A few years ago, many in the health industry had all but written Oscar off as another start-up struggling to crack the insurance market.
In New York alone, the company's home state, Oscar's losses amounted to $92.4 million in 2015 and more than $124 million in 2016. In that year, it made some big changes, including raising premiums and tightening up its network in various states, which helped it stem its losses in 2017.
The company expects a much better result this year, claiming that its revenues from premiums are now higher than its pay-outs in medical claims. It chalks that up to tight partnerships with health systems in each state, which allows it to push members towards a more curated list of high-quality, but affordable, medical providers.
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The company now claims more than $300 million in gross premiums in Q1, and says it's on track to pass $1 billion in revenue this year.
Throughout this year, it plans to grow at a rate of four to five cities per year, and is expecting to reach 260,000 members in 2018, up from a peak of 100,000 in 2017.
"Before you know it, we'll be profitable," Brian West, the company's chief financial officer, told us recently. "It's around the corner."