InsurTech Oscar Health is launching +Oscar, a “tech-driven platform business designed to help healthcare clients drive improved efficiency, growth and superior engagement with their members and patients.” An InsurTech aims, through the use of technology, to disrupt the health insurance industry.
“We have built Oscar from day one with an eye toward using our technology to power as much of the healthcare ecosystem as possible,” Oscar Co-Founder and CEO Mario Schlosser said in a Tuesday (April 20) press release. The new product, he said, “will serve as a critical growth driver for our business in the years to come.”
The new business unit will be overseen by Meghan Joyce, who has been with Oscar Health since 2019 and helped launch Virtual Primary Care and the Cigna+Oscar small group product, per the release. She will be responsible for the growth and expansion of the +Oscar business.
“Oscar’s superpower has always been member engagement,” said Joyce, now chief operating officer of +Oscar. “We have a proven track record with the Oscar insurance business and are excited to offer our member engagement services to others across the U.S. healthcare ecosystem.”
The company said the Oscar “team is able to operate nimbly and continuously deploy new code to meet customers’ needs.” The cloud-based service can serve clients in the individual, Medicare advantage and group business lines of health insurance, the company said.
Last month, Oscar Health raised $1.4 billion in an initial public offering (IPO) of stock, gaining a $7.9 billion valuation.
The technology company was co-founded by Joshua Kushner along with Schlosser and Kevin Nazemi, a former Microsoft executive. Kushner, also the founder and managing partner of Thrive Capital, is the brother of Jared Kushner, former President Trump’s son-in-law.
Thrive’s stake in Oscar Health is worth about $1.3 billion and has nearly 76 percent of the company’s voting power. The company said Oscar has over 500,000 clients in 18 states.
However, the startup lost $400 million on $460 million in revenue last year.