- Oscar Health is preparing to go public and filed draft registration with the Securities and Exchange Commission, the startup insurer announced Monday. The submission was confidential, Oscar said in a statement.
- The price range and size of the proposed initial public offering has yet to be decided, the company said.
- The SEC will now begin its review process, a requirement before a company can move forward with the transaction.
This year has been marked by the sheer number of healthcare-focused companies that decided to go public, particularly those with a technology focus or component.
Amid the backdrop of the pandemic, some telehealth companies went public as virtual care skyrocketed as patients and doctors scheduled in-person visits due to the novel coronavirus.
Notably, telehealth giant Amwell filed to go public this summer amid greater demand for its services.
New York-based Oscar, the insurer that got its start from the Affordable Care Act marketplaces, now seeks to join this 2020 class of IPO seekers.
The news comes on the heels of a major push into new markets and new product offerings.
In 2021, Oscar will expand into new states and counties. The payer will enter Oklahoma, Iowa, North Carolina and Arkansas while expanding in existing markets, including Arizona, Florida, Pennsylvania, California and Ohio.
Oscar also launched a program in certain areas that allows for unlimited virtual visits with a primary care provider for no out-of-pocket costs.
Oscar insures more than 420,000 people in 18 states, representing 211 counties, through three types of insurance plans: individual and family, small group and Medicare Advantage.
Earlier this year, Oscar partnered with insurance giant Cigna to reach more patients in the small business markets.
Oscar was co-founded by Josh Kushner, brother to Jared Kushner, who is President Donald Trump's son-in-law and a White House adviser.