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Devoted Health has been one of the most prominent health insurance and provider startups of the past decade — founded and overseen by several alumni of former President Barack Obama’s administration.

But it has not turned a profit after five years of selling Medicare Advantage plans to older adults, according to a STAT analysis of Devoted’s financial filings. And Devoted isn’t sharing many details about its progress, either.

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Health insurance companies take a while to reach profitability because they need to enroll a lot of people, which then allows them to spread medical costs across a bigger pool. But Devoted’s persistent losses raise questions if it, too, will follow the paths of other younger, troubled insurance startups — like Alignment Healthcare, Bright Health, Clover Health, and Oscar Health — that have promised better care while collectively burning through billions of dollars. Most of those other companies have exited or scaled back their participation in various insurance programs, upending the health coverage of millions of people.

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