Strong Revenue and Income Growth
Oscar Health reported total revenue of $3 billion for the quarter, a 42% increase year-over-year. Net income improved significantly to $275 million, up $98 million from the prior year period.
Membership Growth
The company closed the quarter with approximately 2 million effectuated members, representing a 41% increase year-over-year.
Operational Efficiency
Oscar reported the lowest SG&A ratio in the company's history at 15.8%, a 260 basis point improvement year-over-year.
Technological Advancements
The launch of a free live chat feature for Virtual Urgent Care decreased member response times by 90% and improved provider efficiency by 28%.
Partnerships and Community Programs
Oscar launched Oscar Community Resources with Find Help, providing members access to local food, housing, and other services beyond medical care.