Think of a time you needed a doctor. Maybe you had a bad ankle sprain or a stubborn illness, and getting the right help seemed like a maze of forms and confusing bills. That’s the experience that inspired Mario Schlosser, Josh Kushner and Kevin Nazemi to make something better. They named their company Oscar, after Kushner’s great-grandfather, a reminder of the personal touch they hoped to bring back to healthcare.
Schlosser and Kushner had seen how insurance companies could make life harder in stressful times. Their vision? A health plan that felt like a helping hand, not a bureaucratic obstacle. It would be tech-smart user-friendly, with a focus on people, not just policies.
In those early days, the healthcare system was like a towering giant, and Oscar was the scrappy upstart. But they believed technology could bring it back down to human scale. Their plans would offer an app to find a doctor, 24/7 virtual access to care, and the comforting simplicity of plain English, not confusing jargon.
Their message resonated. From individuals wanting more control over their health to companies wanting the best for their employees, Oscar became the alternative that people craved.
Oscar grew fast, like a good idea whose time has come. By 2015, they were in New York and New Jersey, showing the big guys how it’s done. More states followed, and more members joined. It wasn’t always easy, but they navigated the ups and downs with the same grit they wanted their members to feel when facing any health challenge.
Then, in 2020, something special happened. Oscar teamed up with Cigna Healthcare another healthcare giant, to bring even better plans to more folks. They raised a ton of money and made plans to go public, showing investors that a company with a heart could also be financially strong.
Today, Oscar Health is headquartered in New York and serves people all over the country. It’s not some faceless corporation; it’s got a team of 1,000 people who believe in the mission. It’s about giving you back control. It’s about doctor visits covered even on its most affordable plan, finding the best treatments near you, and even getting a little cash reward for staying active!
Oscar’s Financials
In May 2023, Oscar released its financial results for the first quarter of the 2023 fiscal year; the three months ending March 31, 2023. The company reported total revenues of $1.47 billion, up 51% year-over-year (YOY). The company reported a net loss of $39.8 million, which was an improvement compared to Q1 2022’s net loss of $75.2 million.
Oscar offers health plans in three insurance markets, including Individual and Small Group, Cigna + Oscar, and Medicare Advantage. It’s no surprise that the company generates most of its revenue from insurance premiums.
In March 2023, the company announced a new CEO, Mark Bertolini, who was the former chairman and CEO of Aetna, a CVS Health Company. Oscar still has the spirit of those first bold steps. They are always adding features, improving plans, and tackling the next big healthcare problem with innovation. Because at the end of the day, that’s what makes them heroes too.