Oscar Health has announced a milestone achievement, recording its first quarterly profit since its inception in 2012. The health insurance startup reported a substantial $177 million profit for the first quarter, with total revenue soaring to $2.1 billion, marking a 46% increase compared to the previous year.
This significant growth is primarily attributed to an impressive increase in membership, which surged by more than 40% to reach 1.44 million members. Oscar credits its success to its innovative approach as the first healthcare company to build its services around a comprehensive technology platform dedicated to meticulously serving its members. The company aims to make healthier living accessible and affordable with its ACA plans.
In the fall of 2023, Oscar announced its 2024 market expansion efforts for its Individual and Family Plans. The expansion puts Oscar in 18 states and 512 counties and expands its presence in Arizona, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, North Carolina, Ohio, Oklahoma, Tennessee, Texas, and Virginia. The expansion improves access to care in underserved and rural markets through Oscar’s consumer-focused technology platform. Through the expansion, Oscar has become a market leader in states like Ohio, Georgia, Missouri, Kansas, and Florida.
With the announcement, CEO Mark Bertolini emphasized Oscar’s core philosophy: “Oscar’s north star has and always will be about making great care cost less.”
Bertolini also highlighted the company’s dedication to meeting members’ needs through robust technological solutions. These solutions allow for swift adaptation and personalized care, challenging the traditional one-size-fits-all healthcare model and empowering members to take control of their healthcare decisions.
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