Oscar Insurance Corp., the health-insurance startup focused on selling Affordable Care Act exchange plans, posted a smaller first-half loss than a year earlier, according to state regulatory filings.
Oscar, whose co-founders include Joshua Kushner and Mario Schlosser, lost $57.6 million in the first half of the year in Texas, New York and California. That's down from $83 million a year earlier. In Texas and California, the company brought in more in premiums than it spent on care, though in New York its health costs still exceeded premiums.
Going into this year, Oscar scaled back its offerings, raised the premiums it charges and narrowed its networks of doctors and hospitals in an effort to improve financial results. It's expanding again for 2018, with plans to enter Tennessee and Ohio, and returning to New Jersey. It's also pushing into new areas of Texas and California.
