Medicine

Google's Alphabet invests $375m in Oscar Health insurtech

Google's Alphabet invests $375m in Oscar Health insurtech

At the time, the startup had been able to raise funds to the tune of $900 million and garner a market valuation of $3.2 billion. This is the second enormous speculation for Oscar Health in a year.

Oscar Health has received a $375 million investment from Google's parent company, Alphabet, and the payer is looking to expand into Medicare Advantage in 2020.

Oscar plans on getting into Medicare Advantage in 2020, a deviation from the current offerings in the individual and employer insurance markets; Medicare is understood to represent a new vertical for the company, adding to its existing focus on both the individual and employer insurance markets. The company, originally inspired by the enactment of the Affordable Care Act, has been branching out into more states and markets beyond Obamacare's individual insurance exchanges. Schlosser said Alphabet is a strictly financial investor, and it will not have access to patient data, and it has not through its prior investments. "We have deep admiration for Alphabet's technology and product expertise, and are excited to welcome Salar Kamangar, a longtime Googler and former CEO of YouTube, to Oscar's Board", Schlosser said.

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The startup's goal is to do for the health care industry, what Uber has done for the taxi industry - use technology to revolutionize the industry, making transactions faster and easier for customers.

In an interview with Wired on Monday, Oscar co-founder and CEO Mario Schlosser said the company will invest more heavily in data, which it believes can make health care cheaper and more efficient. Verily's co-founders include Schlosser as well as Josh Kushner (the brother of one of Trump's top advisors, Jared Kushner). The conglomerate announced Tuesday it is investing a whopping $375 million (around £295 million) into the insurer following an initial $165 million (around £130 million) investment earlier this year.

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