Oscar Health to get $375M infusion from Alphabet

Google parent invests $375M in ObamaCare startup Oscar | TheHill

According to the news report by Bloomberg, the parent company of Google, Alphabet Inc.is investing $375 million in the Obamacare startup, Oscar Health.

Oscar Health said in an email statement to HealthPayerIntelligence that Alphabet's infusion of cash provides the payer with the financial resources to scale their current and new insurance offerings. This is the second enormous speculation for Oscar Health in a year.

"Each new member and interaction with the health care system offers Oscar an opportunity to refine our member apps and make better recommendations for care; to enable our population health leads and concierge teams to drive more personalized interventions; to empower providers with easier tools that let them focus on delivering care", Schlosser said. Enrolling over 250,000 members in 2018 alone under the Affordable Care Act, Oscar Health has projected up to $1bn in gross premium revenue.

Oscar is now on CNBC's 2018 Disruptor 50 List, being ranked in 12 place.

"Most insurers are somewhere in the '80s" and lack effective incentives to use data and technology to cut costs, he said.

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Kamangar is a senior official at Google and former CEO of YouTube.

Prior to this investment by Alphabet, Oscar had secured funding from two business divisions of Alphabet just a few months ago. The tech giant and the startup have had a close relationship for many years now.

Despite the fact that those plans never really saw the light of day, Verily continues to show its support for Oscar and is clearly interested in developing further in the health insurance segment.

Before the latest investment, Oscar had raised nearly $900 million, garnering a $3.2 billion valuation.

As part of the additional funding, Oscar CEO Mario Schlosser told Wired that the company plans to go beyond the individual exchanges and small employer market and into the Medicare Advantage market.

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