Oscar Health provides health insurance plans for individuals, families, and small businesses, aiming to simplify the insurance experience through technology. Their services include 24/7 virtual care, allowing members to consult healthcare providers anytime, which is convenient for those needing immediate medical advice. Oscar also offers tools to help members find in-network doctors, hospitals, and pharmacies, enhancing access to care. Unlike traditional insurers, Oscar focuses on user engagement and digital accessibility, ensuring their services are inclusive for all, including people with disabilities. The company's goal is to make healthcare more accessible and affordable while maintaining high-quality care.

Lakestar

Thrive Capital

BoxGroup

General Catalyst

Red Swan Ventures

General Catalyst Partners

Founders Fund

Khosla Ventures

Breyer Capital

Stanley Druckenmiller

Formation 8

Velos Partners

Tiger Global

Coatue Management

Dragoneer Investment Group

Goldman Sachs Asset Management

Google

CapitalG

Horizons Ventures

Jim Breyer

Verily

Ping An Ventures

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Fidelity Investments

Goldman Sachs

Baillie Gifford

Horizon Ventures

Wellington Management

Fintech

Healthcare

Oscar Health

Oscar Health partnered with Cigna in 2020 to provide group insurance to small-and mid-sized businesses and gain access to its provider network.

Ex-Aetna CEO calls for end to employer-based health coverage

Pittsburgh’s fintech sector just received a $6 million boost and the funds could transform how many small businesses provide health benefits.StretchDollar, an insurance fintech startup with dual headquarters in Pittsburgh and San Francisco, announced a $6 million seed funding round on Tuesday led by Fika Ventures and Oscar Health. The company, now worth an undisclosed amount, says it’ll use the funds to improve its platform and possibly further its Pittsburgh presence after CEO Marshall Darr moved to the city earlier this year.“Right now, we’re focusing on expanding our marketing and engineering teams, with more roles likely opening after the new year,” Darr told Technical.ly. While the small company is committed to being remote-first, “I’d love to have more colleagues nearby, so while there’s nothing concrete, an office in Pittsburgh is definitely a possibility,” he said.Launched September 2023, StretchDollar offers small businesses a platform to contribute pre-tax funding directly to employee-owned health plan premiums. Just last month, the company grew its customer base by 25% and is on track to end 2024 with over 200 small businesses using the platform, according to Darr.The whopping $6 million raise demonstrates the rise of the platform, too. In 2023, the median seed round raise was just $1 million and climbed slightly to $1.3 million in the first half of 2024, according to startup data website Crunchbase.“We’re growing rapidly because there’s a gap in the market,” Darr said.The decision to make Pittsburgh one of StretchDollar’s homes poises it for growth — but was originally a personal decision, Darr said. His wife accepted a physician position at healthcare provider UPMC and they moved to the region from Philly in May, which is when the company’s presence in Pittsburgh officially began.The fintech market in Pittsburgh is both diverse and dynamic, including major multi-billion-dollar institutions like PNC and BNY Mellon, as well as growing local startups like payment services Affirm and Pineapple Payments

Stretchdollar Raises A $6M Seed, With Plans For Growth At Its New Pittsburgh Hq

ICHRA-focused StretchDollar raises $6M with help from Oscar Health.

ICHRA-focused StretchDollar raises $6M with help from Oscar Health

As digital tools and technology become an integral part of healthcare, two key players — GoodRx and Oscar Health — are making strides in the industry. Both companies have demonstrated solid financial performance while focusing on enhancing digital engagement and improving accessibility to healthcare services. Despite facing challenges, each is carving its niche by prioritizing consumer-centric innovations to assist patient interactions with their healthcare systems. GoodRx by the Numbers. Third-quarter financial results for GoodRx saw an 8% increase in revenue, to $195.3 million, driven by a 4% rise in prescription transactions revenue and sparked by a 7% increase in monthly active consumers. Subscription revenue declined 8%, to $21.3 million, due to the sunset of the Kroger Savings Club partnership formed in 2018

Goodrx Focuses On Affordability While Oscar Health Expands Market Amid Digital Growth

The U.S. healthcare system is a thorny, complex and at times highly inefficient ecosystem.Against this backdrop, new disruptive healthcare technologies and platforms are stepping in to make a healthier life accessible and affordable — a group of digital-first businesses among which Oscar Health counts itself.On Wednesday (Aug. 7), during Oscar’s earnings call for the second quarter ended June 30, executives stressed to investors that the company’s focus on features aimed at improving the user experience, increasing efficiency and providing value-added services is paying off.“Oscar reported strong second quarter results, closing out the best six months in the company’s history,” said Mark Bertolini, CEO of Oscar Health. “We continued to report robust revenue growth, improved operating margin, and strong bottom line performance. Based on our outperformance in the first half of the year, we updated our full year 2024 guidance. We are well-positioned to deliver on our target for Adjusted EBITDA profitability this year.”The company’s total revenue was $2.2 billion in the most recent quarter, up 46% year over year (YoY), driven primarily by higher membership and rate increases, and partially offset by higher risk adjustment as a percentage of premiums.The results represented Oscar Health’s second consecutive quarterly net profit in the company’s 12-year history as it pushes further into the individual and small group health insurance market.Although Oscar lost its 1,800 Medicare Advantage members as a result of leaving the market, the company has been able to gain more than half a million (600,000) in its individual and small group offering YoY, bringing the total in that segment to 1,522,432.The total membership for Oscar’s co-branded partnership with Cigna fell by just under 10,000 members YoY.Read more: Oscar Health Aims to More Than Double Membership by 2027Oscar Health’s Digital Strategy to Grow its MembershipBertolini emphasized to investors on Wednesday’s earnings call that Oscar witnessed growth in 80% states in which it operates

Personalized Digital Campaigns Drew 600,000 Members To Oscar Health

Allspring Global Investments Holdings LLC invests $4.12 million in Oscar Health, Inc. (NYSE:OSCR).

Allspring Global Investments Holdings LLC Invests $4.12 Million in Oscar Health, Inc. (NYSE:OSCR)

Oscar Health reportedly aims to expand its presence in the employer market by providing more affordable health plans for small- and medium-sized businesses (SMBs).Using its position in the Affordable Care Act market, Oscar Health aims to compete with larger insurers and increase transparency on pharmacy benefits, CNBC reported Friday (June 7).Oscar Health CEO Mark Bertolini told CNBC that increasing transparency on pharmacy benefits is crucial in holding down costs for employers and patients. By implementing plan designs and underwriting the group, Oscar Health aims to ensure that employees are enrolled in the most suitable plans.The move into the employer market is part of Oscar Health’s strategy to grow its membership from 1.5 million to approximately 4 million by 2027, according to the report. The company has set a target of achieving around 20% annual revenue growth over the next three years, with projected earnings of $2.25 per share in 2027.Bertolini’s experience as the former CEO of Aetna has provided him with deep knowledge of how large insurers and pharmacy benefit managers (PBMs) operate, the report said. Last year, he played a key role in negotiating more favorable terms on Oscar Health’s PBM contract with CVS Health’s Caremark division, enabling the company to control medical costs on its plans. The contract with CVS Caremark is set to run through 2026.Bertolini is also closely monitoring how health insurer Blue Shield of California implements its potentially disruptive PBM model, per the report. Blue Shield has contracted with a smaller PBM firm and plans to use Mark Cuban’s Cost Plus Drugs and Amazon Pharmacy as its preferred pharmacy networks starting in 2025

Oscar Health Aims To More Than Double Membership By 2027

Insurance platform Oscar Health recorded its first-ever net profit amid record customer enrollment in Affordable Care Act plans. During an earnings call Tuesday (May 7), CEO Mark Bertolini said that total plan membership was up 42% during the quarter as “Obamacare” enrollment soared. “The ACA now has more than 21 million people enrolled and is the fastest growing health insurance segment, driven by the gig economy, consumerization and government policies,” Bertolini told analysts. “The market has reached a size that makes it a permanent, attractive option supporting our country’s most diverse and vulnerable populations, filling a critical gap in the insurance market.”

Oscar Health: Gig Workers Drive Record Jump In ‘Obamacare’ Enrollment

Public Employees Retirement System of Ohio makes new $168,000 investment in Oscar Health, Inc. (NYSE:OSCR).

Public Employees Retirement System of Ohio Makes New $168,000 Investment in Oscar Health, Inc. (NYSE:OSCR)

Capula Management Ltd invests $781,000 in Oscar Health, Inc. (NYSE:OSCR).

Capula Management Ltd Invests $781,000 in Oscar Health, Inc. (NYSE:OSCR)

Health insurance provider using technology

Oscar Health

Health insurance provider using technology

Oscar Health

Health insurance provider using technology

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