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Former UnitedHealthcare CEO launches venture-backed insurer
Modern Healthcare

Another new health insurance startup is hitting the marketplace. Bright Health has raised $80 million from a handful of venture capital firms and has its sights set on the Affordable Care Act exchanges and, eventually, Medicare Advantage.

Bob Sheehy, the former CEO of UnitedHealthcare, is one of Bright Health’s co-founders and serves as CEO. Bright Health, based in Minneapolis, will sell narrow-network plans on and off the ACA’s exchanges in 2017 in one state. The company will disclose that state soon, and the goal is to be in three to five states in five years, Sheehy said.