‘We can solve problems through ingenuity and invention, not through process’
NEW YORK – Oscar Health touts itself as a technology-driven company that is out to disrupt the health insurance market—and with a planned expansion into multiple states next year, it seems to be catching on.
Oscar Health guides its members through the health care system through a robust mobile app and uses analytics to provide proactive clinical insights, said Mika Limcaoco, a communications intern at the company.
“Our technology focus means we can solve problems through ingenuity and invention, not through process,” she said. “We have chosen to do it this way to make sure our members have the best and most transparent experiences as they navigate the normally opaque world of health care.”
Oscar Health announced in June that it plans to expand the availability of its products next year in New York, Texas and California, states where it already has a presence. It will also offer its products to members in Tennessee for the first time and has announced plans to work with competitor Humana on a venture for small business health insurance in Nashville. Finally, in Ohio, Oscar Health is partnering with the Cleveland Clinic to sell integrated, co-branded individual health insurance in five counties.
What sets Oscar Health apart, Limcaoco says, is its data science operation, built to extract insights from a deluge of existing health care data. It brings systems like hospitals, pharmacies, physician offices and labs together through technology and helps them talk to each other.
“We’ve created an insurance company that brings all these systems together through technology,” she said. “That’s ultimately going to build a better experience.”
Although Oscar Health’s business model depends on the health insurance exchanges established in the Affordable Care Act, which has been under attack from the Trump administration, company officials say they are focused on the long term.
“Why seek to expand in a time of uncertainty?” wrote Mario Schlosser, CEO of Oscar, in a recent blog post. “We’re confident that when the dust settles, the market for health insurance will stabilize in time for 2018.”