Health Startup Oscar Gets Vote Of Confidence To The Tune Of $375 Million From Google’s Parent Company
Oscar's focus is on health plans and helping consumers pick out the right coverage for them. The company announced that the investment will help it expand into Medicare Advantage space in the coming years.
The Hill:
Google Parent Invests $375M In ObamaCare Startup Oscar
Google’s parent company, Alphabet, is investing $375 million in Oscar Health, a startup health insurance company seeking to redefine the industry by using technology and data. The infusion of funding from the parent of a major technology giant is a vote of confidence in Oscar Health, which has been closely watched for how well it will be able to shake up the health insurance industry. (Sullivan, 8/14)
Modern Healthcare:
Oscar Health To Launch Medicare Advantage Plans In 2020 With Alphabet Investment
With the investment, New York-based Oscar said it would enter the Medicare Advantage space in 2020 and expand its presence in the individual and small business markets. Salar Kamangar, a Google executive and the former CEO of YouTube, is also joining Oscar's board. "Oscar will accelerate the pursuit of its mission: to make our healthcare system work for consumers. We will continue to build a member experience that lowers costs and improves care, and to bring Oscar to more people," Oscar CEO Mario Schlosser said in a statement. (Livingston, 8/14)
Bloomberg:
Alphabet Makes A $375 Million Bet On Obamacare Startup Oscar
Oscar has been selling health plans under the Affordable Care Act since 2013. The New York-based company has about 240,000 members this year, and plans to expand into several new markets in 2019. (Tracer, 8/14)
