GoHealth

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GoHealth
Private
IndustryHealthcare
Founded2001; 23 years ago (2001) in Chicago, Illinois, United States
Founder
  • Clint Jones
  • Brandon Cruz
HeadquartersChicago, Illinois
Area served
United States
Key people
  • Clint Jones (CEO)
  • Brandon Cruz (Co-executive Chairman)
  • Jim Sharman (President)
Products
  • Medicare Advantage
  • MediGap
  • Medicare Part D
  • Individual Health Insurance
  • Short-term Health Insurance
Websitegohealth.com

GoHealth provides its customers help with selecting and enrolling in Medicare plans, such as Medicare Advantage, MediGap and Medicare Part D, nationwide. It is considered one of the larger brokerages for Medicare Advantage plans.[1] [2] The company’s licensed agents provide this service over the phone as they help people evaluate plan options and available tax subsidies.[3] GoHealth also operates an online health insurance marketplace offering non-Medicare beneficiaries, family insurance, individual health insurance, and short-term health insurance plans from over 300 private insurance carriers nationwide.[4][5]

GoHealth was named one of the few government-approved exchanges by the Obama administration to help people enroll in subsidized health insurance plans.[6] In 2013 following the launch of HealthCare.gov, it appeared as the first private marketplace to enroll subsidy-eligible people in Obamacare plans over the phones, received by the influx of hiring within their call centers.[7] [8]

The company employs licensed Medicare and health insurance agents in Chicago, Illinois,[9] Charlotte, North Carolina,[5] and Lindon, Utah.[10] It also operates abroad in Bratislava, Slovakia following an acquisition of a small technology company in 2015.[11]

History

GoHealth, originally named Norvax, Inc., was founded in 2001 by Clint Jones and Brandon Cruz with a $10,000 total investment. The business initially focused on creating custom websites and lead management software for insurance brokers.[12] [13]

In 2008, then-company Norvax, Inc. offered comparison shopping for 70 health insurance carriers on gohealthinsurance.com.[14]

In 2009, Norvax, Inc. re-branded to GoHealth.[15]

In 2012, GoHealth received a $50 million investment from Norwest Equity Partners.[12] [3]

In 2013, GoHealth was appointed by the federal government and HealthCare.gov to enroll eligible consumers from 36 states in subsidized health exchange-based plans, made available under the Patient Protection and Affordable Care Act, otherwise known as Obamacare.[16] [17]

In 2013, GoHealth closes a deal for 90,000 sq. ft. in Merchandise Mart, expanding its Chicago locations to four.[18]

In 2015, a partnership with ADP was formed to help employees that did not have health insurance coverage through their workplace, find subsidized health plans.[19]

In 2016, GoHealth opened a sales center in Charlotte, North Carolina.[5]

In 2018, GoHealth opened a sales center in Lindon, Utah.[10]

In 2019, Centerbridge Partners LP made a majority stake investment in GoHealth, with a valuation of approximately $1.5B.[1] [20] [21] The purchase is now the largest of any Chicago-based technology company within the previous five years.[22] The deal lands GoHealth unicorn status.[23] Norwest Equity Partners continues to retain a stake in GoHealth.[24] Co-founders, Jones and Cruz, will continue to hold substantial equity stake.[4]

Acquisitions

In 2015, GoHealth acquired software development company Creatix, based in Bratislava, Slovakia. The terms of the agreement are not available.[11]

In the media

        

References

  1. ↑ 1.0 1.1 "Buyout firm Centerbridge makes major investment in GoHealth". Reuters. 2019-08-19. Retrieved 2020-05-07.
  2. ↑ "Affordable Care Act a boon to Chicago's GoHealth". Crain's Chicago Business. 2018-10-25. Retrieved 2020-05-07.
  3. ↑ 3.0 3.1 "With Obamacare Still In Play, GoHealth Lands $50M For Health Insurance Comparison Shopping". TechCrunch. Retrieved 2020-05-07.{{cite web}}: CS1 maint: url-status (link)
  4. ↑ 4.0 4.1 Williams, Jordan. "Centerbridge said to be close to $1.5bn GoHealth deal | AltAssets Private Equity News". Retrieved 2020-05-07.
  5. ↑ 5.0 5.1 5.2 Fahey, Ashley (Oct 24, 2016). "GoHealth Insurance opens Charlotte office, adds 500-plus jobs". Charlotte Business Journal. Retrieved 7 May 2020.{{cite news}}: CS1 maint: url-status (link)
  6. ↑ "Picture of health". Crain's Chicago Business. 2014-11-15. Retrieved 2020-05-07.
  7. ↑ Mangan, Dan (2013-11-25). "Do not pass HealthCare.gov: New workaround for Obamacare enrollment". CNBC. Retrieved 2020-05-07.
  8. ↑ Coombs, Bertha (2013-09-30). "Call centers standing by for Obamacare boost". CNBC. Retrieved 2020-05-07.
  9. ↑ "Take the first look inside the new GoHealth digs". chicagotribune.com. Retrieved 2020-05-07.
  10. ↑ 10.0 10.1 "GoHealth Expands Business Operations in Utah". Utah Governor's Office of Economic Development. 2018-06-14. Retrieved 2020-05-07.
  11. ↑ 11.0 11.1 "GoHealth buys software firm". Crain's Chicago Business. 2015-09-01. Retrieved 2020-05-07.
  12. ↑ 12.0 12.1 "GoHealth's remedy for health-plan headaches". Modern Healthcare. 2012-11-12. Retrieved 2020-05-06.
  13. ↑ "GoHealth". Crunchbase. Retrieved 6 May 2020.{{cite web}}: CS1 maint: url-status (link)
  14. ↑ Blankenhorn, Dana. "What a competitive health insurance market looks like". ZDNet. Retrieved 2020-05-06.
  15. ↑ Zimmerman, Eilene (2013-03-27). "6 companies cashing in on Obamacare". CNNMoney. Retrieved 2020-05-06.
  16. ↑ reporter, Peter Frost, Chicago Tribune. "GoHealth gets OK to sell subsidized health insurance". chicagotribune.com. Retrieved 2020-05-06.{{cite web}}: CS1 maint: multiple names: authors list (link)
  17. ↑ "We're now entering the post-HealthCare.gov phase of Obamacare". VentureBeat. 2013-11-27. Retrieved 2020-05-07.
  18. ↑ "GoHealth eyes new office in Merchandise Mart". Crain's Chicago Business. 2013-08-08. Retrieved 2020-05-06.
  19. ↑ Tracer, Zachary (6 August 2015). "ADP Helps Firms Set Up Their Own Health Insurance Market". www.bloomberg.com. Retrieved 2020-05-06.{{cite web}}: CS1 maint: url-status (link)
  20. ↑ "GoHealth acquired by Centerbridge Partners LP". Crunchbase. Retrieved 7 May 2020.{{cite web}}: CS1 maint: url-status (link)
  21. ↑ "GoHealth Receives Investment at Reported $1.5B Valuation". Built In Chicago. Retrieved 2020-05-07.
  22. ↑ "Private-equity firm buys control of GoHealth in $1.5 billion deal". Crain's Chicago Business. 2019-08-19. Retrieved 2020-05-07.
  23. ↑ "GoHealth joins a thin Chicago unicorn herd". Crain's Chicago Business. 2019-08-20. Retrieved 2020-05-07.
  24. ↑ Beltran, Luisa (17 September 2019). "Norwest Equity Partners closes GoHealth sale to Centerbridge". Retrieved 7 May 2020.{{cite news}}: CS1 maint: url-status (link)

External Links

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