Health Insurance Startup Oscar announces their First Half Profit

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.

Health Insurance Startup Oscar announces their First Half Profit

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.’

What things should I consider for the Friday’s Employment Report?

The U.S government releases a monthly report called the Employment Report which shows the condition of the labor market. This is nothing but a way of knowing how much employment is increasing, and the market is improving in terms of the number of jobs.

But still there is a good percentage of people who don’t know how to analyse this Friday’s Jobs Report. This article will help you in understanding this basic thing.

Things to Consider for Friday’s Employment Report

Employment Report

During the tenure of the Mr. Barack Obama, America was producing 1,87,000 jobs on a monthly average. But now, with the Donald Trump’s undertaking, the average has fallen down to 1,62,000 jobs in a month. Currently, we are expecting to see a 1,72,000 jobs getting added to the payrolls.

Following are the points that you need to check once the Employment Report is released.

a) Rate of Unemployment

This is the key element for which the Employment Report has been generated. You will get to know how many people are turning jobless comparing the number with the past employed people. When we say a percentage of the people is unemployed, then it is always in the relation to the employed people.

Also, the lack of skillful workers affects the unemployment rate too.

b) Sale Reports

Did you know almost 51K people have lost their jobs due to the reduction in the retail sector?

This is because of the rise in online shopping which has led many people to give in retail stores. Because of which, people are closing down the shops due to the low business. The recent Amazon-Whole Foods deal stands as a strong example which shows the increase in the online business.

c) Is the Factory Focus going right?

Umm.. well Factory Focus is a subjective thing altogether still it points to a specific info only. According to the changes happening around in the market based on the technology and market updates, you may experience a whole new reform in the way people are recruited and assigned the job.

For example, with the rise in the technology, the number of job creation has reduced. Machines do the job, and the manpower has declined. This results in the decrease in the vacancies and eventually reflects in the Employment Report.

d) Wage Growth

That’s an easy term there. But when we talk for a billion population, the analysis and understanding the wage revisions take a whole new dimension. The recent reports have not shown much rise in the Wage Growth, even though the unemployment rate is reduced to 5% than the previous report.

So, these 4 Key Elements are the things that matter the most in the Employment Report. Hope you guys enjoyed reading it throughout! Share among your friends.