INSUBCONTINENT EXCLUSIVE:
Oscar Health, the upstart healthcare insurance company and technology developer, expects to have roughly 400,000 members insured under its
healthcare plans, who collectively will bring in roughly $2 billion in revenue for the company by the end of 2020, according to slides of a
presentation from the JP Morgan Healthcare conference seen by A Technology News Room.Those figures, based on the open-enrollment period
that just closed, would represent 50% growth both in membership and revenue for the healthcare provider co-founded by Mario Schlosser and
Joshua Kushner, founder of VC firm Thrive Capital and the brother of senior Trump advisor Jared Kushner.Earlier today, Oscar announced that
it was partnering with Cigna to provide services to small business owners
Essentially, Oscar can bring its technology-enabled healthcare services to small businesses in concert with the large healthcare networks
with which businesses are used to working.To date, Oscar counts around 375,000 individual members on its insurance plans, with another
20,000 coming through small-group insurance and the balance derived from Medicare Advantage customers, according to a person familiar with
pulling out of markets in Dallas-Fort Worth and New Jersey
From a footprint that encompassed New York, San Antonio, Los Angeles, Orange County and San Francisco, Oscar now expects to operate in 29
markets by the end of 2020.Fueling that expansion is prodigious capital infusions the company has received over the past few years
In all, Oscar Health has raised $1.3 billion to fulfill its vision of providing better healthcare services through technologies like a
mobile app for telemedicine, physician consultations, booking appointments, prescription refills and a more concierge-like healthcare
to buy health insurance when it launched in 2012, but is now looking to buoy its growth by adding more deals with insurance providers like
Cigna for small businesses.Ultimately, the company envisions a healthcare industry where employer-defined plans will disappear as more
tight relationship with providers like the Cleveland Clinic, become competitive advantages.
