The story of Oscar is interesting, and you could actually take in a lot of inspiration from it too.
When I visited their About page, the heading said – “We didn’t Create Oscar because we liked the Health Insurance.” The story actually goes in the opposite way.
We will read out their Startup story, and also about the struggles they had to face in making their first Half Profit this year.
Health Insurance Startup Oscar announces their First Half Profit
It was in the year 2012 when Mario Schlosser’s wife was passing through her pregnancy period. Both Mario and his wife were facing lots of troubles in finding the best obstetrician in the city. They were clueless about how to contact, and ways to get better care. During the same time, Mario’s friend Josh Kushner had to face a similar situation after he got an injury.
That’s when Mario and Josh realized that both the scenarios point towards one fact – the people have got no power in healthcare. During the same spring, they formed the Oscar Health.
Since then and till now, their only goal is to function like a Health Insurance company which is centered around the patient.
Recently, the Oscar Health team disclosed about the $5 million profit which they received on the $363 million net revenue in the first half of 2018. This figure is almost 3 times the Oscar collected during the first half of 2017, even though the profit is set to reduce during the end of 2018. That’s when the patients will do the expenses using the deductibles.
As per the Oscar data, they had a registration of 2,31,000 member compared to the 85,000 members in the previous year. The team believes in generating more than $1 billion gross revenue for 2018, along with keeping the medical ratio in the mid-80s.
Talking about the future goals, one of the Oscar spokespersons mentioned that, ‘The current focus of Oscar is to keep the customer in focus and follow a technology-driven method in adding more members to the Oscar family. Looking at the profit range in the first half of 2018 proves that the business is going on the right path as per the customer expectations.’