Mario Schlosser<\/a> said to investors on the earnings call. Adding that, \u201cfundamentally, Oscar is a growth company \u2026 focused on creating an \u2018alternate reality\u2019 health system.\u201d<\/p>\nSchlosser indicated that the insurer\u2019s explosive member growth over the past year was primarily driven by new customers across Oscar\u2019s individual and C+O small group books of business, as well as strong customer retention.<\/p>\n
He cited Oscar\u2019s net promoter score (NPS) of 45, compared to an industry average of just 3, while highlighting that the health tech company\u2019s more digitally engaged members were 6 points more likely to stay with Oscar when up for renewal.<\/p>\n
\u201cWe\u2019ve added new channels to meet additional customers that have been historically harder to reach,\u201d Schlosser told investors.<\/p>\n
The CEO added that Oscar\u2019s platform is uniquely positioned to address the healthcare industry\u2019s key trends of consumerization, digitization and value-based care, and that it continues to invest in, and leverage, cloud-native core administrative solutions that enable innovative plan design and workflow automation.<\/p>\n
\u201cWe are sending a lot more conversations to our automated voice AI systems on both the provider service and customer service sides and realizing efficiencies with those tools,\u201d Schlosser said on the earnings call.<\/p>\n
Oscar\u2019s health platform already leverages the unique medical histories of its members to find them best-fit healthcare providers in real time.<\/p>\n
Robust membership growth and strong retention drove an approximate doubling in premium earnings as well. Oscar executives indicated a continuing shift in focus from prioritizing growth to capturing profits.<\/p>\n
2022 was the first full fiscal year since the company\u2019s May 2021 initial public offering (IPO).<\/p>\n
Healthcare Moves to Hybrid<\/h3>\n
The digital shift has touched every sector of the economy, including \u2014 and especially \u2014 healthcare.<\/p>\n
Digital-first patients are changing how healthcare is delivered, as well as transforming the decision funnel for how patients make up their minds about which health and wellness providers will get their business.<\/p>\n
Those providers can even come from surprising places, as business in separate or adjacent industries see digital innovations as leveling or opening up the healthcare playing field.<\/p>\n
Oscar reported that more than 90% of people now use a digital health tool, and findings in the PYMNTS December report, \u201cHealthcare In The Digital Age: Consumers See Unified Platforms As Key To Better Health,\u201d confirm that approximately 4 in 5 consumers are interested in using a unified digital platform to manage information about their care and insurance benefits.<\/p>\n
Underscoring that rising interest, the fact that nearly half of consumers report experiencing problems accessing health insurance or healthcare services.<\/p>\n
Common challenges include the difficulty of navigating between multiple channels to access either medical care or insurance benefits.<\/p>\n
Consumers said\u00a0that what they want is a unified digital platform providing them with detailed information about their health insurance benefits, that lets them manage interactions with providers and health insurers, offers better control of their healthcare financial accounts, and is easily and securely accessible all in one digital location.<\/p>\n
Holistic platforms can and should ultimately help consumers manage all tasks related to their care and well-being, as well as facilitate coordination among insurers, financial services providers, care providers and pharmacies.<\/p>\n
\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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