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More on Oscar moving into Dallas...
Oscar, a health care startup, brings insurance coverage to Dallas | | Dallas Morning News
Oscar, a health care startup, brings insurance coverage to Dallas | | Dallas Morning News
Meet Oscar
- Thread starter Duaine
- Start date
- 8,448
Re: Oscar, a health care startup, brings insurance coverage to Dallas | | Dallas Morning News
Oscar's "partnering" with experienced health insurers, Tenant and Baylor in Dallas, may help it avoid many of the pitfalls that are afflicting the Govt-owned startups. (Claim, Billing, Communication issues, etc.)
Existing health insurance companies helping a startup take some of their current and future market share? hmmm.
Oscar's "partnering" with experienced health insurers, Tenant and Baylor in Dallas, may help it avoid many of the pitfalls that are afflicting the Govt-owned startups. (Claim, Billing, Communication issues, etc.)
Existing health insurance companies helping a startup take some of their current and future market share? hmmm.
- 656
This from Oscar's own blog Jan. 14...
We went ahead and built the first new health insurer in states like California and New York in over 15 years. With 125,000 members in four states across the country, Oscar is the first insurer to give members free tele-visits, and the first “viral” health insurer, with a third of new members referred by friends. We hope this is just the beginning...
Oscar is not just an insurance company; it is a technology company, a member services firm, an analytics company, a design studio, and a healthcare company...
While hiring alone does not define our success, we are proud to have over 400 of the most talented people in technology and healthcare on our team, to continue to achieve change in this space and support our members...
A third of new members being referred by friends is nice, but not sure 125,000 qualifies as "viral"
Hi Oscar
We went ahead and built the first new health insurer in states like California and New York in over 15 years. With 125,000 members in four states across the country, Oscar is the first insurer to give members free tele-visits, and the first “viral” health insurer, with a third of new members referred by friends. We hope this is just the beginning...
Oscar is not just an insurance company; it is a technology company, a member services firm, an analytics company, a design studio, and a healthcare company...
While hiring alone does not define our success, we are proud to have over 400 of the most talented people in technology and healthcare on our team, to continue to achieve change in this space and support our members...
A third of new members being referred by friends is nice, but not sure 125,000 qualifies as "viral"
Hi Oscar
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Oh
Sh$t.
Commissions
Are
Reduced.
Oscar Health cuts commissions amid turmoil in health insurance market
Sh$t.
Commissions
Are
Reduced.
Oscar Health cuts commissions amid turmoil in health insurance market
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They have some big boys investing and recall that Google invested in them as well.
"Formation8′s Joe Lonsdale led the $80 million Series A round, which also included billionaires Jim Breyer (Breyer Capital) and Stanley Druckenmiller, Founders Fund, General Catalyst Partners, Khosla Ventures and Kushner’s own Thrive Capital. (Oscar had previously raised $75 million in seed funding.)"
Forbes Welcome
Personally, I think Oscar has the type of investors that can keep it alive no matter what. They "know" they can do it better than every other company in the world, I don't see them giving up so soon.
That said, every broker in the state I've spoken with won't touch them with a 10 foot pole after the commission reduction and firmly believes this is their last year.
Time will tell, but I'd wager they don't go down easily.
That said, every broker in the state I've spoken with won't touch them with a 10 foot pole after the commission reduction and firmly believes this is their last year.
Time will tell, but I'd wager they don't go down easily.
- 4,716
I think we'll be reading about Oscar in the funny pages.
- 656
Oscar apparently found going tough in California so far... This from Modern Healthcare:
A little more than 2,000 Californians selected an Oscar health plan on the public exchange as of Feb. 7, according to figures from Covered California, the state's insurance exchange. That represents a miniscule 0.1% of the 1.57 million people who renewed or chose a 2016 plan on California's exchange.
After including 3,000 people who bought coverage off the exchange, Oscar had about 5,000 California members...
Oscar, which did not participate in California's exchange in 2014 or 2015, only sold plans in two regions: Los Angeles County and Orange County. Its premiums were more expensive than many other competitors, particularly for the most significant type of exchange plan.
http://www.modernhealthcare.com/article/20160217/NEWS/160219906/oscar-debuts-in-california-with-extremely-low-enrollment
A little more than 2,000 Californians selected an Oscar health plan on the public exchange as of Feb. 7, according to figures from Covered California, the state's insurance exchange. That represents a miniscule 0.1% of the 1.57 million people who renewed or chose a 2016 plan on California's exchange.
After including 3,000 people who bought coverage off the exchange, Oscar had about 5,000 California members...
Oscar, which did not participate in California's exchange in 2014 or 2015, only sold plans in two regions: Los Angeles County and Orange County. Its premiums were more expensive than many other competitors, particularly for the most significant type of exchange plan.
http://www.modernhealthcare.com/article/20160217/NEWS/160219906/oscar-debuts-in-california-with-extremely-low-enrollment
So, brokers didn't sell it in CA because the network is too narrow and the premium is significantly higher than competitors, and less than one in three thousand enrollees chose them on their own, presumably, because they figured high cost=better plan.
Sounds like they're set up for success! Controlled expansion, cheap network, no commissions to pay out, and a premium that covers their risk!
Sounds like they're set up for success! Controlled expansion, cheap network, no commissions to pay out, and a premium that covers their risk!
