Many healthcare technologies are married to America’s astronomically expensive fee-for-service model.
Insurance startup Oscar Health Insurance Corp. has gotten a $32.5 million investment from Google as Oscar tries to grab business from such entrenched insurance giants as UnitedHealth Group Inc. and Anthem Inc.
The Wall Street Journal reports that “Oscar has amassed a considerable war chest of more than $350 million in its bid to use data and technology to make the insurance business work more like an Internet service. More than 40,000 patients have signed up in New York and New Jersey, Oscar’s first and only markets so far, and the company plans to open its service to users in California and Texas at the beginning of next year.”
“Mario Schlosser, who co-founded Oscar in 2012, said part of his goal is to help fuel the adoption of new healthcare technologies developed by other companies. Google, whose Life Sciences arm is jointly developing a contact lens with pharmaceutical company Novartis AG that monitors glucose levels from human tears, could eventually work with Oscar to help distribute these types of new medical products to patients, Mr. Schlosser said.”