Bright Health planning to expand into 42 new markets in 2022

Startup health plan Bright HealthCare is planning to enter 42 new markets for the 2022 plan year.

The business arm is under Bright Health Group, which went public earlier this year. The expansion includes entry into several new states and growth within the states it already serves, bringing its total footprint to 17 states and 131 markets across the country.

Bright Health's footprint makes it available to 16.5 million potential members, the company announced. The insurer said it will be the first plan added to Covered California, the state's exchange, in six years.

“Across nearly every one of our products and markets consumers are choosing Bright HealthCare. This shows that our integrated Care Partner model works.” said Simeon Schindelman, CEO of Bright HealthCare, in a statement.

RELATED: 6 payer executives to watch in 2021

“Our continued growth in expansion states like Texas, as well as existing states like California and Florida is further proof that our transformative model is not only meeting demand, but more importantly, lowering healthcare costs and improving quality for consumers while also building durable, trusting two-way relationships between consumers and primary care providers," Schindelman said.

Bright Health offers individual and family, employer-sponsored and Medicare Advantage plans. It is built on a proprietary technology called DocSquad.

The company went public in late June, when it brought in $924 million in its initial public offering. That haul set a new benchmark for insurer startup IPOs.