In the first three months of 2019, Devoted posted a net loss of $1.5 million, according to insurance filings. The filings also hint at expansion plans.
We just got our first look at the financial results for $1.8 billion health insurer Devoted Health.
Devoted was founded to sell Medicare Advantage plans, or private health insurance to US seniors, a market that's growing rapidly. Devoted in Octoberahead of launching its first Medicare Advantage plans in Florida in 2019. The company was then valued at $1.8 billion, before it began covering a single customer.
"While we are still in the early innings, we are very pleased with our launch and with our progress toward dramatically improving health care for seniors, and Devoted Health is on target with respect to our long-term goals," Devoted spokesman Kenneth Baer told Business Insider. Baer declined to comment on potential expansion plans.Katherine Frey/The Washington Post via Getty ImagesDevoted was founded in 2017 by two brothers, Ed and Todd Park.
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