The digital healthcare sector is changing healthcare delivery while also increasing patient access.
This comes as Oscar Health, a health technology and insurance platform, said on its fourth quarter 2022 earnings call that its membership had achieved a new high of 1,151,483 for the year.
The digital-first insurer’s push to over 1 million people served is a 93% year-over-year increase, nearly double the 598,200 members reported in the previous year’s fourth quarter.
“Customer engagements remain a competitive differentiator for us,” Oscar CEO and Co-Founder Mario Schlosser stated during an earnings call with investors. “Oscar is fundamentally a growth business focused on establishing a ‘alternative reality’ health system,” he continues.
According to Schlosser, Oscar’s exceptional member growth in the previous year was mostly driven by new customers across the insurer’s individual and C+O small group books of business, as well as strong customer retention.
He cited Oscar’s net promoter score (NPS) of 45, compared to the industry average of 3, and stated that the health tech company’s more digitally engaged members were 6 points more likely to renew their contracts with Oscar.
“We’ve created new channels to reach additional clients that were previously more difficult to reach,” Schlosser told investors.
Oscar’s health platform already matches its members with the best-fit healthcare providers in real time based on their individual medical histories.
As a result of strong membership growth and retention, premium income nearly quadrupled. Oscar executives said that the emphasis will continue to shift from expansion to profit maximisation.
