NeueHealth (NEUE) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40537
Entity Registrant Name	NEUEHEALTH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4991296
Entity Address, Address Line One	9250 NW 36th St
Entity Address, Address Line Two	Suite 420
Entity Address, City or Town	Doral
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
City Area Code	612
Local Phone Number	238-1321
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEUE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,224,541
Entity Central Index Key	0001671284
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 112,762	$ 87,299
Short-term investments	0	6,265
Accounts receivable, net of allowance of $10,358 and $14,023, respectively	39,938	39,084
ACO REACH performance year receivable	646,627	115,878
Current assets of discontinued operations (Note 15)	149,352	822,570
Prepaids and other current assets	25,786	17,831
Total current assets	974,465	1,088,927
Other assets:
Property, equipment and capitalized software, net	12,650	14,499
Intangible assets, net	90,345	93,238
Other non-current assets	27,668	28,816
Total other assets	130,663	136,553
Total assets	1,105,128	1,225,480
Current liabilities:
Medical costs payable	157,601	157,903
Accounts payable	6,263	11,841
Short-term borrowings	0	303,947
ACO REACH performance year obligation	529,657	0
Current liabilities of discontinued operations (Note 15)	345,048	699,758
Risk share payable to deconsolidated entity	123,981	123,981
Warrant liability	11,899	13,971
Other current liabilities	85,101	79,856
Total current liabilities	1,259,550	1,391,257
Long-term borrowings	66,400	66,400
Other liabilities	21,212	22,441
Total liabilities	1,347,162	1,480,098
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	98,761	88,908
Redeemable Series A and B preferred stock	920,417	920,417
Shareholders’ equity (deficit):
Common stock, $0.0000 par value; $3,000,000 shares authorized in 2024 and 2023; $8,225 and $8,054 shares issued and outstanding in 2024 and 2023, respectively	1	1
Additional paid-in capital	3,074,654	3,056,027
Accumulated deficit	(4,323,763)	(4,307,849)
Accumulated other comprehensive loss	(104)	(122)
Treasury Stock, at cost, $32 shares at March 31, 2024, and December 31, 2023, respectively	(12,000)	(12,000)
Total shareholders’ equity (deficit)	(1,261,212)	(1,263,943)
Total liabilities, redeemable noncontrolling interests, redeemable preferred stock and shareholders’ equity (deficit)	1,105,128	1,225,480
Redeemable Series A preferred stock
Current liabilities:
Redeemable Series A and B preferred stock	747,481	747,481
Redeemable Series B preferred stock
Current liabilities:
Redeemable Series A and B preferred stock	$ 172,936	$ 172,936

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss	$ 10,358	$ 14,023
Redeemable preferred stock, shares outstanding (in shares)	925,000	925,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	8,224,541	8,053,576
Common stock, shares outstanding (in shares)	8,224,541	8,053,576
Treasury stock, at cost (in shares)	31,526	31,526
Series A preferred stock dividend accrued
Redeemable preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable preferred stock, shares authorized (in shares)	750,000	750,000
Redeemable preferred stock, shares issued (in shares)	750,000	750,000
Redeemable preferred stock, shares outstanding (in shares)	750,000	750,000
Series B preferred stock dividend accrued
Redeemable preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable preferred stock, shares authorized (in shares)	175,000	175,000
Redeemable preferred stock, shares issued (in shares)	175,000	175,000
Redeemable preferred stock, shares outstanding (in shares)	175,000	175,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue:
ACO REACH revenue		$ 171,811,000	$ 239,807,000
Investment income		203,000	8,000
Total revenue		245,095,000	300,550,000
Operating expenses:
Medical costs		196,874,000	260,120,000
Operating costs		66,822,000	79,518,000
Bad debt expense		(3,000)	0
Restructuring charges		(58,000)	301,000
Depreciation and amortization		4,562,000	5,483,000
Total operating expenses		268,197,000	345,422,000
Operating loss		(23,102,000)	(44,872,000)
Interest expense		2,930,000	7,787,000
Warrant income		(2,072,000)	0
Gain on troubled debt restructuring		(30,311,000)	0
Income (loss) from continuing operations before income taxes		6,351,000	(52,659,000)
Income tax expense		663,000	1,259,000
Net income (loss) from continuing operations		5,688,000	(53,918,000)
Loss from discontinued operations, net of tax (Note 15)		(9,865,000)	(115,543,000)
Net Loss		(4,177,000)	(169,461,000)
Net income from continuing operations attributable to noncontrolling interests		(11,737,000)	(5,550,000)
Net loss attributable to NeueHealth, Inc. common shareholders		$ (28,518,000)	$ (186,905,000)
Basic and diluted loss per share attributable to NeueHealth, Inc. common shareholders
Continuing operations, basic (in dollars per share)		$ (2.31)	$ (9.04)
Continuing operations, diluted (in dollars per share)		(2.31)	(9.04)
Discontinued operations, basic (in dollars per share)		(1.22)	(14.64)
Discontinued operations, diluted (in dollars per share)		(1.22)	(14.64)
Basic loss per share (in dollars per share)		(3.53)	(23.68)
Diluted loss per share (in dollars per share)		$ (3.53)	$ (23.68)
Basic weighted-average common shares outstanding (in shares)	[1]	8,079	7,894
Diluted weighted-average common shares outstanding (in shares)	[1]	8,079	7,894
Series A preferred stock dividend accrued
Operating expenses:
Series A and B preferred stock dividend accrued		$ (10,294,000)	$ (9,714,000)
Series B preferred stock dividend accrued
Operating expenses:
Series A and B preferred stock dividend accrued		(2,310,000)	(2,180,000)
Capitated revenue
Revenue:
Revenue		61,466,000	49,548,000
Service revenue
Revenue:
Revenue		$ 11,615,000	$ 11,187,000
[1] *Shares have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 80 reverse stock split effective May 22, 2023.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Loss) (Parenthetical)		3 Months Ended
	May 22, 2023	Mar. 31, 2023
Income Statement [Abstract]
Reverse stock splits (in shares)	0.0125	0.0125

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,177)	$ (169,461)
Other comprehensive income:
Unrealized investment holding gains arising during the year, net of tax of $0 and $0, respectively	20	1,303
Less: reclassification adjustments for investment (losses) gains, net of tax of $0 and $0, respectively	2	(890)
Other comprehensive income	18	2,193
Comprehensive loss	(4,159)	(167,268)
Comprehensive loss attributable to noncontrolling interests	(11,737)	(5,550)
Comprehensive loss attributable to NeueHealth, Inc. common shareholders	$ (15,896)	$ (172,818)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized investment holding (losses) gains arising during the year, tax	$ 0	$ 0
Reclassification adjustments for investment gains, tax	$ 0	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Shareholders’ Equity (Deficit) - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		925,000
Beginning balance at Dec. 31, 2022		$ 920,417
Ending balance (in shares) at Mar. 31, 2023		925,000
Ending balance at Mar. 31, 2023		$ 920,417
Beginning balance (in shares) at Dec. 31, 2022	[1]		7,878,000
Beginning balance at Dec. 31, 2022		(200,490)	$ 1	$ 2,972,333	$ (3,156,395)	$ (4,429)	$ (12,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(175,011)			(175,011)
Issuance of common stock (in shares)	[1]		74,000
Issuance of common stock		1		1
Share-based compensation		33,320		33,320
Other comprehensive loss		2,193				2,193
Ending balance (in shares) at Mar. 31, 2023	[1]		7,952,000
Ending balance at Mar. 31, 2023		$ (339,987)	$ 1	3,005,654	(3,331,406)	(2,236)	(12,000)
Beginning balance (in shares) at Dec. 31, 2023		925,000
Beginning balance at Dec. 31, 2023		$ 920,417
Ending balance (in shares) at Mar. 31, 2024		925,000
Ending balance at Mar. 31, 2024		$ 920,417
Beginning balance (in shares) at Dec. 31, 2023		8,053,576	8,054,000
Beginning balance at Dec. 31, 2023		$ (1,263,943)	$ 1	3,056,027	(4,307,849)	(122)	(12,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(15,914)			(15,914)
Issuance of common stock (in shares)			171,000
Issuance of common stock		0
Share-based compensation		18,627		18,627
Other comprehensive loss		$ 18				18
Ending balance (in shares) at Mar. 31, 2024		8,224,541	8,225,000
Ending balance at Mar. 31, 2024		$ (1,261,212)	$ 1	$ 3,074,654	$ (4,323,763)	$ (104)	$ (12,000)
[1] *Shares have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 80 reverse stock split

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Shareholders’ Equity (Deficit) (Parenthetical)		3 Months Ended
	May 22, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Reverse stock splits (in shares)	0.0125	0.0125

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (4,177,000)	$ (169,461,000)	$ (1,300,000,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,562,000	9,891,000
Share-based compensation	18,627,000	33,320,000
Deferred income taxes	0	436,000
Warrant expense	(2,072,000)	0
Gain on troubled debt restructuring	(30,311,000)	0
Net accretion of investments	(34,000)	(4,581,000)
Loss on disposal of property, equipment, and capitalized software	245,000	1,299,000
Other, net	2,000	475,000
Changes in assets and liabilities, net of acquired assets and liabilities:
Accounts receivable	(850,000)	(43,409,000)
ACO REACH performance year receivable	(530,749,000)	(783,703,000)
Other assets	(3,507,000)	22,448,000
Medical cost payable	(13,263,000)	(423,459,000)
Risk adjustment payable	(11,224,000)	4,153,000
Accounts payable and other liabilities	(5,612,000)	(119,416,000)
Unearned revenue	(11,000)	137,563,000
ACO Reach performance year obligation	529,657,000	719,420,000
Net cash used in operating activities	(48,717,000)	(615,024,000)
Cash flows from investing activities:
Purchases of investments	0	(2,880,000)
Proceeds from sales, paydowns, and maturities of investments	2,321,000	690,161,000
Purchases of property and equipment	(64,000)	(1,863,000)
Proceeds from sale of business, net	196,130,000	1,370,000
Net cash provided by investing activities	198,387,000	686,788,000
Cash flows from financing activities:
Proceeds from issuance of common stock	0	1,000
Repayments of short-term borrowings	(273,636,000)	0
Distributions to noncontrolling interest holders	(1,884,000)	(1,805,000)
Net cash used in financing activities	(275,520,000)	(1,804,000)
Net (decrease) increase in cash and cash equivalents	(125,850,000)	69,960,000
Cash and cash equivalents of continuing and discontinued operations – beginning of year	375,280,000	1,932,290,000	1,932,290,000
Cash and cash equivalents of continuing and discontinued operations – end of period	249,430,000	2,002,250,000	$ 375,280,000
Supplemental disclosures of cash flow information:
Changes in unrealized (loss) gain on available-for-sale securities in OCI	18,000	2,193,000
Cash paid for interest	$ 3,587,000	$ 7,157,000

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization: NeueHealth, Inc. and subsidiaries (collectively, “NeueHealth,” “we,” “our,” “us,” or the “Company”) was founded in 2015 to transform healthcare. NeueHealth is a value-driven, consumer-centric healthcare company committed to making high-quality, coordinated healthcare accessible and affordable to all populations. We believe we can reduce the friction and current lack of coordination in today’s healthcare system by uniquely aligning the interests of payors and providers to enable a seamless, consumer-centric healthcare experience that drives value for all. We have two market facing segments: NeueCare and NeueSolutions. NeueCare is our value-driven care delivery business that manages risk in partnership with external payors and serves all populations across The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (“ACA”) Marketplace, Medicare, and Medicaid. NeueSolutions is our provider enablement business that includes a suite of technology, services, and clinical care solutions that empower providers to thrive in performance-based arrangements. Basis of Presentation: The condensed consolidated financial statements include the accounts of NeueHealth, Inc. and all subsidiaries and controlled companies. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our audited consolidated financial statements, unless the information contained in those disclosures materially changed or is required by GAAP. As such, the condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for fair presentation of the interim financial statements. Sale of California Medicare Advantage Business: On June 30, 2023, the Company entered into a definitive agreement with Molina to sell its California Medicare Advantage business to Molina Healthcare, Inc. (“Molina”) , which consisted of Universal Care, Inc. d/b/a Brand New Day, a California corporation (“BND”) and Central Health Plan of California, Inc., a California corporation (“CHP”) (the “Molina Purchase Agreement”) . Effective as of January 1, 2024, the Molina Purchase Agreement transaction was consummated for an aggregate purchase price of $500.0 million subject to certain contingencies and Tangible Net Equity (“TNE”) adjustments . Upon completion of the sale, the Bright HealthCare reporting unit of our discontinued operations was no longer included in our operations. Refer to Note 15 Discontinued Operations for discussion of the transaction. Debt Payoff: On December 27, 2023, we entered into an agreement regarding our revolving credit agreement with JPMorgan Chase Bank, N.A. (the “Agent”) and a syndicate of banks (the “2021 Credit Agreement”) providing that, upon closing of the sale of our California Medicare Advantage business, and payments for debt and interest of $274.6 million to the Agent and $24.1 million to the issuers of letters of credit outstanding under the 2021 Credit Agreement, all liabilities of the Company under the 2021 Credit Agreement would be terminated (other than those under the outstanding letters of credit that remained outstanding thereafter) (collectively, the “Termination”). These amounts were paid on January 2, 2024, and on that date the Termination occurred. We evaluated this amendment to the 2021 Credit Agreement in accordance with ASC 470-60 Troubled Debt Restructuring and ASC 470-50 Debt - Modification and Extinguishments . The evaluation for troubled debt restructuring includes assessing both qualitative and quantitative factors such as whether the creditor granted a concession and if the Company is experiencing financial difficulties. Our quantitative analysis consisted of comparing the cash paid as part of the Payoff Condition to the total amount of outstanding indebtedness immediately prior to the payoff. Given the Company is experiencing financial difficulties and the lenders granted a concession by accepting total payments of $298.6 million for the remaining balance of the principal and interest due, we accounted for the transaction as a troubled debt restructuring and recognized a total gain of $30.3 million from the debt settlement. Use of Estimates: The preparation of our condensed consolidated financial statements in conformance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Our most significant estimates include medical costs payable, provider risk share arrangements, third-party payor risk share arrangements, and valuation and impairment of intangible assets. Actual results could differ from these estimate s. Going Concern: The condensed consolidated financial statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a history of operating losses, and we generated a net loss of $4.2 million for the quarter ended March 31, 2024 , and a net loss of $1.3 billion for the year ended December 31, 2023. Additionally, the Company experienced negative operating cash flows primarily related to our discontinued Bright HealthCare – Commercial segment for the quarter ended March 31, 2024 and in the preceding year ended December 31, 2023. Certain of the Company’s insurance subsidiaries have material obligations remaining related to the commercial insurance risk adjustment program. The subsidiaries entered into repayment agreements with the Centers for Medicare & Medicaid Services’ (“CMS”) with respect to the unpaid obligations in September 2023. The amount owed under the repayment agreements is due March 15, 2025 and bears interest at a rate of 11.5% per annum. In the first quarter of 2024, the Company paid down $11.2 million of risk adjustment principal, leaving $279.9 million as the remaining risk adjustment liability as of March 31, 2024 . We consummated the sale of our California Medicare Advantage business in January 2024, resulting in net proceeds of $31.6 million after debt and interest repayment of $274.6 million , cash collateralization of existing letters of credit of $24.1 million , contingent consideration of $110.0 million , estimated net equity adjustment of $57.3 million , and other transaction related fees. Further, as described in Note 5, Borrowings and Common Stock Warrants , in April 2024 the Company entered into an amendment to our existing 2023 Credit Agreement, which allows the Company to borrow an additional $30.0 million under the agreement. As of the date of this Quarterly Report on Form 10-Q’s filing, an additional $20.0 million has been borrowed under this amendment, with $10.0 million left available to be borrowed. Cash and investment balances held at regulated insurance entities are subject to regulatory restrictions and can only be accessed through dividends declared to the non-regulated parent company or through reimbursements from administrative services agreements with the parent company. The regulated legal entities are required to hold certain minimum levels of risk-based capital and surplus to meet regulatory requirements. As noted further in Note 15, Discontinued Operations , we are out of compliance with the minimum levels for certain of our regulated insurance legal entities. In certain of our other regulated insurance legal entities, we hold surplus levels of risk-based capital, and as we complete the wind-down exercise related to these entities over the next two years, we expect to recapture through dividends and final liquidation actions the remaining cash positions of these entities. In February and March of 2024, we obtained approval in three states to execute a total of $28.2 million of dividends, of which $13.2 million was paid to the parent in March 2024 and $15.0 million was paid to the parent in April 2024 and immediately contributed to its insurance subsidiaries in deficit positions. We believe that the existing cash, investments, and available liquidity will not be sufficient to satisfy our anticipated cash requirements for the next twelve months following the date the condensed consolidated financial statements contained in this Form 10-Q are issued, for items such as IFP risk adjustment payables, medical cost payables, any remaining obligation to the deconsolidated entity, and other liabilities. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. In response to these conditions, management continues to implement a restructuring plan to reduce capital needs and our operating expenses in the future to drive positive operating cash flow and increase liquidity. Additionally, the Company is actively engaged with the Board of Directors and outside advisors to evaluate additional financing. In addition, the Company may not fully collect the contingent consideration associated with the sale of the California Medicare Advantage business or be able to obtain additional liquidity on acceptable terms, as both of these matters will be subject to market conditions that are not fully within the Company’s control. The Company will be unable to satisfy its obligations unless it obtains additional liquidity or takes other management actions. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Operating Costs: Our operating costs, by functional classification for the three months ended March 31, 2024 and 2023, are as follows (in thousands) : Three Months Ended March 31, 2024 2023 Compensation and fringe benefits $ 48,136 $ 58,624 Professional fees 6,500 5,848 Technology expenses 3,517 6,153 General and administrative expenses 7,700 7,457 Other operating expenses 969 1,436 Total operating costs $ 66,822 $ 79,518 Recently Issued and Adopted Accounting Pronouncements: There are no accounting pronouncements that were recently issued and not yet adopted or adopted since our audited consolidated financial statements were issued that had, or are expected to have, a material impact on our consolidated financial position, results of operations, or cash flows.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES In October 2022, we announced our decision to further focus our business on our Fully Aligned Care Model, our NeueCare and NeueSolutions segments, and that we will no longer offer commercial plans through Bright HealthCare, or Medicare Advantage products outside of California in 2023. As a result of these strategic changes, we announced and have taken actions to restructure the Company’s workforce and reduce expenses based on our updated business model. Restructuring charges by reportable segment and corporate for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (58) $ (58) Long-lived asset impairments — — — — Contract termination and other costs — — — — Total continuing operations $ — $ — $ (58) $ (58) Three Months Ended March 31, 2023 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (766) $ (766) Long-lived asset impairments — — 880 880 Contract termination and other costs — — 187 187 Total continuing operations $ — $ — $ 301 $ 301 The $0.9 million of long-lived asset impairments is the result of a lease abandonment for one of our corporate office locations during the three months ended March 31, 2023. Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 were as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 8,389 $ — $ 8,389 Net charges (58) — (58) Cash payments (2,400) — (2,400) Balance at March 31, 2024 $ 5,931 $ — $ 5,931 Employee termination benefits are recorded within Other current liabilities while contract termination costs are recorded within Accounts payable.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The gross carrying value and accumulated amortization for definite-lived intangible assets were as follows (in thousand s) : March 31, 2024 December 31, 2023 Gross Carrying Accumulated Amortization Gross Carrying Accumulated Amortization Customer relationships $ 80,021 $ 28,231 $ 80,021 $ 26,144 Trade names 48,361 9,806 48,361 9,000 Total $ 128,382 $ 38,037 $ 128,382 $ 35,144 For the three months ended March 31, 2024 and 2023, there were no impairments of the definite-lived intangible assets. We are continuously evaluating whether events or changes in circumstances indicate that an intangible asset may not be recoverable including an adverse change in the extent in which an intangible asset is used, our market capitalization, macroeconomic trends, and other events and uncertainties. Negative trends in these factors could result in a non-cash charge for impairment to intangible assets in a future period. Amortization expense relating to intangible assets for the three months ended March 31, 2024 and 2023 was $2.9 million and $2.9 million, respectively. Estimated amortization expense relating to intangible assets for the remainder of 2024 and for each of the next five full years ending December 31 is as follows (in thousand s) : 2024 (April-December) $ 8,681 2025 $ 11,574 2026 $ 11,574 2027 $ 11,574 2028 $ 10,295 2029 $ 10,295

MEDICAL COSTS PAYABLE

MEDICAL COSTS PAYABLE	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
MEDICAL COSTS PAYABLE	MEDICAL COSTS PAYABLE The following table shows the components of the change in medical costs payable for the three months ended March 31, 2024 and 2023 (in thousand s) : March 31, 2024 2023 Medical costs payable - January 1 $ 157,903 $ 116,021 Incurred related to: Current year 201,420 254,782 Prior year (4,546) 2,806 Total incurred 196,874 257,588 Paid related to: Current year 87,372 90,768 Prior year 109,804 95,660 Total paid 197,176 186,428 Medical costs payable - March 31 $ 157,601 $ 187,181 Medical costs payable attributable to prior years decreased by $4.5 million and increased by $2.8 million for the three months ended March 31, 2024 and 2023, respectively. Medical costs payable estimates are adjusted as additional information regarding claims becomes known; there were no significant changes to estimation methodologies during the periods. The table below details the components making up the medical costs payable as of March 31, 2024 and December 31, 2023 (in thou sand s) : March 31, 2024 December 31, 2023 Provider incentive payable 42,366 2,367 Incurred but not reported (IBNR) 115,235 155,536 Total medical costs payable $ 157,601 $ 157,903

BORROWINGS AND COMMON STOCK WAR

BORROWINGS AND COMMON STOCK WARRANTS	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
BORROWINGS AND COMMON STOCK WARRANTS	BORROWINGS AND COMMON STOCK WARRANTS Short-term Borrowings and Troubled Debt Restructuring: In March 2021, we entered into a $350.0 million revolving credit agreement with JPMorgan Chase Bank, N.A. and a syndicate of banks, which was set to mature on February 28, 2024. On December 27, 2023, we entered into an agreement regarding our 2021 Credit Agreement with the Agent providing that upon closing of the sale of our California Medicare Advantage business, and payments of $274.6 million to the Agent and $24.1 million to the issuers of letters of credit outstanding under the 2021 Credit Agreement, all liabilities of the Company under the 2021 Credit Agreement would be terminated (other than those under the outstanding letters of credit that remained outstanding thereafter) (collectively, the “Termination”). These amounts were paid on January 2, 2024, and on that date the Termination occurred and we had no outstanding borrowings under the 2021 Credit Agreement. As of March 31, 2024 and December 31, 2023 we had $0.0 million and $303.9 million, respectively, borrowed under the 2021 Credit Agreement at a weighted-average effective annual interest rate of 10.07%. As of March 31, 2024, the letters of credit outstanding under the 2021 Credit Agreement with a principal balance of $22.9 million are collateralized at 105% of the principal balance and reported as restricted cash included in cash and cash equivalents on the Condensed Consolidated Balance Sheet. Upon occurrence of the Termination, we recognized a gain on troubled debt restructuring of $30.3 million. For the three months ended March 31, 2024, the gain on troubled debt restructuring resulted in a decrease of basic and diluted loss per share of $3.75. There was no gain on troubled debt restructuring for the three months ended March 31, 2023 . Long-term Borrowings: On August 4, 2023, the Company entered into a credit agreement (as amended, supplemented, restated or otherwise modified from time to time, the “2023 Credit Agreement”), among the Company, NEA 18 Venture Growth Equity, L.P. (“NEA”) and the lenders from time to time party thereto (together with NEA and each of their respective successors and assigns, the “Lenders”), to provide for a credit facility pursuant to which, among other things, the lenders have provided $60.0 million delayed draw term loan commitments, which matures on December 31, 2025. On October 2, 2023, the Company, NEA, as the existing lender (the “Existing Lender”), and California State Teachers’ Retirement System, as an incremental lender (“the New Lender”) entered into an amendment (“Incremental Amendment No. 1”) to the 2023 Credit Agreement to provide for a term loan commitment increase in an aggregate principal amount of $6.4 million by the New Lender under the 2023 Credit Agreement. Loans under Incremental Amendment No. 1 have the same terms as loans under the original term loan commitments provided by the Existing Lender. As of March 31, 2024 and December 31, 2023, we had $66.4 million borrowed under the 2023 Credit Agreement at a weighted-average effective interest rate of 15.00%. On April 8, 2024, the Company and NEA, New Enterprise Associates 17, L.P., New Enterprise Associates 16, L.P. and New Enterprise Associates 15, L.P. (collectively, the “NEA Lenders”) entered into an amendment (“Incremental Amendment No. 2”) to the 2023 Credit Agreement (as amended to date the “Amended 2023 Credit Agreement”) to provide for a term loan commitment increase in an aggregate principal amount of up to $30.0 million by the NEA Lenders under the Amended 2023 Agreement. Loans under Incremental Amendment No. 2 have the same terms as loans under the original term loan commitments provided by NEA. Subsequent to March 31, 2024, we borrowed an additional $20.0 million under the 2023 Credit Agreement. Common Stock Warrants: On August 4, 2023, we entered into a warrantholders agreement (the “NEA Warrantholders Agreement”) with NEA 18 Venture Growth Equity, L.P. and the lenders from time-to-time party thereto, setting forth the rights and obligations of the Company and the lenders as holders of the warrants to acquire shares of Common Stock at an exercise price of $0.01 per share, and providing for the issuance of warrants. We established a warrant liability of $25.1 million on this date, representing the 1.7 million warrants available to be issued under the NEA Warrantholders Agreement at a fair market value of $15.12 (closing share price on August 4th, 2023 minus the $0.01 exercise price); the warrant liability is reported within Other current liabilities. The warrants do not contain any exercise contingencies and expire on the fifth anniversary of the first closing date. On October 2, 2023, we entered into a warrantholders agreement (the “CalSTRS Warrantholders Agreement” and together with the “NEA Warrantholders Agreement,” the “Warrantholders Agreements”) with the New Lender, setting forth the rights and obligations of the Company and the lenders as holders of the warrants to acquire shares of Common Stock at an exercise price of $0.01 per share, and providing for the issuance of warrants. We increased the warrant liability by $1.0 million on this date, representing the 0.2 million warrants available to be issued under the CalSTRS Warrantholders Agreement at a fair market value of $5.80 (closing share price on October 2, 2023 minus the $0.01 exercise price). The warrants do not contain any exercise contingencies and expire on the fifth anniversary of the first closing date. We account for our common stock warrants at the time of inception as derivatives, utilizing ASC 815 Derivatives and Hedging , by recording a liability equal to the warrants’ fair market value that is marked to market at the end of each period. Per the terms of the Warrantholders Agreements, the market value is calculated as the ending stock price less the $0.01 exercise price. As we draw on the available funds, warrants are issued; warrants will remain classified as a liability and be fair valued each period until they are exercised by the warrantholder. Upon exercise, we relieve the associated liability into additional paid in capital at the fair value of the warrants on the date of exercise, classifying the exercised warrants as equity. Fair Value Balance at January 1, 2024 $ 13,971 Newly executed Warrantholders Agreement — Change in fair value of outstanding warrants (2,072) Balance at March 31, 2024 $ 11,899 As of March 31, 2024 no issued warrants have been exercised and no warrants remain available to be issued under the Warrantholders Agreements. For the three months ended March 31, 2024, Warrant income was $2.1 million. There was no equivalent liability and activity at March 31, 2023 and for the three months then ended. On April 8, 2024, the Company and the NEA Lenders entered into a warrantholders agreement setting forth the rights and obligations of the Company and the NEA Lenders as holders of the warrants to acquire up to 1,113,563 shares of Common Stock at an exercise price of $0.01 per share, and providing for the issuance of warrants. As of March 31, 2024, no warrant liability has been established pursuant to this agreement. The Company classifies its warrant liability as Level 2 fair value because they are valued using observable, unadjusted quoted prices in active markets. See Note 15, Discontinued Operations for the full definition of Level 1, Level 2, and Level 3 fair values.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION 2016 Incentive Plan The Company adopted its 2016 Stock Incentive Plan (the “2016 Incentive Plan”) in March 2016. The 2016 Incentive Plan allowed for the Company to grant stock options, restricted stock awards (“RSAs”), and restricted stock units (“RSUs”) to certain employees, consultants and non-employee directors. The 2016 Incentive Plan was initially adopted on March 25, 2016, and most recently amended in December 2020. Following the effectiveness of our 2021 Omnibus Plan (the “2021 Incentive Plan”), no further awards will be granted under the 2016 Incentive Plan. However, all outstanding awards granted under the 2016 Incentive Plan will continue to be governed by the existing terms of the 2016 Incentive Plan and the applicable award agreements. 2021 Incentive Plan The 2021 Incentive Plan was adopted by our Board of Directors on May 21, 2021 and approved by our stockholders on May 25, 2021 and June 5, 2021. The 2021 Incentive Plan allows the Company to grant stock options, RSAs, RSUs, stock appreciation rights, other equity-based awards, and cash-based incentive awards to certain employees, consultants and non-employee directors. The 2021 Incentive Plan was most recently amended in May 2024. As of March 31, 2024 there are 2.1 million shares of common stock authorized for issuance under the 2021 Incentive Plan and a total of 1.0 million shares of common stock were available for future issuance under the 2021 Incentive Plan. Share-Based Compensation Expense We recognized share-based compensation expense of $18.6 million and $33.3 million for the three months ended March 31, 2024 and 2023, respectively, which is included in operating costs in the Condensed Consolidated Statements of Income (Loss). Stock Options The Board of Directors, or the Compensation and Human Capital Committee of the Board of Directors, as applicable, determines the exercise price, vesting periods and expiration date at the time of the grant. Stock options granted prior to the third quarter of 2021 generally vest 25% at one year from the grant date, then ratably over the next 36 months with continuous employee service. Stock options granted after the beginning of the third quarter of 2021 generally vest ratably over three years. Option grants generally expire 10 years from the date of grant. There were no options granted during the three months ended March 31, 2024. The activity for stock options for the three months ended March 31, 2024 is as follows (in thousand s, except exercise price, weighted average contractual life, and aggregate intrinsic value) : Shares Weighted Average Weighted Average Aggregate Outstanding at January 1, 2024 633 $ 138.33 5.2 $ 213 Granted — — Exercised — — Forfeited (3) 175.02 Expired (16) 213.84 Outstanding at March 31, 2024 614 $ 136.12 4.3 $ 171 We recognized share-based compensation expense related to stock options of $6.8 million for the three months ended March 31, 2024, which is included in operating costs in the Condensed Consolidated Statements of Income (Loss). At March 31, 2024, there was $20.4 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 0.9 years. Restricted Stock Units RSUs represent the right to receive shares of our common stock at a specified date in the future and generally vest over a three-year period, except for Board of Director grants which generally vest one year from the date of grant. The fair value of RSUs is determined based on the closing market price of our common stock on the date of grant. The followin g table summarizes RSU award activity for the three months ended March 31, 2024 (in thousands, except weighted average grant date fair value) : Number of RSUs Weighted Average Grant Date Fair Value Unvested RSUs at January 1, 2024 776 $ 53.32 Granted — — Vested (171) 49.00 Forfeited (30) 46.91 Unvested RSUs at March 31, 2024 575 $ 54.94 We recognized share-based compensation expense related to RSUs of $5.5 million for the three months ended March 31, 2024, which is included in operating costs in the Condensed Consolidated Statements of Income (Loss). As of March 31, 2024, there was $18.0 million of unrecognized compensation expense related to the RSU grants, which is expected to be recognized over a weighted-average period of 1.1 years. Performance-based Restricted Stock Units (“PSUs”) In connection with our initial public offering, our Board of Directors approved the grant of PSUs to members of our executive leadership team. The grant encompassed a total of 183,750 PSUs, separated into four equal tranches, each of which are eligible to vest based on the achievement of predetermined stock price goals and a minimum service period of 3.0 years. The fair value of the PSUs was determined using a Monte-Carlo simulation. The following table summarizes PSU award activity for the three months ended March 31, 2024 (in thousands, except weighted average grant date fair value) : Number of PSUs Weighted Average Grant Date Fair Value Unvested PSUs at January 1, 2024 131 $ 744.00 Granted — — Forfeited (13) 744.02 Unvested PSUs at March 31, 2024 118 $ 744.01 We recognized share-based compensation expense related to PSUs of $6.3 million for the three months ended March 31, 2024, which is included in operating costs in the Condensed Consolidated Statements of Income (Loss). At March 31, 2024, there was $5.4 million of unrecognized compensation expense related to the PSU grant, which is expected to be recognized over a weighted-average period of 0.2 years.

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
REDEEMABLE CONVERTIBLE PREFERRED STOCK	REDEEMABLE CONVERTIBLE PREFERRED STOCK Pursuant to the Certificate of Designations designating the shares of our Series A Convertible Perpetual Preferred Stock and the Certificate of Designations designating the shares of our Series B Convertible Perpetual Preferred Stock (collectively, the “Preferred Stock”) each of which we filed with the Secretary of State of the State of Delaware (together, the “Certificate of Designations”), the Preferred Stock ranks senior to our shares of common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The Preferred Stock is convertible into common stock and is entitled to an initial liquidation preference, in each case subject to certain limitations outlined in the Certificates of Designations. Series A Convertible Preferred Stock On January 3, 2022, we issued 750,000 shares of Series A Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $750.0 million, or $1,000 per share. The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The Preferred Stock has an initial liquidation preference of $1,000 per share, which shall increase by accumulated quarterly dividends that are not paid in cash (“compounded dividends”). Holders of the Series A Preferred Stock are entitled to a dividend at the rate of 5.0% per annum, accruing daily and payable quarterly in arrears and subject to certain adjustments, as set forth in the Certificate of Designations. Dividends will be payable in cash, by increasing the amount of liquidation preference (compounded dividends) with respect to a share of Series A Preferred Stock, or any combination thereof, at the sole discretion of the Company. The Series A Preferred Stock had accrued compounded dividends of $88.3 million and $78.0 million as of March 31, 2024 and December 31, 2023, respectively. The Series A Preferred Stock will be convertible at the option of the holders into (I) the number of shares of common stock equal to the quotient of (a) the sum of (x) the liquidation preference (reflecting increases for compounded dividends) plus (y) the accrued dividends with respect to each share of Series A Preferred Stock as of the applicable conversion date divided by (b) the conversion price (initially approximately $364.00 per share and approximately $283.19 per share subsequent to the issuance of all warrants prior to the three months ended March 31, 2024) as of the applicable conversion date plus (II) cash in lieu of fractional shares, subject to certain anti‑dilution adjustments. At any time after January 3, 2025, if the closing price per share of Common Stock on the New York Stock Exchange was greater than 175% of the then effective Conversion Price for (x) each of at least twenty (20) trading days in any period of thirty (30) consecutive trading days and (y) the last trading day immediately before the Company provides the holders with notice of its election to convert all of the Series A Preferred Stock into the relevant number of shares of common stock, the Company may elect to convert all of the Series A Preferred Stock into the relevant number of shares of common stock. Under the Certificate of Designations, holders of the Series A Preferred Stock are entitled to vote with the holders of the common stock on an as‑converted basis, solely with respect to (i) a change of control transaction (to the extent such change of control transaction is submitted to a vote of the holders of the common stock) or (ii) the issuance of capital stock by the Company in connection with an acquisition by the Company (to the extent such issuance is submitted to a vote of the holders of the common stock), subject to certain restrictions. Holders of the Series A Preferred Stock are entitled to a separate class vote with respect to, among other things, amendments to the Company’s organizational documents that have an adverse effect on the Series A Preferred Stock, authorizations or issuances by the Company of securities that are senior to the Series A Preferred Stock, increases or decreases in the number of authorized shares of Preferred Stock, and issuances of shares of the Series A Preferred Stock after January 3, 2022. At any time following January 3, 2027, the Company may redeem all of the Series A Preferred Stock for a per share amount in cash equal to: (i) the sum of (A) the liquidation preference (reflecting increases for compounded dividends) thereof plus (B) all accrued dividends as of the applicable redemption date, multiplied by (ii) (A) 105% if the redemption occurs at any time prior to January 3, 2029 and (B) 100% if the redemption occurs at any time on or after January 3, 2029. Upon certain change of control events involving the Company, the holders of the Series A Preferred Stock may, at such holder’s election, convert their shares of Series A Preferred Stock into common stock at the then‑current conversion price or require the Company to purchase all or a portion of such holder’s shares of Preferred Stock that have not been so converted at a purchase price per share of Preferred Stock, payable in cash, equal to the greater of (I) (A) if the change of control effective date occurs at any time prior to January 3, 2029, the product of 105% multiplied by the sum of (x) the liquidation preference of such share of Series A Preferred Stock (reflecting increases for compounded dividends) plus (y) the accrued dividends in respect of such share of Series A Preferred Stock as of the change of control purchase date and (B) if the change of control effective date occurs on or after January 3, 2029, the sum of (x) the liquidation preference (reflecting increases for compounded dividends) of such share of Series A Preferred Stock plus (y) the accrued dividends in respect of such share of Series A Preferred Stock as of the change of control purchase date and (II) the consideration that would have been payable in connection with such change of control if such share of Series A Preferred Stock had been converted into Common Stock immediately prior to the change of control. Series B Convertible Preferred Stock On October 17, 2022, we issued 175,000 shares of Series B Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $175.0 million, or $1,000 per share. The Series B Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The Preferred Stock has an initial liquidation preference of $1,000 per share, which shall increase by compounded dividends. Holders of the Series B Preferred Stock are entitled to a dividend at the rate of 5.0% per annum, accruing daily and payable quarterly in arrears and subject to certain adjustments, as set forth in the Certificate of Designations. Dividends will be payable in cash, by increasing the amount of liquidation preference (compounded dividends) with respect to a share of Series B Preferred Stock, or any combination thereof, at the sole discretion of the Company. The Series B Preferred Stock had accrued compounded dividends of $13.1 million and $10.8 million as of March 31, 2024 and December 31, 2023, respectively. The Series B Preferred Stock will be convertible at the option of the holders into (I) the number of shares of common stock equal to the quotient of (a) the sum of (x) the liquidation preference (reflecting increases for compounded dividends) plus (y) the accrued dividends with respect to each share of Series B Preferred Stock as of the applicable conversion date divided by (b) the conversion price (initially approximately $113.60 per share and approximately $98.68 per share subsequent to the issuance of all warrants prior to the three months ended March 31, 2024) as of the applicable conversion date plus (II) cash in lieu of fractional shares, subject to certain anti‑dilution adjustments. At any time after October 17, 2025, if the closing price per share of common stock on the NYSE was greater than 287% of the then effective Conversion Price for (x) each of at least twenty (20) trading days in any period of thirty (30) consecutive trading days and (y) the last trading day immediately before the Company provides the holders with notice of its election to convert all of the Series B Preferred Stock into the relevant number of shares of common stock, the Company may elect to convert all of the Series B Preferred Stock into the relevant number of shares of common stock. Under the Certificate of Designations, holders of the Series B Preferred Stock are entitled to vote with the holders of the common stock on an as‑converted basis, solely with respect to (i) a change of control transaction (to the extent such change of control transaction is submitted to a vote of the holders of the common stock) or (ii) the issuance of capital stock by the Company in connection with an acquisition by the Company (to the extent such issuance is submitted to a vote of the holders of the common stock), subject to certain restrictions. Holders of the Series B Preferred Stock are entitled to a separate class vote with respect to, among other things, amendments to the Company’s organizational documents that have an adverse effect on the Series B Preferred Stock, authorizations or issuances by the Company of securities that are senior to the Series B Preferred Stock, increases or decreases in the number of authorized shares of Preferred Stock, and issuances of shares of the Series B Preferred Stock after October 17, 2022. At any time following October 17, 2027, the Company may redeem all of the Series B Preferred Stock for a per share amount in cash equal to: (i) the sum of (A) the liquidation preference (reflecting increases for compounded dividends) thereof plus (B) all accrued dividends as of the applicable redemption date, multiplied by (ii) (A) 105% if the redemption occurs at any time prior to October 17, 2029 and (B) 100% if the redemption occurs at any time on or after October 17, 2029. Upon certain change of control events involving the Company, the holders of the Series B Preferred Stock may, at such holder’s election, convert their shares of Series B Preferred Stock into common stock at the then‑current conversion price or require the Company to purchase all or a portion of such holder’s shares of Preferred Stock that have not been so converted at a purchase price per share of Preferred Stock, payable in cash, equal to the greater of (I) (A) if the change of control effective date occurs at any time prior to October 17, 2029, the product of 105% multiplied by the sum of (x) the liquidation preference of such share of Series B Preferred Stock (reflecting increases for compounded dividends) plus (y) the accrued dividends in respect of such share of Series B Preferred Stock as of the change of control purchase date and (B) if the change of control effective date occurs on or after October 17, 2029, the sum of (x) the liquidation preference (reflecting increases for compounded dividends) of such share of Series B Preferred Stock plus (y) the accrued dividends in respect of such share of Series B Preferred Stock as of the change of control purchase date and (II) the consideration that would have been payable in connection with such change of control if such share of Series B Preferred Stock had been converted into common stock immediately prior to the change of control.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31 (in thousands, except for per share amounts) : Three Months Ended 2024 2023 Loss from continuing operations, net noncontrolling interests and accrued preferred stock dividends $ (18,653) $ (71,362) Loss from discontinued operations (9,865) (115,543) Net loss attributable to NeueHealth, Inc. common shareholders $ (28,518) $ (186,905) Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted 8,079 7,894 Basic and diluted loss per share attributable to NeueHealth, Inc. common shareholders Continuing operations $ (2.31) $ (9.04) Discontinued operations $ (1.22) $ (14.64) Net loss per share attributable to common stockholders, basic and diluted $ (3.53) $ (23.68) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect for the three months ended March 31 (in thousa nd s) : Three Months Ended 2024 2023 Redeemable convertible preferred stock (as converted to common stock) 4,867 4,031 Issued and outstanding common stock warrants 1,834 — Stock options to purchase common stock 614 771 Restricted stock units 575 999 Total 7,890 5,801

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal proceedings: In the normal course of business, we could be involved in various legal proceedings such as, but not limited to, the following: lawsuits alleging negligence in care or general liability, violation of regulatory bodies’ rules and regulations, or violation of federal and/or state laws. On January 6, 2022, a putative securities class action lawsuit was filed against us and certain of our officers and directors in the Eastern District of New York. The case is captioned Marquez v. Bright Health Group, Inc. et al., 1:22-cv-00101 (E.D.N.Y.). The lawsuit alleges, among other things, that we made materially false and misleading statements regarding our business, operations, and compliance policies, which in turn adversely affected our stock price. An amended complaint was filed on June 24, 2022, which expands on the allegations in the original complaint and alleges a putative class period of June 24, 2021 through March 1, 2022. The amended complaint also adds as defendants the underwriters of our initial public offering. The Company has served a motion to dismiss the amended complaint, which has not yet been ruled on by the court. We are vigorously defending the Company in the above actions, but there can be no assurance that we will be successful in any defense. Based on our assessment of the facts underlying the claims and the degree to which we intend to defend the Company in these matters, the amount or range of reasonably possible losses, if any, cannot be estimated. We have not accrued for any potential loss as of March 31, 2024 and December 31, 2023 for these actions. Other commitments: As of March 31, 2024 , we had letters of credit unrelated to the 2021 Credit Agreement of $7.6 million, as well as surety bonds of $19.7 million. On our Condensed Consolidated Balance Sheets, $50.0 million of the cash and cash equivalents is restricted as collateral to our undrawn letters of credit and surety bonds.

SEGMENTS AND GEOGRAPHIC INFORMA

SEGMENTS AND GEOGRAPHIC INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS AND GEOGRAPHIC INFORMATION	SEGMENTS AND GEOGRAPHIC INFORMATION Factors used to determine our reportable segments include the nature of operating activities, economic characteristics, existence of separate senior management teams and the type of information used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate its results of operations. We have identified two operating segments within our continuing operations based on our primary product and service offerings: NeueCare and NeueSolutions. The NeueCare and NeueSolutions segments were new starting in the second quarter of 2023 and were formerly reported together within the aggregated Consumer Care segment. The updates to our reportable segments conform with the Company’s CODM’s view of our ongoing operations. NeueCare and NeueSolutions, which make up o ur value-driven Consumer Care business that manages risk in partnership with external payors, aim to significantly reduce the friction and current lack of coordination between payors by delivering on our Fully Aligned Care Model with multiple payors. The following is a description of the types of products and services from which the two reportable segments of our continuing operations derive their revenues: NeueCare: Provides care services in our clinics with wrap around care management and care coordination activities for those members where we take full or partial risk. As of March 31, 2024, NeueCare provides virtual and in-person clinical care through its 73 owned primary care clinics within an integrated care delivery system. Through these risk-bearing clinics and our affiliated network of care providers, our NeueCare segment serves approximately 360,000 consumers. NeueCare customers include external payors, third party administrators, affiliated providers and direct-to-government programs. NeueSolutions: Our provider enablement business that facilitates care coordination activities through the use of population health tools including technology, data analytics, care and utilization management, and clinical solutions and care teams to support patients. As of March 31, 2024, NeueSolutions has approximately 45,000 members attributed to its REACH ACO’s and 109,000 enablement services lives representing members attributed to NeueHealth by provider partner groups that are outside of the NeueHealth owned network. The Company’s accounting policies for reportable segment operations are consistent with those described in Note 2, Summary of Significant Accounting Policies, in our 2023 Form 10-K. We utilize operating income (loss) before income taxes as the profitability metric for our reportable segments. The following tables present the reportable segment financial information for the three months ended March 31, 2024 and 2023 (in thousands) : Three Months Ended March 31, 2024 NeueCare NeueSolutions Corporate & Eliminations Consolidated Capitated revenue $ 61,466 $ — $ — $ 61,466 ACO REACH revenue — 171,811 — 171,811 Service revenue 9,530 2,085 — 11,615 Investment income — — 203 203 Total unaffiliated revenue 70,996 173,896 203 245,095 Affiliated revenue 2,627 — (2,627) — Total segment revenue 73,623 173,896 (2,424) 245,095 Operating income (loss) 9,812 (2,932) (29,982) (23,102) Depreciation and amortization 3,786 — 776 4,562 Bad debt expense — (3) — (3) Restructuring charges — — (58) (58) Three Months Ended March 31, 2023 Care Delivery Care Solutions Corporate & Eliminations Consolidated Capitated revenue $ 49,548 $ — $ — $ 49,548 ACO REACH revenue — 239,807 — 239,807 Service revenue 10,936 251 — 11,187 Investment income (loss) — — 8 8 Total unaffiliated revenue 60,484 240,058 8 300,550 Affiliated revenue 2,195 — (2,195) — Total segment revenue 62,679 240,058 (2,187) 300,550 Operating income (loss) 6,636 (1,509) (49,999) (44,872) Depreciation and amortization 3,132 — 2,351 5,483 Restructuring charges — — 301 301 For all periods presented, all of our long-lived assets were located in the United States, and all revenues were earned in the United States. We do not include asset information by reportable segment in the reporting provided to the CODM.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax was an expense of $0.7 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. The impact from income taxes varies from the federal statutory rate of 21.0% due to state income taxes, changes in the valuation allowance for deferred tax assets and adjustments for permanent differences. For the three months ended March 31, 2024, the expense largely relates to estimated state income taxes attributable to income earned in separate filing states without state net operating loss carryforwards. For the three months ended March 31, 2023, the expense largely relates to amortization of originating goodwill from asset acquisitions and estimated state income taxes attributable to income earned in separate filing states without state net operating loss carryforwards.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTEREST	REDEEMABLE NONCONTROLLING INTEREST Redeemable noncontrolling interests in our subsidiaries whose redemption is outside of our control are classified as temporary equity. The following t able provides details of our redeemable noncontrolling interest activity for the three months ended March 31, 2024 and 2023 (in thousands) : 2024 2023 Balance at January 1 $ 88,908 $ 219,758 Earnings attributable to noncontrolling interest 4,227 1,421 Distribution to noncontrolling interest holders (1,884) (1,805) Measurement adjustment 7,510 4,129 Balance at March 31 $ 98,761 $ 223,503

ACO REACH

ACO REACH	3 Months Ended
	Mar. 31, 2024
Direct Contracting [Abstract]
ACO REACH	ACO REACH We participate in the CMS ACO REACH Model with three REACH ACOs participating through the global risk arrangement and assuming full risk for the total cost of care of aligned beneficiaries. As part of our participation in the ACO REACH Model, we are guaranteeing the performance of our care network of participating and preferred providers. The intention of the ACO REACH Model is to enhance the quality of care for Medicare FFS beneficiaries while reducing the administrative burden, supporting a focus on complex, chronically ill patients, and encouraging physician organizations that have not typically participated in Medicare FFS programs to serve Medicare FFS beneficiaries. Key components of the financial agreement for the ACO REACH Model include: • Performance Year Benchmark: The target amount for Medicare expenditures on covered services (Medicare Part A and B) furnished to a REACH ACO’s aligned beneficiaries during a performance year. The Performance Year Benchmark will be compared to the REACH ACO’s performance year expenditures. This comparison will be used to calculate shared savings and shared losses. The Performance Year Benchmark is established at the beginning of the performance year utilizing prospective trend estimates and is subject to retrospective trend adjustments, if warranted, before the Financial Reconciliation. • Risk-Sharing Arrangements: Used in determining the percent of savings and losses that REACH ACOs are eligible to receive as shared savings or may be required to repay as shared losses. • Financial Reconciliation: The process by which CMS determines shared savings or shared losses by comparing the calculated total benchmark expenditures for a given REACH ACO’s aligned population to the actual expenditures of that REACH ACO’s aligned beneficiaries over the course of a performance year that includes various risk-mitigation options such as stop-loss reinsurance and risk corridors. • Risk-Mitigation Options: Two of our REACH ACOs elected to participate in a “stop-loss arrangement” for the current and prior performance year offered by CMS, while one REACH ACO has elected third-party coverage. The “stop-loss arrangement” and third-party coverage are designed to reduce the financial uncertainty associated with high-cost expenditures of individual beneficiaries. Additionally, CMS has created a mandatory risk corridor program that allocates the REACH ACO’s shared savings and losses in bands of percentage thresholds, after a deviation of greater than 25.0% of the Performance Year Benchmark. Performance Guarantees Through our participation in the ACO REACH Model, we determined that our arrangements with the providers of our REACH ACO beneficiaries require us to guarantee their performance to CMS. At the beginning of the performance year, we recognized the ACO REACH estimated performance year obligation and receivable for the duration of the performance year. This receivable and obligation are measured at an amount equivalent to the estimated Performance Year Benchmark per CMS that is representative of the expected Medicare expenditures for beneficiaries aligned to our REACH ACOs. As we fulfill our obligation, we amortize the guarantee on a straight-line basis for the amount that represents the completed portion of the performance obligation. The receivable is reduced as we receive payments from CMS for in-network claims or receive CMS reporting detailing out-of-network claims paid by CMS on behalf of our aligned beneficiaries. At the end of each reporting period, we estimate both in-network claims and out-of-network claims incurred by beneficiaries aligned to our REACH ACOs but not yet reported and record a reserve for the estimated amount which is included in medical costs payable on the Condensed Consolidated Balance Sheets. For each performance year, the final consideration due to the REACH ACOs by CMS (shared savings) or the consideration due to CMS by the REACH ACOs (shared loss) is reconciled in the year following the performance year. On a periodic basis CMS adjusts the estimated Performance Year Benchmark based upon revised trend assumptions and changes in attributed membership. CMS will also estimate the shared savings or loss for the REACH ACO on a quarterly basis based upon the estimated Performance Year Benchmark, changes to membership, payments made to the REACH ACO for in-network claims, out-of-network claims paid on behalf of the REACH ACO and various other assumptions including incurred but not reported reserves. The estimated Performance Year Benchmark is our best estimate of our obligation as we are unable to estimate the potential shared savings or loss due to the “stop-loss arrangement”, risk corridor components of the agreement, and a number of variables including but not limited to risk ratings and benchmark trends that could have an inestimable impact on estimated future payments. The tables below include the financial statement impacts of the performance guarantee at March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023 ( in thousands ): March 31, 2024 December 31, 2023 ACO REACH performance year receivable (1) $ 646,627 $ 115,878 ACO REACH performance year obligation 529,657 — (1) As of March 31, 2024, we estimate there to be in-network and out-of-network claims incurred by beneficiaries aligned to our REACH ACOs but not reported of $110.9 million related to performance year 2024 and $4.3 million related to performance year 2023; this is included in medical costs payable on the Condensed Consolidated Balance Sheets. Three Months Ended March 31, 2024 2023 Amortization of ACO REACH performance year receivable (1) $ 175,460 $ 175,523 Amortization of ACO REACH performance year obligation 176,552 239,807 ACO REACH revenue (2) 171,811 239,807 (1) The amortization of the ACO REACH performance year receivable includes $111.3 million and $84.3 million related to the amortization of the prior year receivable for the three months ended March 31, 2024 and 2023, respectively. (2) ACO REACH revenue is inclusive of $4.7 million relating to the 2023 performance year. For the three months ended March 31, 2024 and 2023, respectively, there is $0.3 million and $0.3 million reported within ACO REACH revenue on the Condensed Consolidated Statements of Income (Loss), that is related to our NeueCare clinics that are participating providers within our REACH ACOs. This revenue is presented gross in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts With Customers (“ASC 606”) .

DECONSOLIDATION OF BRIGHT HEALT

DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS	DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS On November 29, 2023, BHIC-Texas (the “Deconsolidated Entity”) was placed into liquidation and the Texas Department of Insurance was appointed as receiver. The Deconsolidated Entity’s financial results are included in the Company’s consolidated results through November 28, 2023, the day prior to the date of the receivership. However, under ASC 810, consolidation of a majority-owned subsidiary is precluded where control of the subsidiary does not rest with the majority owners. Once the Texas Department of Insurance was appointed as receiver of BHIC-Texas we concluded the Company no longer controlled the subsidiary, and we deconsolidated BHIC-Texas as of that date. The deconsolidation of BHIC-Texas resulted in certain related party balances that had previously been eliminated upon consolidation to become liabilities of the Company. In 2022, BHIC-Texas entered into a risk share contract with a different NeueHealth affiliate, whereby losses incurred at BHIC-Texas over a specified medical loss ratio target were transferred from BHIC-Texas to the affiliated entity. On November 29, 2023 the accrued loss of BHIC-Texas related to the risk share contract was $124.0 million. Upon deconsolidation of BHIC-Texas, this liability is required to be recorded as risk share payable to deconsolidated entity on the Consolidated Balance Sheet. The corresponding receivable on BHIC-Texas was included in our carrying value evaluation described below. The table below presents the balance sheet of BHIC-Texas on November 29, 2023, the date the Deconsolidated Entity was placed into receivership. Cash and cash equivalents $ 60,560 Prepaids and other current assets 1,522 Risk Share Receivable 123,981 Total Assets $ 186,063 Accounts payable 135 Medical costs payable 3,283 Other current liabilities 1,523 Risk adjustment payable 89,638 Total Liabilities $ 94,579 Additional paid in capital 204,753 Accumulated deficit (113,269) Total Equity $ 91,484 Total Liabilities and Equity $ 186,063 Under ASC 810, Consolidatio n , this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. Upon deconsolidation, the Company valued its investment in BHIC-Texas to be $91.5 million , which is equivalent to the Deconsolidated Entity's carrying value. Upon valuing the investment in BHIC-Texas we assessed the current expected credit loss associated with the underlying receivables; as a result of our analysis we recorded a full valuation allowance on the investment due to uncertainties related to the collection of the risk share receivable. In April 2023, we announced that we were exploring strategic alternatives for our California Medicare Advantage business, the Bright HealthCare reporting segment, with the focus on a potential sale. At that time, we met the criteria for “held for sale,” in accordance with ASC 205-20. This represents a strategic shift that will have a material impact on our business and financial results. As such, we have reflected amounts relating to Bright HealthCare as a disposal group as part of discontinued operations. On June 30, 2023, the Company entered into the Molina Purchase Agreement to sell its California Medicare Advantage business, which consisted of BND and CHP. On December 13, 2023, the Company, Molina, Bright Health Company of California, Inc. (“BHCC”), CHP, and BND amended the Molina Purchase Agreement, pursuant to which , the parties agreed to amend the total purchase consideration to $500.0 million subject to certain contingencies and TNE adjustments. The transaction was consummated on January 1, 2024. In October 2022, we announced that we will no longer offer commercial plans through our Bright HealthCare - Commercial segment in 2023. As a result, we exited the Commercial marketplace effective December 31, 2022. We determined this exit represented a strategic shift that will have a material impact on our business and financial results that requires presentation as discontinued operations. While we are no longer offering plans in the Commercial marketplace as of December 31, 2022, we will continue to have involvement in the states where we formerly operated in, as we support run out activities of medical claims incurred in the 2022 plan year and perform other activities necessary to wind down our operations in each state. We are substantially complete with medical claim payments as of the end of 2023, and we will continue to make remaining medical claim payments and payments towards the remaining risk adjustment obligations through 2024 and early 2025. Our discontinued operations are also inclusive of our DocSquad business that was sold in March 2023; this is presented within the column labeled Other in the tables below. The discontinued operations presentation has been retrospectively applied to all prior periods presented. The financial results of discontinued operations by major line item for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 Bright HealthCare - Commercial Revenue: Premium revenue $ (215) Investment income 1,568 Total revenue from discontinued operations 1,353 Operating expenses: Medical costs (3,759) Operating costs 6,585 Restructuring charges (379) Total operating expenses from discontinued operations 2,447 Operating loss from discontinued operations (1,094) Interest expense 8,765 Loss from discontinued operations before income taxes (9,859) Income tax expense (benefit) 6 Net loss from discontinued operations $ (9,865) Three Months Ended March 31, 2023 Bright HealthCare - Commercial Bright HealthCare Other Total Revenue: Premium revenue $ 766 453,317 $ — $ 454,083 Service revenue 30 — 2,383 2,413 Investment income 20,891 38 — 20,929 Total revenue from discontinued operations 21,687 453,355 2,383 477,425 Operating expenses: Medical costs 46,014 428,725 — 474,739 Operating costs 47,478 56,339 2,049 105,866 Restructuring charges 7,956 — — 7,956 Depreciation and amortization — 4,407 — 4,407 Total operating expenses from discontinued operations 101,448 489,471 2,049 592,968 Operating loss from discontinued operations (79,761) (36,116) 334 (115,543) Interest expense — — — — Loss from discontinued operations before income taxes (79,761) (36,116) 334 (115,543) Income tax expense (benefit) — — — — Net loss from discontinued operations $ (79,761) $ (36,116) $ 334 $ (115,543) The following table presents cash flows from operating and investing activities for discontinued operations for the three months ended March 31, 2024 (in thousands) : Cash used in operating activities - discontinued operations $ (37,958) Cash provided by investing activities - discontinued operations 198,451 Assets and liabilities of discontinued operations were as follows (in thousands) : March 31, 2024 Bright HealthCare - Commercial Assets Current assets: Cash and cash equivalents $ 136,668 Short-term investments 6,995 Accounts receivable, net of allowance 1,427 Prepaids and other current assets 4,262 Current assets of discontinued operations 149,352 Total assets of discontinued operations $ 149,352 Liabilities Current liabilities: Medical costs payable $ 15,781 Accounts payable 19,616 Risk adjustment payable 279,922 Other current liabilities 29,729 Current liabilities of discontinued operations 345,048 Total liabilities of discontinued operations $ 345,048 December 31, 2023 Bright HealthCare - Commercial Bright HealthCare Total Assets Current assets: Cash and cash equivalents $ 159,769 $ 128,212 $ 287,981 Short-term investments 9,163 20,218 29,381 Accounts receivable, net of allowance 1,430 51,929 53,359 Prepaids and other current assets 7,838 114,532 122,370 Property, equipment and capitalized software, net — 17,954 17,954 Intangible assets, net — 138,982 138,982 Goodwill — 172,543 172,543 Current assets of discontinued operations 178,200 644,370 822,570 Total assets of discontinued operations $ 178,200 $ 644,370 $ 822,570 Liabilities Current liabilities: Medical costs payable $ 31,881 $ 272,138 $ 304,019 Accounts payable 25,648 7,719 33,367 Risk adjustment payable 291,146 — 291,146 Other current liabilities 28,045 43,181 71,226 Current liabilities of discontinued operations 376,720 323,038 699,758 Total liabilities of discontinued operations $ 376,720 $ 323,038 $ 699,758 California Medicare Advantage Sale: On June 30, 2023, the Company entered into a definitive agreement with Molina to sell its California Medicare Advantage business, which consisted of BND and CHP, for total purchase consideration of $600.0 million, subject to regulatory approval and other closing conditions. Subsequently, o n December 13, 2023 we announced that we entered an amendment (the “Amendment”) with Molina which reduced the purchase price of our California Medicare Advantage business from $600.0 million to $500.0 million. The $500.0 million purchase price includes $167.3 million of purchase price adjustments subject to contingencies and TNE adjustments (in thousands) : Consolidation and Adjustment Escrow Amount (1) $ 100,000 TNE deficit at closing (2) 57,326 Indemnity Escrow Amount (3) 10,000 Total consideration subject to contingencies $ 167,326 (1) Contingent upon either (i) Molina obtaining regulatory approval of the consolidation of BND into CHP or (ii) receipt by BND of a Part D Summary Rating for its Part D operations for contract year 2025 of at least 3 Stars from CMS. If this contingency is successful, it is payable in November 2024 net of any TNE deficit deterioration and subject to certain other purchase price adjustments as described further in the Amendment. (2) Amount by which minimum required TNE exceeds estimated TNE as of December 31, 2023. To the extent the TNE deficit improves on a restated basis by the cutoff date of June 30, 2024, Molina will owe the Company for that difference, payable in November 2024. To the extent the TNE deficit worsens on a restated basis by the time of the cutoff date, such difference will be deducted from Consolidation and Adjustment Escrow Amount. If the conditions around the Consolidation and Adjustment Escrow Amount are not satisfied, Molina would retain the Consolidation and Adjustment Escrow Amount in satisfaction of any TNE deficit deterioration. (3) For 18 months post-closing date, the Company will indemnify Molina against and are liable to Molina for any and all losses incurred by Molina resulting from breach or inaccuracy of warranties and representations made, breach or failure to perform any covenant of the Molina Purchase Agreement, among others. As the Indemnity Escrow Amount is subject to these conditions for 18 months post close, the Company will only recognize this amount in the fair value of consideration received at the point those 18 months have passed, on July 1, 2025. The amount recognized will be that equal to the $10.0 million Indemnity Escrow amount less any agreed upon or finally adjudicated losses as of July 1, 2025 As the conditions surrounding collection of total consideration and contingencies are largely outside of the Company’s control, we have not recorded any contingent consideration receivable as of March 31, 2024. At the time of the sale, our investment in the California MA business was calculated as follows (in thousands) : Total assets (1) $ 647,254 Total liabilities (323,038) Investment in California MA Business $ 324,216 (1) Total assets of the California MA business at the time of the sale are inclusive of $2.9 million unsettled intercompany receivable that was eliminated at consolidation. NeueHealth has recorded the corresponding payable within other current liabilities of our continuing operations as of March 31, 2024 . The company recorded no gain or loss associated with the sale of the California Medicare Advantage business (in thousands) : Sale price of California MA Business $ 500,000 Less: Portion of sale price subject to contingencies (167,326) Less: Investment in California MA Business (324,216) Less: Transactions costs contingent on closing of sale (8,458) Gain or loss on sale of California MA Business $ — Upon the close of the sale, we ceased having a controlling financial interest over BND and CHP and have not retained any investments in the former subsidiaries. Molina is not a related party and subsequent to the close of the sale BND and CHP are no longer considered related parties to the Company. In connection with the sale, Molina and the Company are each providing customary transition services during 2024. Revenue Recognition: We record adjustments for changes to the risk adjustment balances for individual policies in premium revenue. The risk adjustment program adjusts premiums based on the demographic factors and health status of each consumer as derived from current-year medical diagnoses as reported throughout the year. Under the risk adjustment program, a risk score is assigned to each covered consumer to determine an average risk score at the individual and small-group level by legal entity in a particular market in a state. Additionally, an average risk score is determined for the entire subject population for each market in each state. Settlements are determined on a net basis by legal entity and state and are made in the middle of the year following the end of the contract year. Each health insurance issuer’s average risk score is compared to the state’s average risk score. Risk adjustment is subject to audit by the U.S. Department of Health and Human Services (“HHS”), which could result in future payments applicable to benefit years. Restructuring Charges: As a result of the strategic changes, we announced and have taken actions to restructure the Company’s workforce and reduce expenses based on our updated business model. Restructuring charges within our discontinued operations for the three months ended March 31, 2024 and 2023 were as follows (in thousands) : Three Months Ended March 31, 2024 2023 Employee termination benefits $ 129 $ 2,965 Long-lived asset impairments — 100 Contract termination and other costs (508) 4,891 Total discontinued operations restructuring charges $ (379) $ 7,956 Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 was as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 2,867 $ 22,492 $ 25,359 Net charges 129 (508) (379) Cash payments (1,485) (6,495) (7,980) Balance at March 31, 2024 $ 1,511 $ 15,489 $ 17,000 Employee termination benefits are recorded within Other current liabilities of discontinued operations while contract termination costs are recorded within Accounts payable of discontinued operations. Fixed Maturity Securities: Available-for-sale securities within our discontinued operations are reported at fair value as of March 31, 2024 and December 31, 2023. Held-to-maturity securities are reported at amortized cost as of March 31, 2024 and December 31, 2023. The following is a summary of our investment securities (in thousands) : March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 106,536 $ — $ (5) $ 106,531 Held to maturity: U.S. government and agency obligations 6,878 — — 6,878 Corporate obligations 117 — — 117 Total held-to-maturity securities 6,995 — — 6,995 Total investments $ 113,531 $ — $ (5) $ 113,526 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 150,939 $ — $ — $ 150,939 Available for sale: U.S. government and agency obligations 1,557 — (100) 1,457 Corporate obligations 615 — (11) 604 Certificates of deposit 19,653 — — 19,653 Mortgage-backed securities 951 — (63) 888 Total available-for-sale securities 22,776 — (174) 22,602 Held to maturity: U.S. government and agency obligations 6,503 1 (59) 6,445 Certificates of deposit 334 — — 334 Total held-to-maturity securities 6,837 1 (59) 6,779 Total investments $ 180,552 $ 1 $ (233) $ 180,320 We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, we evaluate securities for impairment when the fair value of the investment is less than its amortized cost. We evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. Fair Value Measurements: Certain assets and liabilities are measured at fair value in the condensed consolidated financial statements or have fair values disclosed in the notes to the condensed consolidated financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets or quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument see Note 19 to the audited consolidated financial statements included in our 2023 Form 10-K. As of March 31, 2024, investments and cash equivalents within our discontinued operations were comprised of $111.1 million and $2.4 million with fair value measurements of Level 1 and Level 2, respectively. As of December 31, 2023, the investments and cash equivalents within our discontinued operations were comprised of $157.8 million and $22.6 million with fair value measurements of Level 1 and Level 2, respectively. Medical Costs Payable: The table below details the components making up the medical costs payable within current liabilities of discontinued operations (in thousands) : Bright HealthCare - Commercial March 31, 2024 December 31, 2023 Claims unpaid $ 10,775 $ 14,500 Claims adjustment expense liability 229 2,382 Incurred but not reported (IBNR) 4,777 14,999 Total medical costs payable of discontinued operations $ 15,781 $ 31,881 Risk Adjustment: In September 2023, our insurance subsidiaries in Colorado, Florida, Illinois and Texas entered into repayment agreements with CMS with respect to the unpaid amount of their risk adjustment obligations for an aggregate amount of $380.2 million (the "Repayment Agreements"). The amount owed under the Repayment Agreements is due 18 months from September 15, 2023 (the date the first installment payment was made under the Repayment Agreements) and bears interest at a rate of 11.5% per annum. Our risk adjustment payable liability was $279.9 million and $291.1 million as of March 31, 2024 and December 31, 2023, respectively. Restricted Capital and Surplus: Our regulated insurance legal entities are required by statute to meet and maintain a minimum level of capital as stated in applicable state regulations, such as risk-based capital requirements. These balances are monitored regularly to ensure compliance with these regulations. For the period ended March 31, 2024 , we are out of compliance with the minimum levels for certain of our regulated insurance legal entities.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS On November 29, 2023, BHIC-Texas (the “Deconsolidated Entity”) was placed into liquidation and the Texas Department of Insurance was appointed as receiver. The Deconsolidated Entity’s financial results are included in the Company’s consolidated results through November 28, 2023, the day prior to the date of the receivership. However, under ASC 810, consolidation of a majority-owned subsidiary is precluded where control of the subsidiary does not rest with the majority owners. Once the Texas Department of Insurance was appointed as receiver of BHIC-Texas we concluded the Company no longer controlled the subsidiary, and we deconsolidated BHIC-Texas as of that date. The deconsolidation of BHIC-Texas resulted in certain related party balances that had previously been eliminated upon consolidation to become liabilities of the Company. In 2022, BHIC-Texas entered into a risk share contract with a different NeueHealth affiliate, whereby losses incurred at BHIC-Texas over a specified medical loss ratio target were transferred from BHIC-Texas to the affiliated entity. On November 29, 2023 the accrued loss of BHIC-Texas related to the risk share contract was $124.0 million. Upon deconsolidation of BHIC-Texas, this liability is required to be recorded as risk share payable to deconsolidated entity on the Consolidated Balance Sheet. The corresponding receivable on BHIC-Texas was included in our carrying value evaluation described below. The table below presents the balance sheet of BHIC-Texas on November 29, 2023, the date the Deconsolidated Entity was placed into receivership. Cash and cash equivalents $ 60,560 Prepaids and other current assets 1,522 Risk Share Receivable 123,981 Total Assets $ 186,063 Accounts payable 135 Medical costs payable 3,283 Other current liabilities 1,523 Risk adjustment payable 89,638 Total Liabilities $ 94,579 Additional paid in capital 204,753 Accumulated deficit (113,269) Total Equity $ 91,484 Total Liabilities and Equity $ 186,063 Under ASC 810, Consolidatio n , this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. Upon deconsolidation, the Company valued its investment in BHIC-Texas to be $91.5 million , which is equivalent to the Deconsolidated Entity's carrying value. Upon valuing the investment in BHIC-Texas we assessed the current expected credit loss associated with the underlying receivables; as a result of our analysis we recorded a full valuation allowance on the investment due to uncertainties related to the collection of the risk share receivable. In April 2023, we announced that we were exploring strategic alternatives for our California Medicare Advantage business, the Bright HealthCare reporting segment, with the focus on a potential sale. At that time, we met the criteria for “held for sale,” in accordance with ASC 205-20. This represents a strategic shift that will have a material impact on our business and financial results. As such, we have reflected amounts relating to Bright HealthCare as a disposal group as part of discontinued operations. On June 30, 2023, the Company entered into the Molina Purchase Agreement to sell its California Medicare Advantage business, which consisted of BND and CHP. On December 13, 2023, the Company, Molina, Bright Health Company of California, Inc. (“BHCC”), CHP, and BND amended the Molina Purchase Agreement, pursuant to which , the parties agreed to amend the total purchase consideration to $500.0 million subject to certain contingencies and TNE adjustments. The transaction was consummated on January 1, 2024. In October 2022, we announced that we will no longer offer commercial plans through our Bright HealthCare - Commercial segment in 2023. As a result, we exited the Commercial marketplace effective December 31, 2022. We determined this exit represented a strategic shift that will have a material impact on our business and financial results that requires presentation as discontinued operations. While we are no longer offering plans in the Commercial marketplace as of December 31, 2022, we will continue to have involvement in the states where we formerly operated in, as we support run out activities of medical claims incurred in the 2022 plan year and perform other activities necessary to wind down our operations in each state. We are substantially complete with medical claim payments as of the end of 2023, and we will continue to make remaining medical claim payments and payments towards the remaining risk adjustment obligations through 2024 and early 2025. Our discontinued operations are also inclusive of our DocSquad business that was sold in March 2023; this is presented within the column labeled Other in the tables below. The discontinued operations presentation has been retrospectively applied to all prior periods presented. The financial results of discontinued operations by major line item for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 Bright HealthCare - Commercial Revenue: Premium revenue $ (215) Investment income 1,568 Total revenue from discontinued operations 1,353 Operating expenses: Medical costs (3,759) Operating costs 6,585 Restructuring charges (379) Total operating expenses from discontinued operations 2,447 Operating loss from discontinued operations (1,094) Interest expense 8,765 Loss from discontinued operations before income taxes (9,859) Income tax expense (benefit) 6 Net loss from discontinued operations $ (9,865) Three Months Ended March 31, 2023 Bright HealthCare - Commercial Bright HealthCare Other Total Revenue: Premium revenue $ 766 453,317 $ — $ 454,083 Service revenue 30 — 2,383 2,413 Investment income 20,891 38 — 20,929 Total revenue from discontinued operations 21,687 453,355 2,383 477,425 Operating expenses: Medical costs 46,014 428,725 — 474,739 Operating costs 47,478 56,339 2,049 105,866 Restructuring charges 7,956 — — 7,956 Depreciation and amortization — 4,407 — 4,407 Total operating expenses from discontinued operations 101,448 489,471 2,049 592,968 Operating loss from discontinued operations (79,761) (36,116) 334 (115,543) Interest expense — — — — Loss from discontinued operations before income taxes (79,761) (36,116) 334 (115,543) Income tax expense (benefit) — — — — Net loss from discontinued operations $ (79,761) $ (36,116) $ 334 $ (115,543) The following table presents cash flows from operating and investing activities for discontinued operations for the three months ended March 31, 2024 (in thousands) : Cash used in operating activities - discontinued operations $ (37,958) Cash provided by investing activities - discontinued operations 198,451 Assets and liabilities of discontinued operations were as follows (in thousands) : March 31, 2024 Bright HealthCare - Commercial Assets Current assets: Cash and cash equivalents $ 136,668 Short-term investments 6,995 Accounts receivable, net of allowance 1,427 Prepaids and other current assets 4,262 Current assets of discontinued operations 149,352 Total assets of discontinued operations $ 149,352 Liabilities Current liabilities: Medical costs payable $ 15,781 Accounts payable 19,616 Risk adjustment payable 279,922 Other current liabilities 29,729 Current liabilities of discontinued operations 345,048 Total liabilities of discontinued operations $ 345,048 December 31, 2023 Bright HealthCare - Commercial Bright HealthCare Total Assets Current assets: Cash and cash equivalents $ 159,769 $ 128,212 $ 287,981 Short-term investments 9,163 20,218 29,381 Accounts receivable, net of allowance 1,430 51,929 53,359 Prepaids and other current assets 7,838 114,532 122,370 Property, equipment and capitalized software, net — 17,954 17,954 Intangible assets, net — 138,982 138,982 Goodwill — 172,543 172,543 Current assets of discontinued operations 178,200 644,370 822,570 Total assets of discontinued operations $ 178,200 $ 644,370 $ 822,570 Liabilities Current liabilities: Medical costs payable $ 31,881 $ 272,138 $ 304,019 Accounts payable 25,648 7,719 33,367 Risk adjustment payable 291,146 — 291,146 Other current liabilities 28,045 43,181 71,226 Current liabilities of discontinued operations 376,720 323,038 699,758 Total liabilities of discontinued operations $ 376,720 $ 323,038 $ 699,758 California Medicare Advantage Sale: On June 30, 2023, the Company entered into a definitive agreement with Molina to sell its California Medicare Advantage business, which consisted of BND and CHP, for total purchase consideration of $600.0 million, subject to regulatory approval and other closing conditions. Subsequently, o n December 13, 2023 we announced that we entered an amendment (the “Amendment”) with Molina which reduced the purchase price of our California Medicare Advantage business from $600.0 million to $500.0 million. The $500.0 million purchase price includes $167.3 million of purchase price adjustments subject to contingencies and TNE adjustments (in thousands) : Consolidation and Adjustment Escrow Amount (1) $ 100,000 TNE deficit at closing (2) 57,326 Indemnity Escrow Amount (3) 10,000 Total consideration subject to contingencies $ 167,326 (1) Contingent upon either (i) Molina obtaining regulatory approval of the consolidation of BND into CHP or (ii) receipt by BND of a Part D Summary Rating for its Part D operations for contract year 2025 of at least 3 Stars from CMS. If this contingency is successful, it is payable in November 2024 net of any TNE deficit deterioration and subject to certain other purchase price adjustments as described further in the Amendment. (2) Amount by which minimum required TNE exceeds estimated TNE as of December 31, 2023. To the extent the TNE deficit improves on a restated basis by the cutoff date of June 30, 2024, Molina will owe the Company for that difference, payable in November 2024. To the extent the TNE deficit worsens on a restated basis by the time of the cutoff date, such difference will be deducted from Consolidation and Adjustment Escrow Amount. If the conditions around the Consolidation and Adjustment Escrow Amount are not satisfied, Molina would retain the Consolidation and Adjustment Escrow Amount in satisfaction of any TNE deficit deterioration. (3) For 18 months post-closing date, the Company will indemnify Molina against and are liable to Molina for any and all losses incurred by Molina resulting from breach or inaccuracy of warranties and representations made, breach or failure to perform any covenant of the Molina Purchase Agreement, among others. As the Indemnity Escrow Amount is subject to these conditions for 18 months post close, the Company will only recognize this amount in the fair value of consideration received at the point those 18 months have passed, on July 1, 2025. The amount recognized will be that equal to the $10.0 million Indemnity Escrow amount less any agreed upon or finally adjudicated losses as of July 1, 2025 As the conditions surrounding collection of total consideration and contingencies are largely outside of the Company’s control, we have not recorded any contingent consideration receivable as of March 31, 2024. At the time of the sale, our investment in the California MA business was calculated as follows (in thousands) : Total assets (1) $ 647,254 Total liabilities (323,038) Investment in California MA Business $ 324,216 (1) Total assets of the California MA business at the time of the sale are inclusive of $2.9 million unsettled intercompany receivable that was eliminated at consolidation. NeueHealth has recorded the corresponding payable within other current liabilities of our continuing operations as of March 31, 2024 . The company recorded no gain or loss associated with the sale of the California Medicare Advantage business (in thousands) : Sale price of California MA Business $ 500,000 Less: Portion of sale price subject to contingencies (167,326) Less: Investment in California MA Business (324,216) Less: Transactions costs contingent on closing of sale (8,458) Gain or loss on sale of California MA Business $ — Upon the close of the sale, we ceased having a controlling financial interest over BND and CHP and have not retained any investments in the former subsidiaries. Molina is not a related party and subsequent to the close of the sale BND and CHP are no longer considered related parties to the Company. In connection with the sale, Molina and the Company are each providing customary transition services during 2024. Revenue Recognition: We record adjustments for changes to the risk adjustment balances for individual policies in premium revenue. The risk adjustment program adjusts premiums based on the demographic factors and health status of each consumer as derived from current-year medical diagnoses as reported throughout the year. Under the risk adjustment program, a risk score is assigned to each covered consumer to determine an average risk score at the individual and small-group level by legal entity in a particular market in a state. Additionally, an average risk score is determined for the entire subject population for each market in each state. Settlements are determined on a net basis by legal entity and state and are made in the middle of the year following the end of the contract year. Each health insurance issuer’s average risk score is compared to the state’s average risk score. Risk adjustment is subject to audit by the U.S. Department of Health and Human Services (“HHS”), which could result in future payments applicable to benefit years. Restructuring Charges: As a result of the strategic changes, we announced and have taken actions to restructure the Company’s workforce and reduce expenses based on our updated business model. Restructuring charges within our discontinued operations for the three months ended March 31, 2024 and 2023 were as follows (in thousands) : Three Months Ended March 31, 2024 2023 Employee termination benefits $ 129 $ 2,965 Long-lived asset impairments — 100 Contract termination and other costs (508) 4,891 Total discontinued operations restructuring charges $ (379) $ 7,956 Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 was as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 2,867 $ 22,492 $ 25,359 Net charges 129 (508) (379) Cash payments (1,485) (6,495) (7,980) Balance at March 31, 2024 $ 1,511 $ 15,489 $ 17,000 Employee termination benefits are recorded within Other current liabilities of discontinued operations while contract termination costs are recorded within Accounts payable of discontinued operations. Fixed Maturity Securities: Available-for-sale securities within our discontinued operations are reported at fair value as of March 31, 2024 and December 31, 2023. Held-to-maturity securities are reported at amortized cost as of March 31, 2024 and December 31, 2023. The following is a summary of our investment securities (in thousands) : March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 106,536 $ — $ (5) $ 106,531 Held to maturity: U.S. government and agency obligations 6,878 — — 6,878 Corporate obligations 117 — — 117 Total held-to-maturity securities 6,995 — — 6,995 Total investments $ 113,531 $ — $ (5) $ 113,526 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 150,939 $ — $ — $ 150,939 Available for sale: U.S. government and agency obligations 1,557 — (100) 1,457 Corporate obligations 615 — (11) 604 Certificates of deposit 19,653 — — 19,653 Mortgage-backed securities 951 — (63) 888 Total available-for-sale securities 22,776 — (174) 22,602 Held to maturity: U.S. government and agency obligations 6,503 1 (59) 6,445 Certificates of deposit 334 — — 334 Total held-to-maturity securities 6,837 1 (59) 6,779 Total investments $ 180,552 $ 1 $ (233) $ 180,320 We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, we evaluate securities for impairment when the fair value of the investment is less than its amortized cost. We evaluated the underlying credit quality and credit ratings of the issuers, noting no significant deterioration since purchase. Fair Value Measurements: Certain assets and liabilities are measured at fair value in the condensed consolidated financial statements or have fair values disclosed in the notes to the condensed consolidated financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets or quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument see Note 19 to the audited consolidated financial statements included in our 2023 Form 10-K. As of March 31, 2024, investments and cash equivalents within our discontinued operations were comprised of $111.1 million and $2.4 million with fair value measurements of Level 1 and Level 2, respectively. As of December 31, 2023, the investments and cash equivalents within our discontinued operations were comprised of $157.8 million and $22.6 million with fair value measurements of Level 1 and Level 2, respectively. Medical Costs Payable: The table below details the components making up the medical costs payable within current liabilities of discontinued operations (in thousands) : Bright HealthCare - Commercial March 31, 2024 December 31, 2023 Claims unpaid $ 10,775 $ 14,500 Claims adjustment expense liability 229 2,382 Incurred but not reported (IBNR) 4,777 14,999 Total medical costs payable of discontinued operations $ 15,781 $ 31,881 Risk Adjustment: In September 2023, our insurance subsidiaries in Colorado, Florida, Illinois and Texas entered into repayment agreements with CMS with respect to the unpaid amount of their risk adjustment obligations for an aggregate amount of $380.2 million (the "Repayment Agreements"). The amount owed under the Repayment Agreements is due 18 months from September 15, 2023 (the date the first installment payment was made under the Repayment Agreements) and bears interest at a rate of 11.5% per annum. Our risk adjustment payable liability was $279.9 million and $291.1 million as of March 31, 2024 and December 31, 2023, respectively. Restricted Capital and Surplus: Our regulated insurance legal entities are required by statute to meet and maintain a minimum level of capital as stated in applicable state regulations, such as risk-based capital requirements. These balances are monitored regularly to ensure compliance with these regulations. For the period ended March 31, 2024 , we are out of compliance with the minimum levels for certain of our regulated insurance legal entities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 8, 2024, the Company and the NEA Lenders entered into Incremental Amendment No. 2 to the 2023 Credit Agreement, dated as of August 4, 2023, between the Company and NEA 18 to provide for a term loan commitment increase in an aggregate principal amount of up to $30.0 million by the NEA Lenders under the 2023 Credit Agreement. Loans under Incremental Amendment No. 2 have the same terms as loans under the original term loan commitments provided by NEA 18. In connection with Incremental Amendment No. 2, on April 8, 2024, the Company and the NEA Lenders entered into a warrantholders agreement setting forth the rights and obligations of the Company and the NEA Lenders as holders of Warrants, and providing for the issuance of the Warrants to purchase up to 1,113,563 shares of Common Stock. See Note 5, Borrowings and Common Stock Warrants , for additional information regarding the 2023 Credit Agreement, Incremental Amendment No.2 and the Warrantholders Agreement. Subsequent to March 31, 2024, we borrowed an additional $20.0 million under the 2023 Credit Agreement and issued a total of 742,375 warrants. On May 2, 2024, our stockholders approved an amendment to our 2021 Incentive Plan to authorize an additional 2,275,000 shares of our common stock to be issued under the 2021 Incentive Plan. After such approval, we granted 2.4 million RSUs; 1.6 million will vest three years from the start of the vesting period that began on October 11, 2023 and 0.9 million will vest ratably over a three-year period that began on March 11, 2024. We have evaluated the events and transactions that have occurred through the date at which the condensed consolidated financial statements were issued. Except as stated above, no additional events or transactions have occurred that may require adjustment to the condensed consolidated financial statements or disclosure.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements include the accounts of NeueHealth, Inc. and all subsidiaries and controlled companies. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our audited consolidated financial statements, unless the information contained in those disclosures materially changed or is required by GAAP. As such, the condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for fair presentation of the interim financial statements.
Sale of California Medicare Advantage Business	Sale of California Medicare Advantage Business: On June 30, 2023, the Company entered into a definitive agreement with Molina to sell its California Medicare Advantage business to Molina Healthcare, Inc. (“Molina”) , which consisted of Universal Care, Inc. d/b/a Brand New Day, a California corporation (“BND”) and Central Health Plan of California, Inc., a California corporation (“CHP”) (the “Molina Purchase Agreement”) . Effective as of January 1, 2024, the Molina Purchase Agreement transaction was consummated for an aggregate purchase price of $500.0 million subject to certain contingencies and Tangible Net Equity (“TNE”) adjustments . Upon completion of the sale, the Bright HealthCare reporting unit of our discontinued operations was no longer included in our operations. Refer to Note 15 Discontinued Operations for discussion of the transaction.
Use of Estimates	Use of Estimates: The preparation of our condensed consolidated financial statements in conformance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Our most significant estimates include medical costs payable, provider risk share arrangements, third-party payor risk share arrangements, and valuation and impairment of intangible assets. Actual results could differ from these estimate
Going Concern	Going Concern: The condensed consolidated financial statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a history of operating losses, and we generated a net loss of $4.2 million for the quarter ended March 31, 2024 , and a net loss of $1.3 billion for the year ended December 31, 2023. Additionally, the Company experienced negative operating cash flows primarily related to our discontinued Bright HealthCare – Commercial segment for the quarter ended March 31, 2024 and in the preceding year ended December 31, 2023. Certain of the Company’s insurance subsidiaries have material obligations remaining related to the commercial insurance risk adjustment program. The subsidiaries entered into repayment agreements with the Centers for Medicare & Medicaid Services’ (“CMS”) with respect to the unpaid obligations in September 2023. The amount owed under the repayment agreements is due March 15, 2025 and bears interest at a rate of 11.5% per annum. In the first quarter of 2024, the Company paid down $11.2 million of risk adjustment principal, leaving $279.9 million as the remaining risk adjustment liability as of March 31, 2024 . We consummated the sale of our California Medicare Advantage business in January 2024, resulting in net proceeds of $31.6 million after debt and interest repayment of $274.6 million , cash collateralization of existing letters of credit of $24.1 million , contingent consideration of $110.0 million , estimated net equity adjustment of $57.3 million , and other transaction related fees. Further, as described in Note 5, Borrowings and Common Stock Warrants , in April 2024 the Company entered into an amendment to our existing 2023 Credit Agreement, which allows the Company to borrow an additional $30.0 million under the agreement. As of the date of this Quarterly Report on Form 10-Q’s filing, an additional $20.0 million has been borrowed under this amendment, with $10.0 million left available to be borrowed. Cash and investment balances held at regulated insurance entities are subject to regulatory restrictions and can only be accessed through dividends declared to the non-regulated parent company or through reimbursements from administrative services agreements with the parent company. The regulated legal entities are required to hold certain minimum levels of risk-based capital and surplus to meet regulatory requirements. As noted further in Note 15, Discontinued Operations , we are out of compliance with the minimum levels for certain of our regulated insurance legal entities. In certain of our other regulated insurance legal entities, we hold surplus levels of risk-based capital, and as we complete the wind-down exercise related to these entities over the next two years, we expect to recapture through dividends and final liquidation actions the remaining cash positions of these entities. In February and March of 2024, we obtained approval in three states to execute a total of $28.2 million of dividends, of which $13.2 million was paid to the parent in March 2024 and $15.0 million was paid to the parent in April 2024 and immediately contributed to its insurance subsidiaries in deficit positions. We believe that the existing cash, investments, and available liquidity will not be sufficient to satisfy our anticipated cash requirements for the next twelve months following the date the condensed consolidated financial statements contained in this Form 10-Q are issued, for items such as IFP risk adjustment payables, medical cost payables, any remaining obligation to the deconsolidated entity, and other liabilities. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. In response to these conditions, management continues to implement a restructuring plan to reduce capital needs and our operating expenses in the future to drive positive operating cash flow and increase liquidity. Additionally, the Company is actively engaged with the Board of Directors and outside advisors to evaluate additional financing. In addition, the Company may not fully collect the contingent consideration associated with the sale of the California Medicare Advantage business or be able to obtain additional liquidity on acceptable terms, as both of these matters will be subject to market conditions that are not fully within the Company’s control. The Company will be unable to satisfy its obligations unless it obtains additional liquidity or takes other management actions. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements: There are no accounting pronouncements that were recently issued and not yet adopted or adopted since our audited consolidated financial statements were issued that had, or are expected to have, a material impact on our consolidated financial position, results of operations, or cash flows.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Operating Costs by Functional Classification	Operating Costs: Our operating costs, by functional classification for the three months ended March 31, 2024 and 2023, are as follows (in thousands) : Three Months Ended March 31, 2024 2023 Compensation and fringe benefits $ 48,136 $ 58,624 Professional fees 6,500 5,848 Technology expenses 3,517 6,153 General and administrative expenses 7,700 7,457 Other operating expenses 969 1,436 Total operating costs $ 66,822 $ 79,518

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	Restructuring charges by reportable segment and corporate for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (58) $ (58) Long-lived asset impairments — — — — Contract termination and other costs — — — — Total continuing operations $ — $ — $ (58) $ (58) Three Months Ended March 31, 2023 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (766) $ (766) Long-lived asset impairments — — 880 880 Contract termination and other costs — — 187 187 Total continuing operations $ — $ — $ 301 $ 301 Restructuring charges within our discontinued operations for the three months ended March 31, 2024 and 2023 were as follows (in thousands) : Three Months Ended March 31, 2024 2023 Employee termination benefits $ 129 $ 2,965 Long-lived asset impairments — 100 Contract termination and other costs (508) 4,891 Total discontinued operations restructuring charges $ (379) $ 7,956
Schedule of Restructuring Accrual	Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 were as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 8,389 $ — $ 8,389 Net charges (58) — (58) Cash payments (2,400) — (2,400) Balance at March 31, 2024 $ 5,931 $ — $ 5,931 Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 was as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 2,867 $ 22,492 $ 25,359 Net charges 129 (508) (379) Cash payments (1,485) (6,495) (7,980) Balance at March 31, 2024 $ 1,511 $ 15,489 $ 17,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying value and accumulated amortization for definite-lived intangible assets were as follows (in thousand s) : March 31, 2024 December 31, 2023 Gross Carrying Accumulated Amortization Gross Carrying Accumulated Amortization Customer relationships $ 80,021 $ 28,231 $ 80,021 $ 26,144 Trade names 48,361 9,806 48,361 9,000 Total $ 128,382 $ 38,037 $ 128,382 $ 35,144
Schedule of Estimated Amortization Expense Relating to Intangible Assets	Estimated amortization expense relating to intangible assets for the remainder of 2024 and for each of the next five full years ending December 31 is as follows (in thousand s) : 2024 (April-December) $ 8,681 2025 $ 11,574 2026 $ 11,574 2027 $ 11,574 2028 $ 10,295 2029 $ 10,295

MEDICAL COSTS PAYABLE (Tables)

MEDICAL COSTS PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Schedule of Medical Costs Payable	The following table shows the components of the change in medical costs payable for the three months ended March 31, 2024 and 2023 (in thousand s) : March 31, 2024 2023 Medical costs payable - January 1 $ 157,903 $ 116,021 Incurred related to: Current year 201,420 254,782 Prior year (4,546) 2,806 Total incurred 196,874 257,588 Paid related to: Current year 87,372 90,768 Prior year 109,804 95,660 Total paid 197,176 186,428 Medical costs payable - March 31 $ 157,601 $ 187,181 The table below details the components making up the medical costs payable as of March 31, 2024 and December 31, 2023 (in thou sand s) : March 31, 2024 December 31, 2023 Provider incentive payable 42,366 2,367 Incurred but not reported (IBNR) 115,235 155,536 Total medical costs payable $ 157,601 $ 157,903 table below details the components making up the medical costs payable within current liabilities of discontinued operations (in thousands) : Bright HealthCare - Commercial March 31, 2024 December 31, 2023 Claims unpaid $ 10,775 $ 14,500 Claims adjustment expense liability 229 2,382 Incurred but not reported (IBNR) 4,777 14,999 Total medical costs payable of discontinued operations $ 15,781 $ 31,881

BORROWINGS AND COMMON STOCK W_2

BORROWINGS AND COMMON STOCK WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Common Stock Warrants	We account for our common stock warrants at the time of inception as derivatives, utilizing ASC 815 Derivatives and Hedging , by recording a liability equal to the warrants’ fair market value that is marked to market at the end of each period. Per the terms of the Warrantholders Agreements, the market value is calculated as the ending stock price less the $0.01 exercise price. As we draw on the available funds, warrants are issued; warrants will remain classified as a liability and be fair valued each period until they are exercised by the warrantholder. Upon exercise, we relieve the associated liability into additional paid in capital at the fair value of the warrants on the date of exercise, classifying the exercised warrants as equity. Fair Value Balance at January 1, 2024 $ 13,971 Newly executed Warrantholders Agreement — Change in fair value of outstanding warrants (2,072) Balance at March 31, 2024 $ 11,899

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Option, Activity	The activity for stock options for the three months ended March 31, 2024 is as follows (in thousand s, except exercise price, weighted average contractual life, and aggregate intrinsic value) : Shares Weighted Average Weighted Average Aggregate Outstanding at January 1, 2024 633 $ 138.33 5.2 $ 213 Granted — — Exercised — — Forfeited (3) 175.02 Expired (16) 213.84 Outstanding at March 31, 2024 614 $ 136.12 4.3 $ 171
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity	The followin g table summarizes RSU award activity for the three months ended March 31, 2024 (in thousands, except weighted average grant date fair value) : Number of RSUs Weighted Average Grant Date Fair Value Unvested RSUs at January 1, 2024 776 $ 53.32 Granted — — Vested (171) 49.00 Forfeited (30) 46.91 Unvested RSUs at March 31, 2024 575 $ 54.94
Schedule of Share-based Payment Arrangement, Performance Shares, Activity	The following table summarizes PSU award activity for the three months ended March 31, 2024 (in thousands, except weighted average grant date fair value) : Number of PSUs Weighted Average Grant Date Fair Value Unvested PSUs at January 1, 2024 131 $ 744.00 Granted — — Forfeited (13) 744.02 Unvested PSUs at March 31, 2024 118 $ 744.01

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31 (in thousands, except for per share amounts) : Three Months Ended 2024 2023 Loss from continuing operations, net noncontrolling interests and accrued preferred stock dividends $ (18,653) $ (71,362) Loss from discontinued operations (9,865) (115,543) Net loss attributable to NeueHealth, Inc. common shareholders $ (28,518) $ (186,905) Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted 8,079 7,894 Basic and diluted loss per share attributable to NeueHealth, Inc. common shareholders Continuing operations $ (2.31) $ (9.04) Discontinued operations $ (1.22) $ (14.64) Net loss per share attributable to common stockholders, basic and diluted $ (3.53) $ (23.68)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect for the three months ended March 31 (in thousa nd s) : Three Months Ended 2024 2023 Redeemable convertible preferred stock (as converted to common stock) 4,867 4,031 Issued and outstanding common stock warrants 1,834 — Stock options to purchase common stock 614 771 Restricted stock units 575 999 Total 7,890 5,801

SEGMENTS AND GEOGRAPHIC INFOR_2

SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segment Financial Information	The following tables present the reportable segment financial information for the three months ended March 31, 2024 and 2023 (in thousands) : Three Months Ended March 31, 2024 NeueCare NeueSolutions Corporate & Eliminations Consolidated Capitated revenue $ 61,466 $ — $ — $ 61,466 ACO REACH revenue — 171,811 — 171,811 Service revenue 9,530 2,085 — 11,615 Investment income — — 203 203 Total unaffiliated revenue 70,996 173,896 203 245,095 Affiliated revenue 2,627 — (2,627) — Total segment revenue 73,623 173,896 (2,424) 245,095 Operating income (loss) 9,812 (2,932) (29,982) (23,102) Depreciation and amortization 3,786 — 776 4,562 Bad debt expense — (3) — (3) Restructuring charges — — (58) (58) Three Months Ended March 31, 2023 Care Delivery Care Solutions Corporate & Eliminations Consolidated Capitated revenue $ 49,548 $ — $ — $ 49,548 ACO REACH revenue — 239,807 — 239,807 Service revenue 10,936 251 — 11,187 Investment income (loss) — — 8 8 Total unaffiliated revenue 60,484 240,058 8 300,550 Affiliated revenue 2,195 — (2,195) — Total segment revenue 62,679 240,058 (2,187) 300,550 Operating income (loss) 6,636 (1,509) (49,999) (44,872) Depreciation and amortization 3,132 — 2,351 5,483 Restructuring charges — — 301 301

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTEREST (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The following t able provides details of our redeemable noncontrolling interest activity for the three months ended March 31, 2024 and 2023 (in thousands) : 2024 2023 Balance at January 1 $ 88,908 $ 219,758 Earnings attributable to noncontrolling interest 4,227 1,421 Distribution to noncontrolling interest holders (1,884) (1,805) Measurement adjustment 7,510 4,129 Balance at March 31 $ 98,761 $ 223,503

ACO REACH (Tables)

ACO REACH (Tables)	3 Months Ended
	Mar. 31, 2024
Direct Contracting [Abstract]
Schedule Of Performance Guarantees	The tables below include the financial statement impacts of the performance guarantee at March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023 ( in thousands ): March 31, 2024 December 31, 2023 ACO REACH performance year receivable (1) $ 646,627 $ 115,878 ACO REACH performance year obligation 529,657 — (1) As of March 31, 2024, we estimate there to be in-network and out-of-network claims incurred by beneficiaries aligned to our REACH ACOs but not reported of $110.9 million related to performance year 2024 and $4.3 million related to performance year 2023; this is included in medical costs payable on the Condensed Consolidated Balance Sheets. Three Months Ended March 31, 2024 2023 Amortization of ACO REACH performance year receivable (1) $ 175,460 $ 175,523 Amortization of ACO REACH performance year obligation 176,552 239,807 ACO REACH revenue (2) 171,811 239,807 (1) The amortization of the ACO REACH performance year receivable includes $111.3 million and $84.3 million related to the amortization of the prior year receivable for the three months ended March 31, 2024 and 2023, respectively. (2) ACO REACH revenue is inclusive of $4.7 million relating to the 2023 performance year.

DECONSOLIDATION OF BRIGHT HEA_2

DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Balance Sheet of BHIC-Texas	The table below presents the balance sheet of BHIC-Texas on November 29, 2023, the date the Deconsolidated Entity was placed into receivership. Cash and cash equivalents $ 60,560 Prepaids and other current assets 1,522 Risk Share Receivable 123,981 Total Assets $ 186,063 Accounts payable 135 Medical costs payable 3,283 Other current liabilities 1,523 Risk adjustment payable 89,638 Total Liabilities $ 94,579 Additional paid in capital 204,753 Accumulated deficit (113,269) Total Equity $ 91,484 Total Liabilities and Equity $ 186,063 The financial results of discontinued operations by major line item for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 Bright HealthCare - Commercial Revenue: Premium revenue $ (215) Investment income 1,568 Total revenue from discontinued operations 1,353 Operating expenses: Medical costs (3,759) Operating costs 6,585 Restructuring charges (379) Total operating expenses from discontinued operations 2,447 Operating loss from discontinued operations (1,094) Interest expense 8,765 Loss from discontinued operations before income taxes (9,859) Income tax expense (benefit) 6 Net loss from discontinued operations $ (9,865) Three Months Ended March 31, 2023 Bright HealthCare - Commercial Bright HealthCare Other Total Revenue: Premium revenue $ 766 453,317 $ — $ 454,083 Service revenue 30 — 2,383 2,413 Investment income 20,891 38 — 20,929 Total revenue from discontinued operations 21,687 453,355 2,383 477,425 Operating expenses: Medical costs 46,014 428,725 — 474,739 Operating costs 47,478 56,339 2,049 105,866 Restructuring charges 7,956 — — 7,956 Depreciation and amortization — 4,407 — 4,407 Total operating expenses from discontinued operations 101,448 489,471 2,049 592,968 Operating loss from discontinued operations (79,761) (36,116) 334 (115,543) Interest expense — — — — Loss from discontinued operations before income taxes (79,761) (36,116) 334 (115,543) Income tax expense (benefit) — — — — Net loss from discontinued operations $ (79,761) $ (36,116) $ 334 $ (115,543) The following table presents cash flows from operating and investing activities for discontinued operations for the three months ended March 31, 2024 (in thousands) : Cash used in operating activities - discontinued operations $ (37,958) Cash provided by investing activities - discontinued operations 198,451 Assets and liabilities of discontinued operations were as follows (in thousands) : March 31, 2024 Bright HealthCare - Commercial Assets Current assets: Cash and cash equivalents $ 136,668 Short-term investments 6,995 Accounts receivable, net of allowance 1,427 Prepaids and other current assets 4,262 Current assets of discontinued operations 149,352 Total assets of discontinued operations $ 149,352 Liabilities Current liabilities: Medical costs payable $ 15,781 Accounts payable 19,616 Risk adjustment payable 279,922 Other current liabilities 29,729 Current liabilities of discontinued operations 345,048 Total liabilities of discontinued operations $ 345,048 December 31, 2023 Bright HealthCare - Commercial Bright HealthCare Total Assets Current assets: Cash and cash equivalents $ 159,769 $ 128,212 $ 287,981 Short-term investments 9,163 20,218 29,381 Accounts receivable, net of allowance 1,430 51,929 53,359 Prepaids and other current assets 7,838 114,532 122,370 Property, equipment and capitalized software, net — 17,954 17,954 Intangible assets, net — 138,982 138,982 Goodwill — 172,543 172,543 Current assets of discontinued operations 178,200 644,370 822,570 Total assets of discontinued operations $ 178,200 $ 644,370 $ 822,570 Liabilities Current liabilities: Medical costs payable $ 31,881 $ 272,138 $ 304,019 Accounts payable 25,648 7,719 33,367 Risk adjustment payable 291,146 — 291,146 Other current liabilities 28,045 43,181 71,226 Current liabilities of discontinued operations 376,720 323,038 699,758 Total liabilities of discontinued operations $ 376,720 $ 323,038 $ 699,758 (in thousands) : March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 106,536 $ — $ (5) $ 106,531 Held to maturity: U.S. government and agency obligations 6,878 — — 6,878 Corporate obligations 117 — — 117 Total held-to-maturity securities 6,995 — — 6,995 Total investments $ 113,531 $ — $ (5) $ 113,526 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 150,939 $ — $ — $ 150,939 Available for sale: U.S. government and agency obligations 1,557 — (100) 1,457 Corporate obligations 615 — (11) 604 Certificates of deposit 19,653 — — 19,653 Mortgage-backed securities 951 — (63) 888 Total available-for-sale securities 22,776 — (174) 22,602 Held to maturity: U.S. government and agency obligations 6,503 1 (59) 6,445 Certificates of deposit 334 — — 334 Total held-to-maturity securities 6,837 1 (59) 6,779 Total investments $ 180,552 $ 1 $ (233) $ 180,320

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The table below presents the balance sheet of BHIC-Texas on November 29, 2023, the date the Deconsolidated Entity was placed into receivership. Cash and cash equivalents $ 60,560 Prepaids and other current assets 1,522 Risk Share Receivable 123,981 Total Assets $ 186,063 Accounts payable 135 Medical costs payable 3,283 Other current liabilities 1,523 Risk adjustment payable 89,638 Total Liabilities $ 94,579 Additional paid in capital 204,753 Accumulated deficit (113,269) Total Equity $ 91,484 Total Liabilities and Equity $ 186,063 The financial results of discontinued operations by major line item for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 Bright HealthCare - Commercial Revenue: Premium revenue $ (215) Investment income 1,568 Total revenue from discontinued operations 1,353 Operating expenses: Medical costs (3,759) Operating costs 6,585 Restructuring charges (379) Total operating expenses from discontinued operations 2,447 Operating loss from discontinued operations (1,094) Interest expense 8,765 Loss from discontinued operations before income taxes (9,859) Income tax expense (benefit) 6 Net loss from discontinued operations $ (9,865) Three Months Ended March 31, 2023 Bright HealthCare - Commercial Bright HealthCare Other Total Revenue: Premium revenue $ 766 453,317 $ — $ 454,083 Service revenue 30 — 2,383 2,413 Investment income 20,891 38 — 20,929 Total revenue from discontinued operations 21,687 453,355 2,383 477,425 Operating expenses: Medical costs 46,014 428,725 — 474,739 Operating costs 47,478 56,339 2,049 105,866 Restructuring charges 7,956 — — 7,956 Depreciation and amortization — 4,407 — 4,407 Total operating expenses from discontinued operations 101,448 489,471 2,049 592,968 Operating loss from discontinued operations (79,761) (36,116) 334 (115,543) Interest expense — — — — Loss from discontinued operations before income taxes (79,761) (36,116) 334 (115,543) Income tax expense (benefit) — — — — Net loss from discontinued operations $ (79,761) $ (36,116) $ 334 $ (115,543) The following table presents cash flows from operating and investing activities for discontinued operations for the three months ended March 31, 2024 (in thousands) : Cash used in operating activities - discontinued operations $ (37,958) Cash provided by investing activities - discontinued operations 198,451 Assets and liabilities of discontinued operations were as follows (in thousands) : March 31, 2024 Bright HealthCare - Commercial Assets Current assets: Cash and cash equivalents $ 136,668 Short-term investments 6,995 Accounts receivable, net of allowance 1,427 Prepaids and other current assets 4,262 Current assets of discontinued operations 149,352 Total assets of discontinued operations $ 149,352 Liabilities Current liabilities: Medical costs payable $ 15,781 Accounts payable 19,616 Risk adjustment payable 279,922 Other current liabilities 29,729 Current liabilities of discontinued operations 345,048 Total liabilities of discontinued operations $ 345,048 December 31, 2023 Bright HealthCare - Commercial Bright HealthCare Total Assets Current assets: Cash and cash equivalents $ 159,769 $ 128,212 $ 287,981 Short-term investments 9,163 20,218 29,381 Accounts receivable, net of allowance 1,430 51,929 53,359 Prepaids and other current assets 7,838 114,532 122,370 Property, equipment and capitalized software, net — 17,954 17,954 Intangible assets, net — 138,982 138,982 Goodwill — 172,543 172,543 Current assets of discontinued operations 178,200 644,370 822,570 Total assets of discontinued operations $ 178,200 $ 644,370 $ 822,570 Liabilities Current liabilities: Medical costs payable $ 31,881 $ 272,138 $ 304,019 Accounts payable 25,648 7,719 33,367 Risk adjustment payable 291,146 — 291,146 Other current liabilities 28,045 43,181 71,226 Current liabilities of discontinued operations 376,720 323,038 699,758 Total liabilities of discontinued operations $ 376,720 $ 323,038 $ 699,758 (in thousands) : March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 106,536 $ — $ (5) $ 106,531 Held to maturity: U.S. government and agency obligations 6,878 — — 6,878 Corporate obligations 117 — — 117 Total held-to-maturity securities 6,995 — — 6,995 Total investments $ 113,531 $ — $ (5) $ 113,526 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Cash equivalents $ 150,939 $ — $ — $ 150,939 Available for sale: U.S. government and agency obligations 1,557 — (100) 1,457 Corporate obligations 615 — (11) 604 Certificates of deposit 19,653 — — 19,653 Mortgage-backed securities 951 — (63) 888 Total available-for-sale securities 22,776 — (174) 22,602 Held to maturity: U.S. government and agency obligations 6,503 1 (59) 6,445 Certificates of deposit 334 — — 334 Total held-to-maturity securities 6,837 1 (59) 6,779 Total investments $ 180,552 $ 1 $ (233) $ 180,320
Schedule of Purchase Price Adjustments	The $500.0 million purchase price includes $167.3 million of purchase price adjustments subject to contingencies and TNE adjustments (in thousands) : Consolidation and Adjustment Escrow Amount (1) $ 100,000 TNE deficit at closing (2) 57,326 Indemnity Escrow Amount (3) 10,000 Total consideration subject to contingencies $ 167,326 (1) Contingent upon either (i) Molina obtaining regulatory approval of the consolidation of BND into CHP or (ii) receipt by BND of a Part D Summary Rating for its Part D operations for contract year 2025 of at least 3 Stars from CMS. If this contingency is successful, it is payable in November 2024 net of any TNE deficit deterioration and subject to certain other purchase price adjustments as described further in the Amendment. (2) Amount by which minimum required TNE exceeds estimated TNE as of December 31, 2023. To the extent the TNE deficit improves on a restated basis by the cutoff date of June 30, 2024, Molina will owe the Company for that difference, payable in November 2024. To the extent the TNE deficit worsens on a restated basis by the time of the cutoff date, such difference will be deducted from Consolidation and Adjustment Escrow Amount. If the conditions around the Consolidation and Adjustment Escrow Amount are not satisfied, Molina would retain the Consolidation and Adjustment Escrow Amount in satisfaction of any TNE deficit deterioration. (3) For 18 months post-closing date, the Company will indemnify Molina against and are liable to Molina for any and all losses incurred by Molina resulting from breach or inaccuracy of warranties and representations made, breach or failure to perform any covenant of the Molina Purchase Agreement, among others. As the Indemnity Escrow Amount is subject to these conditions for 18 months post close, the Company will only recognize this amount in the fair value of consideration received at the point those 18 months have passed, on July 1, 2025. The amount recognized will be that equal to the $10.0 million Indemnity Escrow amount less any agreed upon or finally adjudicated losses as of July 1, 2025
Schedule of Investment and Sale of Business	At the time of the sale, our investment in the California MA business was calculated as follows (in thousands) : Total assets (1) $ 647,254 Total liabilities (323,038) Investment in California MA Business $ 324,216 (1) Total assets of the California MA business at the time of the sale are inclusive of $2.9 million unsettled intercompany receivable that was eliminated at consolidation. NeueHealth has recorded the corresponding payable within other current liabilities of our continuing operations as of March 31, 2024 . The company recorded no gain or loss associated with the sale of the California Medicare Advantage business (in thousands) : Sale price of California MA Business $ 500,000 Less: Portion of sale price subject to contingencies (167,326) Less: Investment in California MA Business (324,216) Less: Transactions costs contingent on closing of sale (8,458) Gain or loss on sale of California MA Business $ —
Schedule of Restructuring Charges	Restructuring charges by reportable segment and corporate for the periods ended March 31 were as follows (in thousands) : Three Months Ended March 31, 2024 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (58) $ (58) Long-lived asset impairments — — — — Contract termination and other costs — — — — Total continuing operations $ — $ — $ (58) $ (58) Three Months Ended March 31, 2023 NeueCare NeueSolutions Corporate & Eliminations Total Employee termination benefits $ — $ — $ (766) $ (766) Long-lived asset impairments — — 880 880 Contract termination and other costs — — 187 187 Total continuing operations $ — $ — $ 301 $ 301 Restructuring charges within our discontinued operations for the three months ended March 31, 2024 and 2023 were as follows (in thousands) : Three Months Ended March 31, 2024 2023 Employee termination benefits $ 129 $ 2,965 Long-lived asset impairments — 100 Contract termination and other costs (508) 4,891 Total discontinued operations restructuring charges $ (379) $ 7,956
Schedule of Restructuring Accrual	Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 were as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 8,389 $ — $ 8,389 Net charges (58) — (58) Cash payments (2,400) — (2,400) Balance at March 31, 2024 $ 5,931 $ — $ 5,931 Restructuring accrual activity recorded by major type for the three months ended March 31, 2024 was as follows (in thousands) : Employee Termination Benefits Contract Termination Costs Total Balance at January 1, 2024 $ 2,867 $ 22,492 $ 25,359 Net charges 129 (508) (379) Cash payments (1,485) (6,495) (7,980) Balance at March 31, 2024 $ 1,511 $ 15,489 $ 17,000
Schedule of Medical Costs Payable	The following table shows the components of the change in medical costs payable for the three months ended March 31, 2024 and 2023 (in thousand s) : March 31, 2024 2023 Medical costs payable - January 1 $ 157,903 $ 116,021 Incurred related to: Current year 201,420 254,782 Prior year (4,546) 2,806 Total incurred 196,874 257,588 Paid related to: Current year 87,372 90,768 Prior year 109,804 95,660 Total paid 197,176 186,428 Medical costs payable - March 31 $ 157,601 $ 187,181 The table below details the components making up the medical costs payable as of March 31, 2024 and December 31, 2023 (in thou sand s) : March 31, 2024 December 31, 2023 Provider incentive payable 42,366 2,367 Incurred but not reported (IBNR) 115,235 155,536 Total medical costs payable $ 157,601 $ 157,903 table below details the components making up the medical costs payable within current liabilities of discontinued operations (in thousands) : Bright HealthCare - Commercial March 31, 2024 December 31, 2023 Claims unpaid $ 10,775 $ 14,500 Claims adjustment expense liability 229 2,382 Incurred but not reported (IBNR) 4,777 14,999 Total medical costs payable of discontinued operations $ 15,781 $ 31,881

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details)

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Dec. 27, 2023 USD ($)

May 10, 2024 USD ($)

Apr. 30, 2024 USD ($)

Mar. 31, 2024 USD ($)

Feb. 29, 2024 USD ($)

Jan. 31, 2024 USD ($)

Sep. 30, 2023 USD ($)

Mar. 31, 2024 USD ($) state

Mar. 31, 2024 USD ($) business

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Apr. 08, 2024 USD ($)

Jan. 01, 2024 USD ($)

Dec. 13, 2023 USD ($)

Oct. 02, 2023 USD ($)

Jun. 30, 2023 USD ($)

Organization and Basis of Presentation [Line Items]

Number of market facing business | business

2

Repayment of debt loans outstanding

$ 298,600,000

Gain on troubled debt restructuring

30,311,000

$ 0

Net loss

(4,177,000)

$ (169,461,000)

$ (1,300,000,000)

Centers for Medicare & Medicaid Services

Organization and Basis of Presentation [Line Items]

Interest rate

11.50%

Cash settlement

$ (11,200,000)

Repayment aggregate amount

$ 380,200,000

Centers for Medicare & Medicaid Services | Parent Company

Organization and Basis of Presentation [Line Items]

Repayment aggregate amount

279,900,000

$ 279,900,000

279,900,000

Revolving Credit Facility | Line of Credit

Organization and Basis of Presentation [Line Items]

Letter of credit principal balance

7,600,000

$ 7,600,000

$ 7,600,000

Revolving Credit Facility | Debt and interest repayment | Letter of Credit

Organization and Basis of Presentation [Line Items]

Repayments of debt and interest

$ 274,600,000

Secured Debt | Line of Credit | Delayed Draw Term Loan

Organization and Basis of Presentation [Line Items]

Term loan commitment increase in an aggregate principal amount

$ 6,400,000

Secured Debt | Line of Credit | Delayed Draw Term Loan | Subsequent Event

Organization and Basis of Presentation [Line Items]

Term loan commitment increase in an aggregate principal amount

$ 30,000,000

Additional short-term borrowings

$ 20,000,000

Letter of credit principal balance

$ 10,000,000

Discontinued Operations | California Medicare Advantage Business

Organization and Basis of Presentation [Line Items]

Total consideration

$ 500,000,000

$ 500,000,000

$ 600,000,000

Cash collateralization of existing letters

$ (24,100,000)

Net proceeds of after debt repayment

31,600,000

Contingent consideration

$ 110,000,000

Total consideration subject to contingencies

167,326,000

Wind-down period

2 years

Number of approving states | state

3

Approved dividends

$ 28,200,000

Dividends paid

$ 13,200,000

Discontinued Operations | California Medicare Advantage Business | TNE Closing Deficit

Organization and Basis of Presentation [Line Items]

Total consideration subject to contingencies

$ 57,300,000

$ 57,326,000

Discontinued Operations | California Medicare Advantage Business | Subsequent Event

Organization and Basis of Presentation [Line Items]

Dividends paid

$ 15,000,000

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Operating Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation and fringe benefits	$ 48,136	$ 58,624
Professional fees	6,500	5,848
Technology expenses	3,517	6,153
General and administrative expenses	7,700	7,457
Other operating expenses	969	1,436
Operating costs	$ 66,822	$ 79,518

RESTRUCTURING CHARGES - Schedul

RESTRUCTURING CHARGES - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Employee termination benefits	$ (58)	$ (766)
Long-lived asset impairments	0	880
Contract termination and other costs	0	187
Total restructuring charges	(58)	301
NeueCare
Restructuring Cost and Reserve [Line Items]
Employee termination benefits	0	0
Long-lived asset impairments	0	0
Contract termination and other costs	0	0
Total restructuring charges	0	0
NeueSolutions
Restructuring Cost and Reserve [Line Items]
Employee termination benefits	0	0
Long-lived asset impairments	0	0
Contract termination and other costs	0	0
Total restructuring charges	0	0
Corporate & Eliminations
Restructuring Cost and Reserve [Line Items]
Employee termination benefits	(58)	(766)
Long-lived asset impairments	0	880
Contract termination and other costs	0	187
Total restructuring charges	$ (58)	$ 301

RESTRUCTURING CHARGES - Narrati

RESTRUCTURING CHARGES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) lease
Restructuring and Related Activities [Abstract]
Long-lived asset impairments | $	$ 0	$ 880
Abandonment of operating leases | lease		1

RESTRUCTURING CHARGES - Sched_2

RESTRUCTURING CHARGES - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 8,389
Net charges	(58)
Cash payments	(2,400)
Ending Balance	5,931
Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	8,389
Net charges	(58)
Cash payments	(2,400)
Ending Balance	5,931
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Net charges	0
Cash payments	0
Ending Balance	$ 0

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 128,382	$ 128,382
Accumulated Amortization	38,037	35,144
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	80,021	80,021
Accumulated Amortization	28,231	26,144
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,361	48,361
Accumulated Amortization	$ 9,806	$ 9,000

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 2,900,000	$ 2,900,000

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of Intangible Asset Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (April-December)	$ 8,681
2025	11,574
2026	11,574
2027	11,574
2028	10,295
2029	$ 10,295

MEDICAL COSTS PAYABLE - Change

MEDICAL COSTS PAYABLE - Change in Medical Costs Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical costs payable, beginning balance	$ 157,903	$ 116,021
Incurred related to:
Current year	201,420	254,782
Prior year	(4,546)	2,806
Total incurred	196,874	257,588
Paid related to:
Current year	87,372	90,768
Prior year	109,804	95,660
Total paid	197,176	186,428
Medical costs payable, ending balance	$ 157,601	$ 187,181

MEDICAL COSTS PAYABLE - Narrati

MEDICAL COSTS PAYABLE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Medical costs payable, increase (decrease) to prior years	$ (4.5)	$ 2.8

MEDICAL COSTS PAYABLE - Compone

MEDICAL COSTS PAYABLE - Components of Medical Costs Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Provider incentive payable	$ 42,366	$ 2,367
Incurred but not reported (IBNR)	115,235	155,536
Total medical costs payable	$ 157,601	$ 157,903	$ 187,181	$ 116,021

BORROWINGS AND COMMON STOCK W_3

BORROWINGS AND COMMON STOCK WARRANTS - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 27, 2023	Oct. 02, 2023	Aug. 04, 2023	May 10, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 08, 2024	Jan. 02, 2024	Mar. 31, 2021
Line of Credit Facility [Line Items]
Short-term borrowings					$ 0		$ 303,947,000
Gain on troubled debt restructuring					$ 30,311,000	$ 0
Troubled debt restructuring, decrease of basic loss per share (In dollars per share)					$ (3.75)
Troubled debt restructuring, decrease of diluted loss per share (In dollars per share)					$ (3.75)
Warrant liability					$ 11,899,000		13,971,000
Warrant income					(2,072,000)	$ 0
Warrantholders Agreement
Line of Credit Facility [Line Items]
Exercise price of warrants (in dollars per share)		$ 0.01	$ 0.01
Warrant liability			$ 25,100,000
Warrant available to be issued (in shares)			1,700,000
Fair market value per share (in dollars per share)			$ 15.12
Warrant income					(2,072,000)
CalSTRS Warrants
Line of Credit Facility [Line Items]
Warrant liability		$ 1,000,000
Warrant available to be issued (in shares)		200,000
Fair market value per share (in dollars per share)		$ 5.80
Subsequent Event | Warrantholders Agreement
Line of Credit Facility [Line Items]
Exercise price of warrants (in dollars per share)								$ 0.01
Warrant available to be issued (in shares)								1,113,563
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility										$ 350,000,000
Short-term borrowings					$ 0		303,900,000
Effective annual interest rate					10.07%
Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding					$ 22,900,000
Letter of credit outstanding cash amount percentage					105%
Revolving Credit Facility | Letter of Credit | Debt and interest repayment
Line of Credit Facility [Line Items]
Repayments of lines of credit	$ 274,600,000
Short-term borrowings									$ 0
Secured Debt | Line of Credit | Delayed Draw Term Loan
Line of Credit Facility [Line Items]
Revolving credit facility			$ 60,000,000
Short-term borrowings					$ 66,400,000		$ 66,400,000
Effective annual interest rate					15%		15%
Term loan commitment increase in an aggregate principal amount		$ 6,400,000
Secured Debt | Line of Credit | Delayed Draw Term Loan | Subsequent Event
Line of Credit Facility [Line Items]
Term loan commitment increase in an aggregate principal amount								$ 30,000,000
Additional short-term borrowings				$ 20,000,000

BORROWINGS AND COMMON STOCK W_4

BORROWINGS AND COMMON STOCK WARRANTS - Common Stock Warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class Of Warrants [Roll Forward]
Change in fair value of outstanding warrants	$ (2,072)	$ 0
Warrantholders Agreement
Class Of Warrants [Roll Forward]
Beginning balance	13,971
Newly executed Warrantholders Agreement	0
Change in fair value of outstanding warrants	(2,072)
Ending balance	$ 11,899

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) vestingTranche shares	Mar. 31, 2023 USD ($)	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares) | shares	2,100,000
Number of shares available for grant (in shares) | shares	1,000,000
Share-based compensation expense | $	$ 18.6	$ 33.3
Granted (in shares) | shares	0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 6.8
Vesting period			3 years
Option grants expiration			10 years
Granted (in shares) | shares	0
Unrecognized compensation expense | $	$ 20.4
Unrecognized compensation expense, weighted average recognition period	10 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 5.5
Vesting period	3 years
Unrecognized compensation expense, weighted average recognition period	1 year 1 month 6 days
Unrecognized compensation expense, other than options | $	$ 18
Granted (in shares) | shares	0
Restricted stock units | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 6.3
Unrecognized compensation expense, weighted average recognition period	2 months 12 days
Unrecognized compensation expense, other than options | $	$ 5.4
Granted (in shares) | shares	0
PSU's | IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	183,750
Number of vesting tranches | vestingTranche	4
Service period	3 years
Tranche One | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting			25%
Vesting period			1 year
Tranche Two | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			36 months

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares
Beginning balance (in shares)	633
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(3)
Expired (in shares)	(16)
Ending balance (in shares)	614	633
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 138.33
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	175.02
Expired (in dollars per share)	213.84
Ending balance (in dollars per share)	$ 136.12	$ 138.33
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (In Years)	4 years 3 months 18 days	5 years 2 months 12 days
Aggregate Intrinsic Value	$ 171	$ 213

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of RSU and PSU Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted stock units
Number of Awards
Beginning balance (in shares) | shares	776
Granted (in shares) | shares	0
Vested (in shares) | shares	(171)
Forfeited (in shares) | shares	(30)
Ending balance (in shares) | shares	575
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 53.32
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	49
Forfeited (in dollars per share) | $ / shares	46.91
Ending balance (in dollars per share) | $ / shares	$ 54.94
PSU's
Number of Awards
Beginning balance (in shares) | shares	131
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(13)
Ending balance (in shares) | shares	118
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 744
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	744.02
Ending balance (in dollars per share) | $ / shares	$ 744.01

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Oct. 17, 2022 USD ($) tradingDay $ / shares shares	Jan. 03, 2022 USD ($) tradingDay $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Series A preferred stock dividend accrued
Class of Stock [Line Items]
Issuance of preferred stock (in shares) | shares		750,000
Convertible preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001
Issuance of preferred stock | $		$ 750
Redemption price (in dollars per share)		$ 1,000
Temporary equity, liquidation preference (in dollars per share)		$ 1,000
Dividend rate		5%
Accretion to redemption value | $			$ 88.3	$ 78
Conversion price (in dollars per share)		$ 364	$ 283.19
Temporary equity, conversion threshold, volume weighted average price of common stock percentage		175%
Number of threshold trading days | tradingDay		20
Number of consecutive trading days | tradingDay		30
Multiplier for accrued and unpaid dividends, before seventh anniversary		105%
Multiplier for accrued and unpaid dividends, after seventh anniversary		100%
Liquidation preference		105%
Series B preferred stock dividend accrued
Class of Stock [Line Items]
Convertible preferred stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Temporary equity, liquidation preference (in dollars per share)	$ 1,000
Dividend rate	5%
Accretion to redemption value | $			$ 13.1	$ 10.8
Conversion price (in dollars per share)	$ 113.60		$ 98.68
Temporary equity, conversion threshold, volume weighted average price of common stock percentage	287%
Number of threshold trading days | tradingDay	20
Number of consecutive trading days | tradingDay	30
Multiplier for accrued and unpaid dividends, before seventh anniversary	105%
Multiplier for accrued and unpaid dividends, after seventh anniversary	100%
Liquidation preference	105%
Number of shares issued (in shares) | shares	175,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Proceeds from sale of stock | $	$ 175
Price per share of stock (in dollars per share)	$ 1,000

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Net Loss Per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Loss from continuing operations, net noncontrolling interests and accrued preferred stock dividends		$ (18,653)	$ (71,362)
Loss from discontinued operations		(9,865)	(115,543)
Net loss attributable to NeueHealth, Inc. common shareholders		$ (28,518)	$ (186,905)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	[1]	8,079	7,894
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	[1]	8,079	7,894
Basic and diluted loss per share attributable to NeueHealth, Inc. common shareholders
Continuing operations, basic (in dollars per share)		$ (2.31)	$ (9.04)
Continuing operations, diluted (in dollars per share)		(2.31)	(9.04)
Discontinued operations, basic (in dollars per share)		(1.22)	(14.64)
Discontinued operations, diluted (in dollars per share)		(1.22)	(14.64)
Basic loss per share (in dollars per share)		(3.53)	(23.68)
Diluted loss per share (in dollars per share)		$ (3.53)	$ (23.68)
[1] *Shares have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 80 reverse stock split effective May 22, 2023.

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded From Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	7,890	5,801
Redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	4,867	4,031
Issued and outstanding common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	1,834	0
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	614	771
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	575	999

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Restricted Cash	$ 50
Revolving Credit Facility | Line of Credit
Loss Contingencies [Line Items]
Letter of credit principal balance	7.6
Revolving Credit Facility | Line of Credit | Surety Bond
Loss Contingencies [Line Items]
Surety bonds	$ 19.7

SEGMENTS AND GEOGRAPHIC INFOR_3

SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details) member in Thousands, consumer in Thousands	3 Months Ended
	Mar. 31, 2024 consumer member primaryCareClinic segment
Segment Reporting Information [Line Items]
Number of operating segments | segment	2
Number of reportable segments | segment	2
NeueCare
Segment Reporting Information [Line Items]
Number of primary care clinics | primaryCareClinic	73
Number of individuals served | consumer	360
NeueSolutions | REACH ACO
Segment Reporting Information [Line Items]
Number of individuals served | member	45
NeueSolutions | Enablement Services
Segment Reporting Information [Line Items]
Number of individuals served | member	109

SEGMENTS AND GEOGRAPHIC INFOR_4

SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
ACO REACH revenue	$ 171,811	$ 239,807
Investment income	203	8
Total revenue	245,095	300,550
Operating income (loss)	(23,102)	(44,872)
Depreciation and amortization	4,562	5,483
Bad debt expense	(3)	0
Restructuring charges	(58)	301
Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue	245,095	300,550
Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue	0	0
Capitated revenue
Segment Reporting Information [Line Items]
Revenue	61,466	49,548
Service revenue
Segment Reporting Information [Line Items]
Revenue	11,615	11,187
Corporate & Eliminations
Segment Reporting Information [Line Items]
ACO REACH revenue	0	0
Investment income	203	8
Total revenue	(2,424)	(2,187)
Operating income (loss)	(29,982)	(49,999)
Depreciation and amortization	776	2,351
Bad debt expense	0
Restructuring charges	(58)	301
Corporate & Eliminations | Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue	203	8
Corporate & Eliminations | Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue	(2,627)	(2,195)
Corporate & Eliminations | Capitated revenue
Segment Reporting Information [Line Items]
Revenue	0	0
Corporate & Eliminations | Service revenue
Segment Reporting Information [Line Items]
Revenue	0	0
NeueCare
Segment Reporting Information [Line Items]
ACO REACH revenue	300	300
Restructuring charges	0	0
NeueCare | Operating Segments
Segment Reporting Information [Line Items]
ACO REACH revenue	0
Investment income	0
Total revenue	73,623
Operating income (loss)	9,812
Depreciation and amortization	3,786
Bad debt expense	0
Restructuring charges	0
NeueCare | Operating Segments | Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue	70,996
NeueCare | Operating Segments | Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue	2,627
NeueCare | Operating Segments | Capitated revenue
Segment Reporting Information [Line Items]
Revenue	61,466
NeueCare | Operating Segments | Service revenue
Segment Reporting Information [Line Items]
Revenue	9,530
NeueSolutions
Segment Reporting Information [Line Items]
Restructuring charges	0	0
NeueSolutions | Operating Segments
Segment Reporting Information [Line Items]
ACO REACH revenue	171,811
Investment income	0
Total revenue	173,896
Operating income (loss)	(2,932)
Depreciation and amortization	0
Bad debt expense	(3)
Restructuring charges	0
NeueSolutions | Operating Segments | Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue	173,896
NeueSolutions | Operating Segments | Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue	0
NeueSolutions | Operating Segments | Capitated revenue
Segment Reporting Information [Line Items]
Revenue	0
NeueSolutions | Operating Segments | Service revenue
Segment Reporting Information [Line Items]
Revenue	$ 2,085
Care Delivery | Operating Segments
Segment Reporting Information [Line Items]
ACO REACH revenue		0
Investment income		0
Total revenue		62,679
Operating income (loss)		6,636
Depreciation and amortization		3,132
Restructuring charges		0
Care Delivery | Operating Segments | Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue		60,484
Care Delivery | Operating Segments | Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue		2,195
Care Delivery | Operating Segments | Capitated revenue
Segment Reporting Information [Line Items]
Revenue		49,548
Care Delivery | Operating Segments | Service revenue
Segment Reporting Information [Line Items]
Revenue		10,936
Care Solutions | Operating Segments
Segment Reporting Information [Line Items]
ACO REACH revenue		239,807
Investment income		0
Total revenue		240,058
Operating income (loss)		(1,509)
Depreciation and amortization		0
Restructuring charges		0
Care Solutions | Operating Segments | Total unaffiliated revenue
Segment Reporting Information [Line Items]
Total revenue		240,058
Care Solutions | Operating Segments | Affiliated revenue
Segment Reporting Information [Line Items]
Total revenue		0
Care Solutions | Operating Segments | Capitated revenue
Segment Reporting Information [Line Items]
Revenue		0
Care Solutions | Operating Segments | Service revenue
Segment Reporting Information [Line Items]
Revenue		$ 251

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 663	$ 1,259

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 88,908	$ 219,758
Earnings attributable to noncontrolling interest	4,227	1,421
Distribution to noncontrolling interest holders	(1,884)	(1,805)
Measurement adjustment	7,510	4,129
Ending balance	$ 98,761	$ 223,503

ACO REACH - Narrative (Details)

ACO REACH - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) directContractingEntity	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of direct contracting arrangements	3
Number of entities elected to participate in stop-loss arrangement	2
Number of entities elected to third-party coverage	1
Threshold of performance year benchmark	25%
ACO REACH revenue | $	$ 171,811	$ 239,807
NeueCare
Segment Reporting Information [Line Items]
ACO REACH revenue | $	$ 300	$ 300

ACO REACH - Schedule Of Perform

ACO REACH - Schedule Of Performance Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Direct Contracting [Abstract]
ACO REACH performance year receivable	$ 646,627		$ 115,878
ACO REACH performance year obligation	529,657		0
In-network claims	110,900
Out-of-network claims			$ 4,300
Amortization of ACO REACH performance year receivable	175,460	$ 175,523
Amortization of ACO REACH performance year obligation	176,552	239,807
ACO REACH revenue	171,811	239,807
Amortization of ACO REACH prior year receivable	111,300	$ 84,300
ACO REACH revenue from prior performance year	$ (4,700)

DECONSOLIDATION OF BRIGHT HEA_3

DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 29, 2023	Mar. 31, 2023	Dec. 31, 2022
Deconsolidation Of Bright Healthcare Insurance Company Of Texas [Line Items]
Risk Share Receivable	$ 646,627	$ 115,878
Total stockholder's equity	$ (1,261,212)	$ (1,263,943)		$ (339,987)	$ (200,490)
BHIC-Texas
Deconsolidation Of Bright Healthcare Insurance Company Of Texas [Line Items]
Risk Share Receivable			$ 123,981
Total stockholder's equity			$ 91,484

DECONSOLIDATION OF BRIGHT HEA_4

DECONSOLIDATION OF BRIGHT HEALTHCARE INSURANCE COMPANY OF TEXAS - Schedule of Balance Sheet of BHIC-Texas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 29, 2023	Mar. 31, 2023	Dec. 31, 2022
Deconsolidation Of Bright Healthcare Insurance Company Of Texas [Line Items]
Cash and cash equivalents	$ 112,762	$ 87,299
Prepaids and other current assets	25,786	17,831
Risk Share Receivable	646,627	115,878
Total current assets	974,465	1,088,927
Accounts payable	6,263	11,841
Medical costs payable	157,601	157,903		$ 187,181	$ 116,021
Other current liabilities	85,101	79,856
Total liabilities	1,347,162	1,480,098
Additional paid-in capital	3,074,654	3,056,027
Accumulated deficit	(4,323,763)	(4,307,849)
Total shareholders’ equity (deficit)	(1,261,212)	(1,263,943)		$ (339,987)	$ (200,490)
Total liabilities, redeemable noncontrolling interests, redeemable preferred stock and shareholders’ equity (deficit)	$ 1,105,128	$ 1,225,480
BHIC-Texas
Deconsolidation Of Bright Healthcare Insurance Company Of Texas [Line Items]
Cash and cash equivalents			$ 60,560
Prepaids and other current assets			1,522
Risk Share Receivable			123,981
Total current assets			186,063
Accounts payable			135
Medical costs payable			3,283
Other current liabilities			1,523
Risk adjustment payable			89,638
Total liabilities			94,579
Additional paid-in capital			204,753
Accumulated deficit			(113,269)
Total shareholders’ equity (deficit)			91,484
Total liabilities, redeemable noncontrolling interests, redeemable preferred stock and shareholders’ equity (deficit)			$ 186,063

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Statement of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Net loss from discontinued operations	$ (9,865)	$ (115,543)
Discontinued Operations | California Medicare Advantage Business
Revenue:
Premium revenue		454,083
Service revenue		2,413
Investment income		20,929
Total revenue from discontinued operations		477,425
Operating expenses:
Medical costs		474,739
Operating costs		105,866
Restructuring charges		7,956
Depreciation and amortization		4,407
Total operating expenses from discontinued operations		592,968
Operating loss from discontinued operations		(115,543)
Interest expense		0
Loss from discontinued operations before income taxes		(115,543)
Income tax expense (benefit)		0
Net loss from discontinued operations		(115,543)
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare - Commercial
Revenue:
Premium revenue	(215)	766
Service revenue		30
Investment income	1,568	20,891
Total revenue from discontinued operations	1,353	21,687
Operating expenses:
Medical costs	(3,759)	46,014
Operating costs	6,585	47,478
Restructuring charges	(379)	7,956
Depreciation and amortization		0
Total operating expenses from discontinued operations	2,447	101,448
Operating loss from discontinued operations	(1,094)	(79,761)
Interest expense	8,765	0
Loss from discontinued operations before income taxes	(9,859)	(79,761)
Income tax expense (benefit)	6	0
Net loss from discontinued operations	$ (9,865)	(79,761)
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare
Revenue:
Premium revenue		453,317
Service revenue		0
Investment income		38
Total revenue from discontinued operations		453,355
Operating expenses:
Medical costs		428,725
Operating costs		56,339
Restructuring charges		0
Depreciation and amortization		4,407
Total operating expenses from discontinued operations		489,471
Operating loss from discontinued operations		(36,116)
Interest expense		0
Loss from discontinued operations before income taxes		(36,116)
Income tax expense (benefit)		0
Net loss from discontinued operations		(36,116)
Discontinued Operations | California Medicare Advantage Business | Other
Revenue:
Premium revenue		0
Service revenue		2,383
Investment income		0
Total revenue from discontinued operations		2,383
Operating expenses:
Medical costs		0
Operating costs		2,049
Restructuring charges		0
Depreciation and amortization		0
Total operating expenses from discontinued operations		2,049
Operating loss from discontinued operations		334
Interest expense		0
Loss from discontinued operations before income taxes		334
Income tax expense (benefit)		0
Net loss from discontinued operations		$ 334

DISCONTINUED OPERATIONS - Sch_2

DISCONTINUED OPERATIONS - Schedule of Cash Flows From Operating and Investing Activities for Discontinued Operations (Details) - Discontinued Operations - California Medicare Advantage Business $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities - discontinued operations	$ (37,958)
Cash provided by investing activities - discontinued operations	$ 198,451

DISCONTINUED OPERATIONS - Sch_3

DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Current assets:
Current assets of discontinued operations (Note 15)	$ 149,352		$ 822,570
Current liabilities:
Current liabilities of discontinued operations	345,048		699,758
Discontinued Operations | California Medicare Advantage Business
Current assets:
Cash and cash equivalents			287,981
Short-term investments			29,381
Accounts receivable, net of allowance			53,359
Prepaids and other current assets			122,370
Property, equipment and capitalized software, net			17,954
Intangible assets, net			138,982
Goodwill			172,543
Current assets of discontinued operations (Note 15)			822,570
Total assets of discontinued operations		$ 647,254
Current liabilities:
Medical costs payable			304,019
Accounts payable			33,367
Risk adjustment payable			291,146
Other current liabilities			71,226
Current liabilities of discontinued operations			699,758
Total liabilities of discontinued operations		$ 323,038	699,758
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare - Commercial
Current assets:
Cash and cash equivalents	136,668		159,769
Short-term investments	6,995		9,163
Accounts receivable, net of allowance	1,427		1,430
Prepaids and other current assets	4,262		7,838
Property, equipment and capitalized software, net			0
Intangible assets, net			0
Goodwill			0
Current assets of discontinued operations (Note 15)	149,352		178,200
Total assets of discontinued operations	149,352
Current liabilities:
Medical costs payable	15,781		31,881
Accounts payable	19,616		25,648
Risk adjustment payable	279,922		291,146
Other current liabilities	29,729		28,045
Current liabilities of discontinued operations	345,048
Total liabilities of discontinued operations	$ 345,048		376,720
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare
Current assets:
Cash and cash equivalents			128,212
Short-term investments			20,218
Accounts receivable, net of allowance			51,929
Prepaids and other current assets			114,532
Property, equipment and capitalized software, net			17,954
Intangible assets, net			138,982
Goodwill			172,543
Current assets of discontinued operations (Note 15)			644,370
Current liabilities:
Medical costs payable			272,138
Accounts payable			7,719
Risk adjustment payable			0
Other current liabilities			43,181
Total liabilities of discontinued operations			$ 323,038

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Dec. 13, 2023	Jun. 30, 2023
Centers for Medicare & Medicaid Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayment aggregate amount	$ 380,200
Repayment period	18 months
Interest rate	11.50%
Discontinued Operations | California Medicare Advantage Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration			$ 500,000		$ 500,000	$ 600,000
Total consideration subject to contingencies			167,326
Risk adjustment payable				$ 291,146
Total assets of discontinued operations			647,254
Discontinued Operations | California Medicare Advantage Business | Corporate & Eliminations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets of discontinued operations			$ 2,900
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare - Commercial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Risk adjustment payable		$ 279,922		291,146
Total assets of discontinued operations		149,352
Discontinued Operations | Bright HealthCare - Commercial | Level 1
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash, cash equivalents, and short-term investments		111,100		157,800
Discontinued Operations | Bright HealthCare - Commercial | Level 2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash, cash equivalents, and short-term investments		$ 2,400		$ 22,600

DISCONTINUED OPERATIONS - Sch_4

DISCONTINUED OPERATIONS - Schedule of Purchase Price Adjustments (Details) - Discontinued Operations - California Medicare Advantage Business - USD ($) $ in Thousands	Jan. 01, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration subject to contingencies	$ 167,326
Indemnification period	18 months
Consolidation and Adjustment Escrow Amount
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration subject to contingencies	$ 100,000
TNE Closing Deficit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration subject to contingencies	57,326	$ 57,300
Indemnity Escrow Amount
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration subject to contingencies	$ 10,000

DISCONTINUED OPERATIONS - Sch_5

DISCONTINUED OPERATIONS - Schedule of Investment on Sale of Business (Details) - Discontinued Operations - California Medicare Advantage Business - USD ($) $ in Thousands	Jan. 01, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets	$ 647,254
Total liabilities	(323,038)	$ (699,758)
Investment in California MA Business	324,216
Corporate & Eliminations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets	$ 2,900

DISCONTINUED OPERATIONS - Sch_6

DISCONTINUED OPERATIONS - Schedule of Gain or Loss on Sale of Business (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 13, 2023	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain or loss on sale of California MA Business		$ (9,865)	$ (115,543)
Discontinued Operations | California Medicare Advantage Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of California MA Business	$ 500,000			$ 500,000	$ 600,000
Less: Portion of sale price subject to contingencies	(167,326)
Less: Investment in California MA Business	(324,216)
Less: Transactions costs contingent on closing of sale	(8,458)
Gain or loss on sale of California MA Business	$ 0
Gain or loss on sale of California MA Business			$ (115,543)

DISCONTINUED OPERATIONS - Sch_7

DISCONTINUED OPERATIONS - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination benefits	$ (58)	$ (766)
Long-lived asset impairments	0	880
Contract termination and other costs	$ 0	$ 187
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag	Total discontinued operations restructuring charges	Total discontinued operations restructuring charges
Discontinued Operations | California Medicare Advantage Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination benefits	$ 129	$ 2,965
Long-lived asset impairments	0	100
Contract termination and other costs	(508)	4,891
Total discontinued operations restructuring charges	$ (379)	$ 7,956

DISCONTINUED OPERATIONS - Sch_8

DISCONTINUED OPERATIONS - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 8,389
Net charges	(58)	$ 301
Cash payments	(2,400)
Ending Balance	5,931
California Medicare Advantage Business | Discontinued Operations
Restructuring Reserve [Roll Forward]
Beginning Balance	25,359
Net charges	(379)
Cash payments	(7,980)
Ending Balance	17,000
Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning Balance	8,389
Cash payments	(2,400)
Ending Balance	5,931
Employee Termination Benefits | California Medicare Advantage Business | Discontinued Operations
Restructuring Reserve [Roll Forward]
Beginning Balance	2,867
Net charges	129
Cash payments	(1,485)
Ending Balance	1,511
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Cash payments	0
Ending Balance	0
Contract Termination Costs | California Medicare Advantage Business | Discontinued Operations
Restructuring Reserve [Roll Forward]
Beginning Balance	22,492
Net charges	(508)
Cash payments	(6,495)
Ending Balance	$ 15,489

DISCONTINUED OPERATIONS - Sch_9

DISCONTINUED OPERATIONS - Schedule of Investment Securities (Details) - California Medicare Advantage Business - Discontinued Operations - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, Amortized Cost	$ 106,536	$ 150,939
Cash equivalents, Gross Unrealized Gains	0	0
Cash equivalents, Gross Unrealized Losses	(5)	0
Cash equivalents, Carrying Value	106,531	150,939
Available for sale:
Amortized Cost		22,776
Gross Unrealized Gains		0
Gross Unrealized Losses		(174)
Carrying Value		22,602
Held to maturity:
Amortized Cost	6,995	6,837
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(59)
Carrying Value	6,995	6,779
Total investments
Amortized Cost	113,531	180,552
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(5)	(233)
Carrying Value	113,526	180,320
Corporate obligations
Available for sale:
Amortized Cost		615
Gross Unrealized Gains		0
Gross Unrealized Losses		(11)
Carrying Value		604
Held to maturity:
Amortized Cost	117
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Carrying Value	117
U.S. government and agency obligations
Available for sale:
Amortized Cost		1,557
Gross Unrealized Gains		0
Gross Unrealized Losses		(100)
Carrying Value		1,457
Held to maturity:
Amortized Cost	6,878	6,503
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(59)
Carrying Value	$ 6,878	6,445
Certificates of deposit
Available for sale:
Amortized Cost		19,653
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Carrying Value		19,653
Held to maturity:
Amortized Cost		334
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Carrying Value		334
Mortgage-backed securities
Available for sale:
Amortized Cost		951
Gross Unrealized Gains		0
Gross Unrealized Losses		(63)
Carrying Value		$ 888

DISCONTINUED OPERATIONS - Sc_10

DISCONTINUED OPERATIONS - Schedule of Incurred Claims and Cumulative Paid Claims (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incurred but not reported (IBNR)	$ 115,235	$ 155,536
Total medical costs payable	157,601	157,903	$ 187,181	$ 116,021
Discontinued Operations | California Medicare Advantage Business | Bright HealthCare - Commercial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Claims unpaid	10,775	14,500
Claims adjustment expense liability	229	2,382
Incurred but not reported (IBNR)	4,777	14,999
Total medical costs payable	$ 15,781	$ 31,881

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	May 02, 2024	May 10, 2024	Mar. 31, 2024	Apr. 08, 2024	Oct. 02, 2023	Aug. 04, 2023
Restricted stock units
Subsequent Event [Line Items]
Granted (in shares)			0
Vesting period			3 years
Warrantholders Agreement
Subsequent Event [Line Items]
Warrant available to be issued (in shares)						1,700,000
Newly executed Warrantholders Agreement			$ 0
Secured Debt | Delayed Draw Term Loan | Line of Credit
Subsequent Event [Line Items]
Term loan commitment increase in an aggregate principal amount					$ 6,400
Subsequent Event | 2021 Incentive Plan
Subsequent Event [Line Items]
Shares authorized (in shares)	2,275,000
Subsequent Event | Restricted stock units
Subsequent Event [Line Items]
Granted (in shares)	2,400,000
Subsequent Event | Restricted stock units | Cliff
Subsequent Event [Line Items]
Granted (in shares)	1,600,000
Vesting period	3 years
Subsequent Event | Restricted stock units | Ratably
Subsequent Event [Line Items]
Granted (in shares)	900,000
Vesting period	3 years
Subsequent Event | Warrantholders Agreement
Subsequent Event [Line Items]
Warrant available to be issued (in shares)				1,113,563
Warrants issued (in shares)		742,375
Subsequent Event | Secured Debt | Delayed Draw Term Loan | Line of Credit
Subsequent Event [Line Items]
Term loan commitment increase in an aggregate principal amount				$ 30,000
Proceeds from Short-Term Debt		$ 20,000