Here’s what you need to know.
1. The insurance startup which pledged to turn the insurance industry “on its head” is hemorrhaging money. Through the first half of 2016, the startup lost $83 million, and in 2015 it lost $105 million.
2. Despite the losses, Oscar Health is a magnet for investors. In February, the company raised $400 million in funding at a $2.7 billion valuation.
3. The company is heavily invested in the ACA and it is not alone with its struggles, as several major insurances struggled and withdrew from the ACA’s exchanges.
4. Oscar is retooling the company to become less reliant on the ACA after the election of President-elect Donald Trump (R).
5. The company is planning to expand to San Francisco in 2017, and it will stray from the individual health insurance market to focus on small and large businesses.
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