Oscar Health came in with a bold plan to reform healthcare in the U.S. when it launched in 2013. The idea was to sell insurance through exchanges via the Affordable Care Act, thus lowering the cost and making the process easier for folks without insurance to get on it.
And that plan seems to have worked out well for the startup (if you can call it that). Oscar Health is now worth $2.7 billion and has expanded from its New York base to New Jersey, Texas and California, helping to top it off at more than 150,000 individual customers last year.
And despite co-founder Josh Kushner’s White House ties (his brother Jared, is both married to Ivanka Trump and one of President Trump’s right-hand men), that model looked a bit dicey in March as the GOP tried to repeal Obama’s legacy bill. Though the attempt died in Congress, the threat of repeal still looms large — on Sunday Trump tweeted out, “Anybody (especially Fake News media) who thinks that Repeal & Replace of ObamaCare is dead does not know the love and strength in R Party!”
Oscar has largely benefitted from the ACA and there’s been speculation a GOP-planned evisceration could send the company reeling. Knives and forks were already out when Bloomberg reported the company had lost $204 million. But co-founder and CEO Mario Schlosser seems optimistic.
Oscar has recently rolled out an enterprise play in New York, helping onboard mid-size companies who need to provide insurance for employees — a very different path than individual exchanges. And the company has gone deep on select health systems, helping it to open in those new markets and grow more than triple in the last year.
The company now has more than $700 million in its coffers from VC and Schlosser recently revealed the U.S. Government owes the company somewhere in the neighborhood of $200 million.
Schlosser has agreed to talk about his plans moving forward on stage with us at TechCrunch Disrupt NY this May and we are looking forward to asking him about redefining health care in America — with or without Trumpcare on the way.
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