Oscar has been making all the right moves in preparation for its huge 2020 expansion plans – and its concierge system could help attract millennials and Gen Zers:
Forbes. The expansion will balloon Oscar's coverage to a total of 15 states and 26 markets, up from the 9 states and 14 markets it currently operates in.Oscar likely hopes that expanding into new markets will reignite strong membership growth after dwindling numbers in the last year — and its concierge service could help set it apart from the rest of the pack.year-over-year growth rate in 2018, but growth has slowed to a crawl since then, with Q1 2019 seeing an 8% uptick in membership YoY.
And the company's innovative concierge system could help it attract hard-to-please millennials and Gen Zers. Young people are morewith the healthcare system than older demographics, with 16% of millennials and 18% of Gen Zers saying they're"dissatisfied" or"very dissatisfied" with the efficiency of operations like billing, compared with just 8% of baby boomers who said the same, per a 2019 Accenture survey.
But we think Oscar's concierge service — which pairs each member with a dedicated team of care guides and a nurse to answer questions and assist with finding care — could make it a hit among young people who are used to the conveniences of the digital age.
And the company's slow and steady approach to Medicare Advantage should help Oscar find success outside of the ACA market that has been its bread and butter since its founding. Oscar also plans toMA plans in New York City and Houston, moving beyond its ACA offerings for the first time. Oscar likely knows that finding success in the MA market will require more than a copy/paste replication of its ACA strategy: When Oscar announced its MA plans, the startup put forth an experimental approach.
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