Forbes November 7, 2023
Oscar Health Tuesday reported a $65.7 million quarterly loss as the provider of individual coverage under the Affordable Care Act also known as Obamacare works its way to profitability under new management in part by raising rates.
Oscar, which shook up its management ranks and hired the former Aetna chief executive Mark Bertolini earlier this year, reported a net loss of $65.7 million in the third quarter compared to a net loss of $193.5 million in the year-ago period.
Founded in 2012, Oscar has yet to turn a profit but executives are forecasting that will change next year and remain bullish on the individual health insurance market to get them to a better financial position.
“Oscar reported strong third quarter...
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