Health insurance upstart Bright Health is exploring a sale of its remaining insurance business.Bright’s looking to sell its California Medicare Advantage business as it tries to stay solvent.The company said it intends to focus on growing its care-delivery business. LoadingSomething is loading.Thanks for signing up!Access your favorite topics in a personalized feed while you’re on the go. download the appBright Health once had big plans to disrupt the way Americans get their health insurance. Now, it’s exploring a sale of its California Medicare Advantage business — its only foot left in the health insurance world. It’s happening at a time when it’s also winding down its business providing health insurance to people on the Affordable Care Act (ACA) exchanges. If a sale goes through, Bright would no longer be a health insurer. Instead, it plans to focus on delivering care, a component of its business that CEO Mike Mikan said in a Friday news release was an area of future growth. Its stock has been trading below $1 in 2023, and it’s been rushing to raise capital ahead of a June 30 deadline with lenders. Minneapolis-based Bright is one of a crop of young health insurers that have struggled since their public market debuts in 2021. Other insurers, including Clover Health and Oscar Health, have shifted from growing fast to focusing on turning a profit by any means necessary.Oscar, which faced a major setback in its effort to sell its technology, appointed a new CEO in March to help turn the company around, while Clover said in April it is outsourcing health-plan operations and cutting jobs to help it turn a profit.Founded in 2015, Bright’s idea was to work closely with doctors and arm them with data they could use to take better care of patients, while also selling plans to individuals buying coverage through the ACA marketplace. It later expanded to the private-health-plan market for older people, called Medicare Advantage. But over the years, Bright attracted members with low premiums that didn’t cover the cost of their medical care. By 2022, it covered more than 1.1 million people in plans across 17 states, predominantly in individual ACA-marketplace plans. It couldn’t handle the rush of new customers. In October, after raising $175 million, Bright pulled the plug entirely on selling ACA-marketplace plans, a business that brought in two-thirds of its revenue. That left its remaining business serving Medicare Advantage members in California, where it has 125,000 members, and providing care to patients in medical clinics in Florida and Texas.Now, it plans to focus just on the care-delivery business it provides to patients in those medical clinics. Bright said in Friday’s release that it serves 375,000 patients out of those clinics. Read the full story of Bright’s unraveling: