Oscar Health Insurance was founded in 2012, with a completely new approach in a sphere of the health insurance industry. The company’s mission is to be centered around the patient while simplifying coverage and healthcare system. From the place of founding, the New York city, company expanded to nine states and gathers more than 250.000 individual members and small business.
These are the 10 facts you have to know about the Oscar Health Insurance company.
– Oscar Health Insurance company was founded in 2012, by Mario Schlosser, Josh Kushner, and Kevin Nazemi. The idea came from the CEO Mario Schlosser after his wife’s first pregnancy, when the couple faced many obstacles in navigating the health insurance. In the interview with Bloomberg, Mario Schlosser said: “it wasn’t really my first thought to think about the health insurance company when it came to how to navigate the system in front of me. That’s not what you think of first — you go and ask your friends, you Google it — you don’t think of necessarily gauging your insurance company and that felt like a big gap in the way the system works. The experience then was, what would this cost me, which pediatrician would I be able to find to take care of my kid once he’s born. Those are the things I couldn’t really answer.”
– In 2018 CNBC named Oscar Health insurance company as one of the top 50 “disruptors”. The company increased its overall membership by 250 percent comparing to 2017. With more than 260.000 members, Oscar Health is considered to be one of the fastest growing on the market.
– One of the many advantages Oscar Health offering to its clients is the option to schedule appointments through the Oscar app, and easily choose the medical institution. Oscar app is available to them with integrated step tracker. For every accomplished goal within the step tracker, users can receive Amazon awards up to $1, a total of 240$ per year.
– During the past years, Oscar Health increased the company funds and profit several times. According to CNBC, Google’s parent company Alphabet, Founders Fund and other companies attributed to the Oscar Health growth with $165 million in funding. The company valuation increased from $1.5 billion to $3.2 billion in 2015, and in 2016 for $2.7 billion.
– The company has free integrated telemedicine and personalized concierge team for members. Concierge is on a member’s disposal regarding any information and help members might have 24/7.
– Oscar Health Insurance company was founded in New York. Not long after, the fast-growing company expanded the business to New Jersey, Los Angeles and Orange County in California, San Antonio, San Francisco, Nashville, Cleveland, Arizona, Florida, and Michigan. In 2019, the company is expecting to expand to markets in Tennessee, Ohio, and Texas.
– According to the CNBC news, Oscar Health representatives believe that the company can reach the insurers like Aetna and UnitedHealth. The number of members is growing constantly and the company is focused on gaining more consumer trust.
– The idea for founding the Oscar Health Insurance company came initially as a goal to improve individual health insurance experience. The company mission is “to be a health insurance company centered around the patient”.
– CEO of the company, Mario Schlosser stated for the CNBC that the Oscar Health’s approach “everything [built] in house” earned the company’s valuation. However, health insurance specialists are claiming that the company still has to prove its valuation. In the interview for the CNBC, consultant Ari Gottlieb said: “While startup insurers have the potential to show massive revenue growth, underlying profitability for companies that actually have viable businesses is limited through market forces and regulatory requirements.”
– Although the company has been very successful since 2012, Oscar Health had some financial struggles. In 2015, Oscar Health lost $115 million, decreased its presence in Dallas, and left ACA markets in New Jersey. The latest loss was a $57.6 million in 2017.