New York City, NY– By now you’ve undoubtedly heard of the health insurance startup called Oscar Health (especially if you are a NYC subway frequenter). This startup has envisioned the health insurance system of the future. A system that doesn’t have confusing cost structures or arduous doctor visits. A system that is intuitive, reasonably priced, and technologically advanced.
To put their system to the test, I tried it. From the instant you begin to navigate their (one-page) website you know this isn’t a typical health insurance company. All in all it took me one minute to get my health insurance quote that provided me with multiple options and breakdowns that explicitly show what each package will offer you. I’ve had more troublesome times ordering t-shirts online before, and they didn’t come with a activity tracker or on-call doctor.
With Oscar’s recent 1.5 billion dollar valuation they are on their way to make waves in a system that is not known for rapid innovation. And they are making waves for not just their insurance holders, but the physicians providing the care.
“Just fixing the user experience won’t be enough,” he says. “We went to great lengths to create an incredibly close relationship between our technology and physicians. The physician can deliver care in an efficient way. The member loves it because it’s convenient, and frankly, we like it, because oftentimes, those conditions could become worse.”
– Co-founder, Mario Schlosser
Their innovative approach to health insurance is already beginning to produce results that make a case for the use of telemedicine.
- 60% of Oscar members who have bronchitis have used the telemedicinefeature to diagnose it and get treatment.
- Out of those cases, 93% get resolved over the phone with no need for a follow up visit.
This year Oscar has tripled enrollments and is confident that expansion to more states is on the horizon. “I really believe that the fact that we own our own system will give us control of our own destiny,” Founder Joshua Kushner said. “In the health care world, we think we’re just getting started.”