Oscar Health is a winner of FierceHealthcare's Fierce 15 awards. See our other honorees here.
Want to upend the insurance sector? Getting some big-name backers on board, such as Google's parent company Alphabet, is a good place to work from.
And that's exactly what led Oscar Health to continue growing and challenging legacy players in some of the most profitable spaces in the market, such as Medicare Advantage.
After receiving a $375 million infusion from Alphabet in August 2018, Oscar Health announced that it intended to launch its first MA plans, which were then unveiled in July 2019 and will initially reach customers in Houston and New York.
Oscar's tech-enabled platforms offer a variety of benefits that continue to lure customers away from traditional insurers, such as 24/7 access to a physician virtually and a dedicated Concierge team that manages a member's needs.
According to its most recent fact sheet, Oscar boasted 257,000 members across nine states in 2019, and its footprint in the Affordable Care Act exchanges grew for 2020.
Fierce insights from Oscar Health CEO Mario Schlosser
What is your best piece of advice for launching a healthcare company that challenges the status quo?
It will take three times as long as you think—but it will be worth it.
What is the failure you’ve learned the best lesson from?
In 2016, our medical loss ratio (MLR) was 120%, because we had grown too quickly and weren't yet controlling our infrastructure.
In 2017, we met every day on a rotating set of MLR improvement areas (everything from payment policies to network design to clinical management), and we took our MLR to the mid-80s two years later.
What is one change you predict in healthcare that people wouldn’t expect?
The large employer market will disappear, gradually and then suddenly.