Drastic changes should bring profitability, startup health insurers say

Startup insurers Oscar Health, Bright Health, and Clover Health have hemorrhaged money since going public within the past two years. All three used their stage time at the J.P. Morgan Healthcare Conference to make the case that their drastic decisions — like fully exiting some insurance markets — will deliver the profitability investors are demanding.

“Insurance company profitability is the number one goal,” Oscar CEO Mario Schlosser said in an interview with STAT in San Francisco.

“We are actually absolutely focused on profitability right now,” Clover CEO Andrew Toy said during his presentation on Wednesday.

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