Oscar Health Introduces a New Healthcare Experience to Individuals and Families in North Carolina

Rhea-AI Summary

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.

Positive

• Expansion into 12 new counties in North Carolina
• Strategic partnership with Atrium Health network
• High member satisfaction ratings compared to other health plans

Negative

• None.

Insights

Market Research Analyst

The expansion into North Carolina's Charlotte and Winston-Salem markets represents a calculated growth strategy for Oscar Health, targeting a significant population base. With $4.06B market cap, this move into 12 new counties through the ACA marketplace could meaningfully impact revenue growth starting 2025.

The partnership with Atrium Health, a dominant regional healthcare provider, offers strategic advantages. The collaboration provides access to an established network of healthcare facilities and professionals, reducing market entry barriers and potentially accelerating member acquisition. The focus on tech-enabled services and customized healthcare experiences aligns with current market trends toward digital health solutions.

However, the delayed implementation until 2025 means immediate financial impact will be Success will depend on competitive pricing, network efficiency and member acquisition in a market where established insurers already operate.

NEW YORK--(BUSINESS WIRE)-- Oscar Health, Inc. (“Oscar”) (NYSE: OSCR), a leading healthcare technology company, today announced it is entering the greater Charlotte and Winston-Salem areas of North Carolina to bring the Oscar experience to individuals and families through the ACA marketplace in 2025.

Oscar is introducing easy, affordable health insurance¹ options with:

• Services built around personal health needs and cultural preferences
• Atrium Health’s high-quality networks that fit with their schedules, neighborhoods and more
• Technology solutions to help members make informed choices about their health

The Oscar experience will be available in 12 North Carolina counties starting Jan. 1, 2025, including Anson, Cabarrus, Cleveland, Davidson, Davie, Forsyth, Lincoln, Mecklenburg, Stanly, Union, Wilkes and Yadkin counties. Oscar's network in these areas is centered around Atrium Health and Atrium Health Wake Forest Baptist physicians, hospitals and clinics, offering access to the health system’s broad array of clinical experts and specialties, including its virtual care options.

“Oscar is proud to serve individuals and families in North Carolina as they shop for health insurance this year,” said Dennis Hillen, Senior Vice President, Market Development, Oscar Health. “Everyone should be able to have control over what they buy and how they use their healthcare – with straightforward costs. Our goal is to empower individuals and families to pursue a healthy life on their terms.”

Oscar ranks high in member satisfaction. Friends and family are more likely to recommend Oscar than any other health plan². At HealthCare.gov, ACA enrollees can select from Oscar’s plans, including:

• Affordable Plans: Bronze, Silver and Gold HMO plans that work within any budget – with access to Atrium Health primary care and specialty providers
• Easy-to-Access Pharmacy and Wellness Benefits: Medications for $3³ or less, and even lower costs for people managing specific conditions
• Personal, Tech-Savvy Experiences: A healthcare app worth using and access to dedicated care teams that understand a member’s health needs, can schedule appointments and help them get the most out of their benefits.

“Atrium Health has established itself as the most preferred and most trusted provider of healthcare in the Carolinas,” said Michael Parkerson, Chief Managed Health Officer of Advocate Health, of which Atrium Health is a part. “Whether delivering care inside our walls or virtually in the comfort of a patient’s home through our advanced suite of telemedicine capabilities, our mission is based on making the highest-quality care accessible for all. We welcome the opportunity to serve Oscar’s members in our North Carolina service areas.”

Open enrollment runs from Nov. 1 to Jan. 15 2025.

About Oscar Health

Oscar Health, Inc. (“Oscar”) is a leading healthcare technology company built around a full-stack technology platform and a relentless focus on serving our members. We have been challenging the status quo in the healthcare system since our founding in 2012 and are dedicated to making a healthier life accessible and affordable for all. Oscar offers Individual & Family plans and health technology solutions that power the healthcare industry through +Oscar. Our technology drives superior experiences, deep engagement and high-value clinical care, earning us the trust of approximately 1.6 million members, as of June 30, 2024.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our business prospects and our management’s plans and objectives for future operations, expectations and business strategy. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict and generally beyond our control. Although management believes the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission (“SEC”), and our other filings with the SEC. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Any forward-looking statement speaks only as of the date as of which it is made and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

¹ HMO products are offered by Oscar Health Plan of North Carolina, Inc.
² Net promoter score (NPS) for Oscar members as of 1Q24.
³ Except for standard plans.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104966321/en/

Media:

Oscar Health

Kristen Prestano

VP of Communications

press@hioscar.com

Atrium Health

media@atriumhealth.org

Source: Oscar Health, Inc.

FAQ

When will Oscar Health (OSCR) begin operations in North Carolina?

Oscar Health will begin operations in North Carolina on January 1, 2025.

Which North Carolina counties will Oscar Health (OSCR) serve in 2025?

Oscar Health will serve 12 counties: Anson, Cabarrus, Cleveland, Davidson, Davie, Forsyth, Lincoln, Mecklenburg, Stanly, Union, Wilkes and Yadkin.

What types of health plans will Oscar Health (OSCR) offer in North Carolina?

Oscar Health will offer Bronze, Silver, and Gold HMO plans through the ACA marketplace.

When is the open enrollment period for Oscar Health's (OSCR) North Carolina plans?

The open enrollment period runs from November 1 to January 15, 2025.