Senior Network Specialist

The U.S. healthcare sector has undergone a rapid digital transformation in recent years, driven by a combination of regulatory shifts, consumer demand and technological advancements.The pandemic accelerated the adoption of telemedicine, remote monitoring and artificial intelligence (AI)-driven diagnostics, making digital health an essential component of modern care delivery.Against that backdrop, healthcare technology company Oscar Health reported positive fourth-quarter 2024 and full-year financial results Tuesday (Feb. 4), stressing to investors that as consumers expect on-demand, tech-enabled healthcare experiences, Oscar Health’s digital-first strategy aligns with broader market trends.“Oscar capped the strongest year of financial performance in company history,” said Mark Bertolini, CEO of Oscar Health. “Our strong top and bottom line performance, all-time-high-membership and consistent execution demonstrate our ability to deliver sustained profitable growth.”The company’s total revenue for the 2024 fiscal year was $9.2 billion, marking a 56.5% increase from the previous year. Oscar reported a $25 million profit for the year, despite losing $153.5 million in the fourth quarter.Since its founding in 2012, Oscar had yet to turn a profit for a full year. The question now is whether Oscar can continue to execute its vision profitably while maintaining its commitment to innovation.The company’s stock is trading down nearly 18% after hours as of reporting.Read more: Unlocking the Future of Digital Health at the World Economic ForumThe Rise of Digital Health Represents an Industry ShiftThe healthcare industry sits at the intersection of innovation and evolving patient expectations.Oscar Health’s focus on leveraging technology to enhance member experiences and streamline operations has been central to its strategy

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

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