A new healthcare startup in the US is trying to change the way people get treatment for small illness. The startup called Oscar has got inspiration from companies like Uber and Warby Parker, that use technology to enhance the customer experience.
The company offer telemedicine services through its downloadable application for anyone who is sick. The aim of the company is to appeal to a younger crowd that values efficiency and good design. Free telemedicine, primary care visits, no-cost generic prescriptions and reimbursement for healthy lifestyle choices are some of the services that the company is offering to its members.
Venture capitalists like Google Capital and Goldman Sachs have helped the company raise $327.5 million since its establishment in 2013. The company recently expanded its coverage to select cities in California and Texas after gaining more than 40,000 members across New York and New Jersey.
In the US the consumers always have complaints against health insurance companies and they are amongst the least satisfactory industry in terms of the satisfaction index of consumers. The primary discontent is about the pricing of the premium by health care insurance companies.
However, experts are optimistic that unique startups like Oscar would be able to reduce the dissatisfaction about pricing both for the consumers and the doctors.
A direct monetary reward to members who maintain a healthy lifestyle is being offered by Oscar and is among the first in the US to do so. Those members who meet their daily fitness goal can earn up to $20 every month through Amazon gift cards and the company provides Misfit wearable fitness devices are sent to members over the age of 18 who request one.
This means that the members are enticed to work out a little more and get a little bit of exercise which would make the members a little healthier. That would help the members using the insurance less and hence the costing would be lesser for the insurance companies.
However the company is to create a robust network of doctors that its traditional competitors boast of. And additionally the costs of the premium are not that low. Members in New York would have to pay $467 a month for the Oscar’s marketplace silver plan and it comes with a $2,000 deductible. Compared to similar plan by its closest competitor this is 27 percent more expensive.
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