Oscar Health, a health insurance company that was founded in 2012, announced on Tuesday that it had reported a profit of $177 million in the first quarter. This is the first time the company has reported a profit since its founding. Under new management, with Mark Bertolini leading the team, Oscar Health was able to deliver on its promises and provide individual coverage under the Affordable Care Act more effectively.
In the first quarter, Oscar Health saw an increase in total health plan membership by over 40%, now totaling 1.44 million compared to 1.02 million in the same quarter of the previous year. Total revenue also saw a significant increase, reaching $2.1 billion, up by 46% compared to the previous year. The growth was fueled by higher membership, rate increases, and lower risk adjustment as a percentage of premiums.
Oscar Health’s medical loss ratio improved as well during this period. CEO Mark Bertolini expressed optimism about the company’s performance in the first quarter and highlighted how all core metrics showed improvement. He expressed confidence in achieving total company adjusted EBITDA profitability for the year ahead.
