Health insurance startup Oscar Health reported net income of about $5 million in the first half of fiscal year 2018, a significant improvement from its $57.6 million loss in the first half of 2017, the insurer said in an email to Becker's Hospital Review.
Here are four things to know about Oscar's most recent financials:
1. Oscar's gross premium revenue totaled $630 million across all six states it operated in for the first half of 2018, including New Jersey, which only submits numbers annually. That's more than three times the premium revenue Oscar generated in the same period last year.
2. "This year, Oscar's focus has been to scale our consumer-focused, technology-driven approach to cover more members, in more markets. After doubling our market footprint, our financial results for the first half of 2018 prove that our business is trending in-line with expectations," the company said in a prepared statement to Becker's Hospital Review.
3. Oscar drove down its medical loss ratio in the first half of 2018 to 74 percent. Medical loss ratio is the amount a health insurer spends on claims versus operating expenses. The 17-point year-over-year improvement drove an underwriting profit of about $95 million.
4. On Aug. 14, Oscar said Google parent company Alphabet will invest $375 million in the startup. The investment will aid Oscar in expanding its technology, membership, markets and new business lines including Medicare Advantage in 2020.