One startup that has emerged from the Affordable Care Act is Oscar, a venture-backed health insurance company that launched on the New York State Health Plan Marketplace. This is New York State’s first new commercial health insurer in 15 years.
The company is working to provide an easier experience to customers in the level field of health insurance by offering increased price transparency and easy access to physicians via free phone calls.
The Oscar network currently consists of more than 40,000 physicians and more than 80 hospitals around New York City. This network is borrowed from MagnaCare, a larger insurance company whose providers span New York and New Jersey. As of late March, the network has 10,600 New Yorkers on board.
The company wants to be known as more than a tech startup or an app, or as co-founder Joshua Kushner says, “We’re not a social app that is trying to chase the most hits. We’re trying to build something that’s going to turn the industry on its head”.
Oscar has already raised over $75 million from investors, of which nearly $30 million has been set aside for reserves.
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