Americans are often frustrated with traditional healthcare insurance. An increasing number of people are actively seeking better alternatives to the complicated and profit-focused policies of insurance companies.
This is why Oscar Health is continually seeking ways to make the entire process of navigating the healthcare industry more patient-friendly and less time-consuming—and the company is having a lot of success. Come 2020, it will be expanding into 12 new markets to include Miami, Tampa, Ocala, and Daytona in Florida; the Kansas City market including both Kansas and Missouri; Philadelphia, PA; Richmond, VA; Denver, CO; Atlanta, GA and several counties, yet to be named, in Western Michigan. In Texas, they will be entering the Houston market and also expanding their plan options in Dallas-Fort Worth.
The technology-focused health insurance company has seen major growth within the last three years and is now making its largest expansion yet. Founded in New York City in 2012, Oscar has garnered more than $1.2 billion in total investments, which will allow it to increase membership and launch new product lines like Medicare Advantage. It has currently doubled its space at The Circuit complex in Tempe, AZ, and will be creating 400 new jobs by 2020.
Oscar credits its success to the development of its own full-stack technology, which helps streamline and strengthen the insurance operation. Instead of doing things the traditional way, which the company feels is irrevocably broken, its seamless technology was built from the ground up using its own data and tools, allowing Oscar to constantly improve on the insurance experience. This enables the company to focus more on customers’ needs and ensure services that are easy to navigate, affordable, and transparent. The insurance provider maintains that its net promoter score, which measures how likely members are to recommend Oscar, is double the industry average.
Its member services team, known as the Concierge Team, strives for member-focused healthcare experiences. Members have a team of care guides and nurse practitioners who assist them with everything from managing a chronic disease to helping with billing issues and finding the right doctor and care. Oscar CEO and cofounder Mario Schlosser says this translates into an average 10 percent savings on healthcare costs plus time saved for members dealing with insurance issues. Oscar was also the first insurance company to offer free, 24/7 doctor-on-call service and an app for scheduling appointments with providers.
Oscar provides coverage to individuals and families on and off the Affordable Care Act exchange. It also offers group insurance plans for small businesses.