When venture capitalist Josh Kushner founded Oscar Health — a technology-driven, consumer-facing health insurance company — he promised to "turn the industry on its head"; three year later, the company announced it would cease selling in the New Jersey and Dallas healthcare exchanges, according to Bloomberg.
Here's what you need to know.
1. The firm is going to take a more business-based approach to its policies as it adds in products for businesses in 2017.
2. CEO Mario Schlosser said the individual market wasn't "working as intended," and added that the company would switch its focus to markets where it has its own model in place.
3. The firm was founded on the idea that it would take advantage of the new markets and the "millions" of people who would gain insurance through the Affordable Care Act.
4. Oscar Health was valued at $2.7 billion earlier in the year. It lost $105 million in 2015, and has posted losses of $84 million in New York, California and Texas through the first half of 2016.
5. Oscar has 140,000 customers. It had 7,000 in Dallas and 26,000 in New Jersey.
6. It will remain in Los Angeles, New York City and San Antonio. It will expand to San Francisco in 2017.
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