Oscar Health, Inc. - OSCR STOCK NEWS

Oscar Health (NYSE: OSCR) has announced an expansion of its provider network in Nashville, TN, adding Vanderbilt University Medical Center (VUMC) and its affiliates to its in-network options. This initiative aims to enhance access to quality healthcare for members during the ongoing Open Enrollment period, with coverage effective from January 1, 2023. Oscar members will benefit from VUMC's extensive services and Oscar's digital health tools, including 24/7 access to virtual urgent care at no cost and Tier 1 prescriptions also at no cost.

Thrive Capital confirmed that its ownership of Oscar Health, Inc. (NYSE: OSCR) remains unchanged, as disclosed in its Schedule 13D filed on February 4, 2022. The firm holds 4,755,222 shares of Class A Common Stock, a number corrected due to a clerical error in prior filings that included shares of Class B Common Stock erroneously. Class B Common Stock is not classified as a Section 13(f) security. Thrive Capital plans to amend previous 13F filings to rectify this issue.

Oscar Health reported significant growth in Q3 2022, with membership increasing to 1,075,445, an 81% year-over-year rise. Direct and assumed policy premiums reached $1.7 billion, up 87% YoY, while premiums earned surged 116% to $954 million. The Medical Loss Ratio improved to 89.9%, down 980 bps YoY, and the Combined Ratio decreased to 110.6%. Despite a net loss of $194 million, this reflects an improvement of $18 million YoY. The company anticipates total profitability in 2024, a year earlier than expected, driven by operational efficiencies and higher membership.

Oscar Health expands its ACA Individual and Family plans in the Kansas City area, partnering with HCA Midwest Health, the region's largest healthcare provider. Beginning January 1, 2023, members will gain access to HCA's extensive network of over 50 locations, including hospitals and urgent care centers, enhancing healthcare accessibility. Oscar's offerings include $0 Virtual Urgent Care visits and Tier 1 prescriptions. The initiative aims to improve clinical outcomes, member experience, and reduce costs for a broader member base in the Kansas City region.

Oscar Health, Inc. (NYSE: OSCR) will release its third quarter 2022 financial results after market close on November 8, 2022. A conference call will follow at 5:00 PM (ET) to review the financials, with participation details provided. Oscar is recognized for leveraging a full stack technology platform to enhance member experiences, serving over one million members as of June 30, 2022. The company’s mission is to improve healthcare accessibility and affordability. Interested parties can access the archived call on the Oscar investor relations website.

Oscar Health, Inc. (NYSE: OSCR) announced the recipients of its Culturally Competent Care Grant Program, awarding $150,000 to three organizations enhancing healthcare access for underserved communities in the U.S. Each organization, including Bexa Equity Alliance, Light of the World Clinic, and Women's Reproductive Rights Assistance Project, will receive $50,000. This initiative aims to address gaps in culturally competent healthcare, recognizing the impact of social, cultural, and linguistic needs on health outcomes.

Oscar Health, Inc. (NYSE: OSCR) announced that Co-Founder & CEO Mario Schlosser and CFO Scott Blackley will present at the 2022 Wells Fargo Healthcare Conference on September 8, 2022, and the Morgan Stanley Global Healthcare Conference on September 12, 2022. Interested parties can access a webcast of the presentations on Oscar's investor relations website, where replay options will also be available. Founded in 2012, Oscar focuses on affordable health care through its technology platform and has served over one million members as of June 30, 2022.

Cigna Corporation and Oscar Health, Inc. are launching a new health insurance offering for small businesses in the Philadelphia area, effective January 1, 2023, pending regulatory approval. This initiative aims to provide affordable, member-first health insurance products and includes services like low-cost prescription coverage and access to Cigna's extensive network of healthcare providers. The partnership has already surpassed 50,000 members in its first half of operations, with promises of innovative health plans designed for small businesses.

Oscar Health reported significant growth in Q2 2022, with Direct and Assumed Policy Premiums rising to $1.7 billion, a 101% increase year-over-year. Premiums earned also grew by 88% to $995 million. Membership surged to 1,036,720, an 84% increase YoY. Despite these gains, the company posted a net loss of $112 million, up 39 million YoY, alongside an Adjusted EBITDA loss of $76 million. Key ratios improved, with Medical Loss Ratio at 82.2% and Administrative Expense Ratio at 19.5%. Oscar reaffirms its 2022 outlook for continued growth and improved profitability.