Oscar Health expects it will be profitable in 2024, CEO Mario Schlosser said in the company's third quarter earnings report.
The 2024 target is a year earlier than previously expected, Mr. Schlosser said in a Nov. 8 news release.
The company posted a $194 million net loss in the third quarter, an improvement of $18 million year over year.
The insurtech company has seen large gains in its small-group and individual market membership in the last year. Oscar Health has over 1 million members in these markets, an increase of over 400,000 from last year. Its co-branded plan with Cigna has also grown to over 50,000 members.
Oscar Health is one of several insurtech companies improving their loss numbers and adding members. Alignment Healthcare reported a loss of $40.2 million, down from $45.8 million in 2021.
Clover Health posted a $75.3 million net loss in the third quarter of 2022, nearly double the the loss it reported in the same period last year. The company increased its revenue to $856.8 million, up from $427 million in the same period last year, and added almost 20,000 members year over year.
Bright Health, however, significantly reduced its operations, hoping to reach profitability in 2023. The payer reported a net loss of nearly $432 million in the first half of 2022.