We just got our first look at how healthcare startups like Oscar and Clover fared as the coronavirus pandemic hit the US
— and the way Americans got their healthcare, as hospitals largely called off elective procedures to make way for a surge of patients with COVID-19, the disease caused by the novel coronavirus. The same wasn't true for the group of health insurance startups, some of whom posted net gains, while others still posted net losses. Alignment Healthcare CEO John KaoAlignment Healthcare provides health-insurance plans and services designed to help coordinate care focused on Americans older than 65.
In California, where Alignment operates its own health plans, the company's finances are easiest to track. For the first quarter of 2020, Alignment had a net gain of $1.1 million on $218 million in revenue. Alignment in March raised an additional $135 million from investors, including Fidelity, T. Rowe Price, and Durable Capital Partners. In total, Alignment has raised $375 million from investors such as the private-equity firms Warburg Pincus and General Atlantic.
Overall, Thomas Freeman, Alignment's chief financial officer, said that he's expecting care that's been postponed in the wake of the pandemic to start to normalize in the second half of 2020. In May, Alignment saw that members were begging to go back to see their doctors and get procedures. Bright Health posted a net gain in the first quarter of 2020 after buying a rival health plan.Bright Health is a $2.
Clover, which sells Medicare Advantage plans to seniors, brought in $165 million in revenue in the first quarter, while recording $154.1 million in medical claims. It spent about 93% of the premiums it took in on medical expenses.
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