Oscar Health Inc. (OSCR) is a startup 澳洲幸运5官方开奖结果体彩网:health insurance company that uses technology to differentiate it from traditional insurance providers to provide affordable, high-quality healthcare to individuals. It offers health plans in three insurance markets: Individual, Small Group, and Medicare Advantage.

The company has over 1 million members in 577 counties across 20 states. These plans offer access to free doctor-on-call services, free care team services, 24/7 access to a provider, and no referral requirement to see specialists, as long as they are in-network.

The company's calling card is accessible healthcare services complete with concierge health services and assistance with choosing an insurance plan. Oscar's members even receive cash incentives (up to $100 per year) for keeping up with their daily step count, as the app can link up to many smart pedometers and watches.

Oscar's Financials

In May 2023, Oscar released its financial results for the first quarter of the 2023 澳洲幸运5官方开奖结果体彩网:fiscal year; the three months ending March 31, 2023. The company reported total revenues of $1.47 billion, up 51% 澳洲幸运5官方开奖结果体彩网: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.

Revenues were up due to increased premiums from Total Direct and Assumed policies, which were driven primarily by rate increases. Revenues took a hit due to increased claims, which grew 48.6%. The company also incurred increased insurance costs as well as costs related to general and administrative expenses.

Oscar's Business Segments

The company breaks apart its revenues by premiums. It does also lo🦩ok at certain key metrics and membership to determine its performance.

Premiums

Its premiums are broken down into direct policy premiums, assumed premiums, and reinsurance premiums ceded. Reinsurance premiums are included after taking into consideration a risk adjustment cost from direct policy and assumed premiums.

Total direct policy and assumed premiums were $1.7 billion in Q1 2023; a 2.3% increase YOY. These premiums were reduced by a risk adjustment cost of $293 million to $1.43 billion. Total premiums earned, including reinsurance premiums ceded, were $1.43 billion in Q1 2023; a 49.5% increase.

Direct policy premiums were $1.66 billion for Q1 2023, up 0.43% from Q1 2022. Direct policy premiums contributed 96.7% to total premiums earned before reinsurance premiums ceded. Assumed premiums increased 125.6% YOY to $55.9 million, contributing 3.3% to total premiums earned before reinsurance premiums ceded. Reinsurance premiums grew significantly to $2.4 million from -$359 million.

Total revenue consists of premiums before ceded reinsurance ($1.43 billion, 97% of total revenues), reinsurance premiums ceded ($2.4 million, 0.16% of total revenues), administrative services revenue ($3.9 million, 0.26% of total revenues), and investment income ($37.2 million, 2.5% of total revenues).

Membership

Oscar breaks down its membership by offering. It has three offerings: Individual and Small Group, Medicare Advantage, and Cigna + Oscar.

Individual and Small Group: This offering has 948,431 customers as of Q1 2023. This is a decrease of 8.2%.

Medicare Advantage: This offering also witnessed a decline. Membership decreased by 61% to 1,793 customers.

Cigna + Oscar: This is the only offering that experienced growth. Membership grew by 85.3% to 67,108 customers.

Oscar's Recent Developments

In March 2023, Oscar announced that Mark Bertolini would become CEO of Oscar. Co-founder, Mario Schlosser, would transition to President of Technology. Mr. Bertolini is a veteran in the healthcare industry and former chairman and CEO of Aetna.

In April 2023, Oscar announced its inaugural Environmental, Social, and Governance (ESG) Report for 2022. The report outlines the steps and strategies Oscar will take to build a sustainable future. Highlights focus on diversity and inclusion, reducing its environmental impact, increasing healthcare affordability, and improving access to care.

The Bottom Line

Oscar Health provides a personalized experienꦅce for those seeking affordable healthcare. It offers incentives to its customers to stay healthy, including cash rewards. Oscar offers tailored services and a concierge care team designed to help its members find the medical care and services they need.