Oscar Health, Inc. ("Oscar") (NYSE:OSCR), the first health insurance company built around a full stack technology platform, today announced the launch of +Oscar, Oscar’s tech-driven platform business designed to help healthcare clients drive improved efficiency, growth and superior engagement with their members and patients.
"We have built Oscar from day one with an eye toward using our technology to power as much of the healthcare ecosystem as possible," said Mario Schlosser, CEO & Co-Founder of Oscar. "Today, we are excited to launch +Oscar and meet the demand for our platform within the provider and payor space. It’s an affirmation of our vision from those early days and will serve as a critical growth driver for our business in the years to come."
Oscar also announced that Meghan Joyce will oversee +Oscar. Meghan joined the company in 2019 and has helped the organization successfully launch Virtual Primary Care and the Cigna+Oscar small group product. In her new role, Meghan will be responsible for the growth and expansion of the +Oscar business, as well as supporting the operations and implementation for existing +Oscar customers, including the Oscar health insurance companies, Cigna+Oscar and Health First Health Plans.
"Oscar’s superpower has always been member engagement," said Meghan Joyce, COO and EVP of +Oscar. "We’ve built a member engagement engine that has been second to none at influencing member behavior, and have made great strides in bending the cost curve. We have a proven track record with the Oscar insurance business and are excited to offer our member engagement services to others across the U.S. healthcare ecosystem and expand the impact we can make."
+Oscar’s full-stack technology platform is what truly sets the offering apart. Coded in Python, Go and React, the team is able to operate nimbly and continuously deploy new code to meet customers’ needs. The cloud-based service architecture and integrated data and analytics layer allows for teams across the +Oscar organization to serve clients in the Individual, Medicare Advantage and Group business lines.
Specifically, +Oscar offers its partners the ability to:
Lower costs through an efficient, full-stack platform and health plan infrastructure: The +Oscar modern tech stack and operations allow us to deliver integrated, end-to-end health plan services with the administrative efficiency of far larger health plans. +Oscar enables provider-sponsored and regional health plans to overcome scale disadvantages and lower administrative spend, driving improved profitability.
Drive growth and retention through industry-leading member experiences: +Oscar offers compelling, marketable member experiences that catch the attention of brokers and members, while our tech stack enables flexible plan designs that can save money for members. At the same time, Oscar Care Teams and member engagement technology deliver a unique experience that is attractive to members and drives retention.
Power effective medical cost management through consumer-centric experiences: Our tech stack provides a customization toolkit to help route members and patients to the right care at the right time. Complex, member-centric workflows can be quickly configured by non-technical users across the +Oscar platform to deliver on value-based care objectives. The platform can create and A/B test scalable interventions for enrolling members in programs, closing care gaps, improving quality scores, enhancing value capture, and more.
Empower providers to manage care at scale: Bi-directional integrations with existing electronic medical records and workflow tools ensure that providers have visibility into insights derived from Oscar’s unique data assets and the ability to shape workflows to manage their patients.
About Oscar Health, Inc.
Oscar Health, Inc. ("Oscar") is the first health insurance company built around a full stack technology platform and a relentless focus on serving its members. At Oscar, our mission is to make a healthier life accessible and affordable for all.
Headquartered in New York City, Oscar has been challenging the health care system's status quo since our founding in 2012. The company’s member-first philosophy and innovative approach to care has earned us the trust of approximately 529,000 Americans across 291 counties, as of January 31, 2021. We offer Individual & Family, Small Group and Medicare Advantage plans, and +Oscar, our full stack technology platform to others within the provider and payor space. Our vision is to refactor health care to make good care cost less. Refactor is a term used in software engineering that means to improve the design, structure, and implementation of the software, while preserving its functionality. At Oscar, we take this definition a step further. We improve the member experience by building trust through deep engagement, personalized guidance, and rapid iteration.
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