Oscar offers health coverage through ObamaCare in six states, and seeks to make the system smarter through innovations like having a "concierge" team, including a nurse, that helps enrollees with tasks like finding the right doctor.
Alphabet plans to invest $375 million (roughly Rs. 2,600 crores) in Oscar Health, helping it expand to more markets and business segments, including Medicare Advantage in 2020, the health insurance startup said on Tuesday.
Oscar is one of several startup insurers that hoped to capitalize on the Affordable Care Act and the millions of Americans flooding the individual health insurance market.
"What's interesting to note is Oscar is not just innovating insurance, they also have projects where they're building clinics, electronic health records, and claims systems", noted Jodi Hubler, a managing director with Wayzata, Minnesota-based Lemhi Ventures. And while the new round maintains a similar valuation for the company, it gives Alphabet a 10% share in Oscar.
The goal is to be a more consumer-friendly insurance option by integrating technology.
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Faculty from the CU School of Medicine are renowned experts in their fields and drive the quality recognized by the U.S. Cone Memorial Hospital in Greensboro and FirstHealth Moore Regional Hospital in Pinehurst.
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Oscar hopes to reduce costs for patients and improve clinical outcomes by using data in new, technologically advanced ways. The company has made its intentions clear through projects such as life sciences upstart Verily, its anti-aging unit Calico, and a collaboration with Johnson & Johnson to create a new breed of robot surgeons, among others.
The deal also has long-time Google employee and former CEO, Salar Kamangar joining Oscar's board.
In total, the company has now raised more than $1 billion.
"It's fantastic for us because it will really allow us to focus fully on the core model we've been building for the past 6 years, which is: use technology, use data, use design, use a human approach to build a very different health care experience", Oscar CEO Mario Schlosser told Wired.