Google Invests $375M in Oscar Health for Medicare Advantage

Google parent invests $375M in ObamaCare startup Oscar | TheHill

TechCrunch reports that the $165 million round the company raised in March valued the health startup at around $3 billion.

Google's parent company, Alphabet, has invested $375 million in Oscar Health to help the tech-focused payer enter into Medicare Advantage markets by 2020, according to multiple news outlets, including Reuters. "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.

Oscar Health said in an email statement to HealthPayerIntelligence that Alphabet's infusion of cash provides the payer with the financial resources to scale their current and new insurance offerings. With this investment, Alphabet will own about 10% of privately held Oscar's stake.

Oscar announced in June it plans to expand its individual health insurance to six new markets in three states (Florida, Arizona and Michigan) and three large metro areas in Ohio, Tennessee and Texas. "It's the acceleration of that product roadmap that fascinates us the most", Schlosser said. Among the participants of that funding, CapitalG and Verily Life Sciences were financed by Alphabet.

More news: Australian archbishop avoids prison after concealing child abuse

The company recently announced that it has filed to offer its consumer-focused, technology-driven health insurance in nine states and 14 markets in 2019, almost doubling its current footprint.

The health insurer was co-founded in 2012 by Joshua Kushner, whose brother, Jared Kushner, is President Trump's son-in-law.

The second business division of Alphabet to invest in Oscar was Capital G, the company's venture capital arm. "And so that's what we can now go faster toward", Schlosser told Wired.

"Whatever happened in the press, whatever happens on the regulatory side, I have personally always thought, and I think the company shares in this, that if we have something that leads to lower costs and happier members in some shape or form we'll be able to turn this into a successful company", he added.

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