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Member, Beacon International Group, Ltd.
Oscar Health Inc. will stop pursuing new full-service deals for its +Oscar information technology platform for the next 18 months, following issues implementing its deal with Florida-based insurer Health First Health Plans, Healthcare Dive reports. The decision to halt new technology agreements doesn’t change Oscar’s financial expectations for 2022, as the insurtech plans to reallocate resources to focus on achieving profitability in its insurance operations next year, the report says. Oscar reported revenue of $1 billion in the second quarter, up 93% year over year, while its net loss increased to $112 million compared to $73 million same time last year.