Oscar s revenue is spiking, but it s still losing money
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Oscar Health s first quarter financial results, its first since a $1.4 billion IPO in March, have the tech-focused insurance company s cheerleaders celebrating a game point scored. But skeptics point to a glaring $87.4 million loss as a reminder that Oscar has yet to turn a profit, seven years in.
The SoHo-based company on Thursday reported $369 million in revenue during the first quarter, which ran from January through the end of March, compared with $88 million in the first quarter of 2020. Its $87.4 million net loss during the quarter was down from a net loss just under $97 million in the first quarter of 2020.
Oscar Health’s first-quarter financial results, its first since a $1.4 billion IPO in March, have the tech-focused insurance company’s cheerleaders celebrating. But skeptics point to a glaring $87.4 million loss as a reminder that Oscar has yet to turn a profit, seven years in.
The SoHo-based…
Oscar Health's net loss narrowed 9% year-over-year, with an increase in policy premium revenue squeezing the New York City-based insurtech's losses to $87.3 million during the first quarter of 2021.
Cedar pays $425 million to buy insurance fintech platform
Cedar pays $425 million to buy insurance fintech platform
Modern Healthcare Illustration / Getty Images
Healthcare fintech provider Cedar paid $425 million to acquire insurance fintech OODA Health on Thursday, in another example of single-point technology startups coming together to expand their reach.
The New York City-based Cedar provides a direct-to-consumer platform that providers can use to translate to consumers how much they will be billed after a visit, and create custom payment plans based on individuals credit history. OODA Health, meanwhile, offers the same service to insurer members. The combined company will use insights gained from both providers and payers perspective to build additional products to help insured patients the financial responsibility related to their benefits, navigate administrative resolution processes, automate prior authorization and more going forward, Cedar CEO Florian Otto said.
NEW YORK, May 14, 2021 Prophet, a global consultancy announced the expansion of its brand activation expertise through the hiring of Greg Erdelyi, Sarah Tosques, and Damien Peraino.