New York City-based health plan startup Oscar posted a $57.6 million loss in the first half of fiscal year 2017, narrowing its $83 million loss recorded in the same period a year prior, Bloomberg reports.
Oscar accrued higher premiums than care costs in Texas and California in the first six months of this year. However, its healthcare costs in New York continued to surpass premium revenue, according to state regulatory filings obtained by Bloomberg.
Oscar retreated from certain ACA markets this year after losing $115 million in 2015. However, the payer will extend its ACA exchange presence in Ohio, Texas, New Jersey, Tennessee and California for 2018. In Ohio, Cleveland Clinic will offer a joint health plan with Oscar, marking the clinic's entrance into the health insurance market.