandemic and pricing pressures in Medicare Advantage.
2. Bright Health reported a net loss of $1.4 billion in 2022, compared to a $1.2 billion loss a year prior.
3. Alignment Healthcare recorded a net loss of $149.6 million in 2022, compared to a net loss of $195.3 million in 2021.
4. Clover Health posted a $339 million net loss in 2022, compared to a $588 million loss in 2021.
5. Oscar Health recorded a net loss of $606 million in 2022, compared to a net loss of $572 million in 2021.
Source: Becker’s Payer