Oscar Health improved its year-over-year losses in the first three months of 2023.
According to the company's first quarter earnings report published May 9, Oscar Health posted a net loss of $39.6 million, down from $77.3 million in the same time period in 2022. The company reported a $226 million loss in the fourth quarter of 2022.
The company brought in $1.47 billion in revenue in the first quarter of 2023, up from $972.8 million in the first quarter of 2022.
Oscar Health's insurance membership declined 5 percent year over year. The company ended a significant portion of its Medicare Advantage business in 2022 and paused new enrollments for individual insurance in Florida.
At the end of the first quarter of 2023, Oscar Health had just over 1 million members, with 948,431 individual and small group members, 1,793 Medicare Advantage members and 67,108 Cigna + Oscar members.