Since being founded in NYC in 2012, insurtech Oscar Health has brought over 400,000 members on its various healthcare plans and is expected to see roughly $2b in revenue by the end of 2020. Not bad for a relative newcomer to the long-standing and very traditional health insurance industry.
The company was co-founded by Mario Schlosser and Joshua Kushner with the aim of providing a better way for individuals, and eventually small businesses, purchase, access, and manage their health insurance and healthcare needs. So far, the company has been successful at achieving this goal, offering everything from telemedicine, physician consultations, appointment bookings, prescription refills and more through its mobile app.
Schlosser, the company's CEO, says he first came up with the idea for Oscar during his wife’s pregnancy. He told Bloomberg, "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."
While originally aimed more at individual consumers looking for individual health insurance plans, Oscar Health recently partnered with Cigna to provide commercial health insurance offerings to small businesses. The company is also partnered with other digitally based startups in healthcare, like Capsule Pharmacy, a mobile pharmacy which enables fast prescription ordering and delivery.
Oscar Health is also working to respond and show up for its customers during the spread of COVID-19. The company has released a number of tools that are available to its customers via its platform, including an at-home risk assessment survey, complete with assessment recommendations and the first testing centre locator available to consumers.
To date, Oscar Health has raised over $1.3b from investors like Alphabet, Founders Fund, Capital G, and Verily.
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