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Oscar Health, Inc. (symbol: OSCR) is a modern health insurance company dedicated to humanizing healthcare through technology, design, and data. The company offers a variety of health insurance plans tailored for individuals, families, and employees, aiming to provide a seamless healthcare experience. In addition to traditional health insurance, Oscar Health provides a range of services including virtual care, doctor support, appointment scheduling, and more. Notably, the company is also involved in the Medicare Advantage program, offering plans to adults aged 65 and older who are eligible for traditional Medicare but prefer private market plan coverage.
Recent Achievements and Projects
Oscar Health has been at the forefront of integrating advanced technology into healthcare, simplifying the user experience and making healthcare more accessible. The company has recently focused on expanding its virtual care services, allowing members to access medical professionals remotely. This innovation ensures that Oscar Health can provide continuous and efficient care, especially in times of increased demand for remote services.
Financial Condition and Partnerships
Backed by a renowned set of investors and advisors, Oscar Health has shown a robust financial standing. The company continues to invest in technology and expand its offerings, consistently looking for ways to improve and innovate. Collaborations with healthcare providers, technology firms, and other strategic partners have been pivotal in supporting its growth and enhancing service delivery.
Significance in the Industry
Oscar Health stands out in the healthcare industry for its commitment to improving the consumer experience. By focusing on user-centric design and data-driven solutions, the company addresses the frustrations many users face in the traditional healthcare system. This mission-driven approach has positioned Oscar Health as a disruptive force in the industry, dedicated to making healthcare more efficient, personalized, and accessible.
Oscar Health (NYSE: OSCR) announced that the Anahata Foundation, established by CEO Mark T. Bertolini, purchased 933,333 shares on the open market during the week of November 11, 2024. The company was not involved in these transactions. Bertolini expressed confidence in Oscar's future, highlighting the company's talent, products, and technology as key factors in transforming healthcare, particularly in making the individual market a preferred choice for Americans.
Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in New Jersey for 2025. The company will provide statewide coverage through the ACA marketplace, featuring Bronze, Silver, and Gold EPO plans. The offerings include $3 medications, dedicated concierge care teams, and a healthcare app. Oscar is also introducing a new employer solution allowing businesses with fewer than 50 employees to offer health benefits through tax-free contributions. The company's Hola Oscar Spanish-language experience boasts an NPS of 87.
Oscar Health reported Q3 2024 results with total revenue of $2.4 billion, up 68% year-over-year. The company posted a Medical Loss Ratio of 84.6% (up 80 bps) and improved SG&A Expense Ratio of 19.0% (down 360 bps). Net loss was $54.6 million, improving by $10.8 million, while Adjusted EBITDA loss was $11.6 million, an $8.7 million improvement. The company updated its 2024 outlook, raising revenue guidance to $9.2-9.3 billion and projecting net income profitability for the year. Total membership reached 1,654,284, primarily driven by Individual and Small Group growth.
Oscar Health (NYSE: OSCR) announced its expansion into North Carolina's greater Charlotte and Winston-Salem areas, offering health insurance through the ACA marketplace starting January 1, 2025. The company will serve 12 counties through a partnership with Atrium Health, providing Bronze, Silver, and Gold HMO plans. The offering includes medications for $3 or less, tech-enabled healthcare services, and access to Atrium Health's network of physicians, hospitals, and clinics. The service will be available during open enrollment from November 1 to January 15, 2025.
Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in Ohio for 2025, covering 32 counties starting January 1. The company will provide Bronze, Silver, and Gold HMO plans through the ACA marketplace, featuring $3 medications and specialized care options. New offerings include an employer-sponsored program and a multi-condition plan for diabetes, pulmonary, and cardiovascular disease management, promising 25% or more in savings. The plans include access to Cleveland Clinic networks and the Spanish-language Hola Oscar experience with an NPS of 87.
Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in Texas for 2025, covering 49 counties starting January 1. The company will introduce new affordable health plans through the ACA marketplace, including Bronze, Silver, and Gold EPO and HMO options. Key features include $0 virtual primary and urgent care, $3 medications, and dedicated concierge care teams. New solutions include a Guided Care HMO, employer offerings, multi-condition plans with potential 25% savings, and specialized diabetes care programs. The company is also expanding its Hola Oscar Spanish-language program, which maintains an NPS of 87.
Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in Kansas City for 2025 through the ACA marketplace. The company will provide Bronze, Silver, and Gold EPO plans featuring $3 medications, dedicated concierge care teams, and a healthcare app. The coverage will be available in 11 counties, with networks including major healthcare providers like The University of Kansas Health System and HCA Midwest facilities. Oscar is also introducing a new employer solution allowing businesses with fewer than 50 employees to offer health benefits through tax-free contributions. The company's Hola Oscar Spanish-language experience maintains an NPS of 87.
Oscar Health (NYSE: OSCR) announces expansion of its health insurance offerings in Tennessee for 2025 through the ACA marketplace. The company will provide Bronze, Silver, and Gold EPO plans featuring $3 medications, dedicated concierge care teams, and a healthcare app. A new solution, Oscar for Employers and Employees, allows businesses with fewer than 50 employees to offer benefits through tax-free contributions. The network includes major healthcare providers like Vanderbilt, TriStar Health, and Ascension Saint Thomas. Oscar's Spanish language service, Hola Oscar, maintains an NPS of 87.
Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in Florida for 2025, covering 30 markets starting January 1. The company will introduce affordable health plans through the ACA marketplace, including Bronze, Silver, and Gold EPO plans with features like $0 virtual primary care and $3 medications. New solutions include Buena Salud, a Spanish-first healthcare solution, and a multi-condition plan offering significant savings for managing diabetes, pulmonary, and cardiovascular diseases. The network includes major healthcare providers like AdventHealth, Memorial Healthcare System, and Baptist Health. Oscar's plans will be available through healthcare.gov, with options for both individuals and small businesses.
Oscar Health (NYSE: OSCR) announces expansion of its health insurance offerings in Iowa for 2025, covering 75 markets starting January 1. The company will provide Bronze, Silver, and Gold EPO plans through the ACA marketplace, featuring $3 medications, dedicated concierge care, and a healthcare app. New offerings include Oscar for Employers and Employees, allowing businesses with under 50 employees to offer benefits through tax-free contributions. The network includes major healthcare providers like Wayne County Hospital, Kossuth Regional Health Center, and MercyOne. Plans will be available in Spanish through Hola Oscar.
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