Skip to main content
Subscribe
  • Login
  • My Account
  • Logout
  • Register For Free
  • Subscribe
  • News
    • Current News
    • Providers
    • Insurance
    • Government
    • Finance
    • Technology
    • Safety & Quality
    • Digital Health
    • Transformation
    • ESG
    • People
    • Regional News
    • Digital Edition (Web Version)
    • Patients
    • Operations
    • Care Delivery
    • Payment
    • Midwest
    • Northeast
    • South
    • West
  • Blogs
    • AI
    • Deals
    • Layoff Tracker
    • HLTH 2024
    • Sponsored Content: Vital Signs Blog
  • Opinion
    • Letters
    • From the Editor
  • Events & Awards
    • Awards
    • Conferences
    • Galas
    • Virtual Briefings
    • Webinars
    • Nominate/Eligibility
    • 100 Most Influential People
    • 50 Most Influential Clinical Executives
    • 40 Under 40
    • Best Places to Work in Healthcare
    • Healthcare Marketing Impact Awards
    • Innovators Awards
    • Diversity Leaders
    • Leading Women
    • Best in Business Awards
    • The 2030 Playbook Conference
    • Innovations in Patient Experience
    • Leading Women Conference & Awards Luncheon
    • Leadership Summit
    • Workforce Summit
    • Best Places to Work Awards Gala
    • Diversity Leaders Gala
    • - Looking Ahead to 2025
    • - Financial Growth
    • - Hospital of the Future
    • - Value Based Care
    • - Looking Ahead to 2026
  • Multimedia
    • Podcast - Beyond the Byline
    • Sponsored Podcast - Healthcare Insider
    • Sponsored Video Series - One on One
    • Sponsored Video Series - Checking In with Dan Peres
  • Data & Insights
    • Data & Insights Home
    • Hospital Financials
    • Staffing & Compensation
    • Quality & Safety
    • Mergers & Acquisitions
    • Skilled Nursing Facilities
    • Data Archive
    • Resource Guide: By the Numbers
    • Surveys
    • Data Points
  • Newsletters
  • MORE+
    • Contact Us
    • Advertise
    • Media Kit
    • Jobs
    • People on the Move
    • Reprints & Licensing
    • Sponsored Content
MENU
Breadcrumb
  1. Home
  2. People
March 28, 2023 10:22 AM

Oscar’s Schlosser out as CEO, ex-Aetna chief Bertolini in

Lauren Berryman
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Mark Bertolini

    Mark Bertolini

    Oscar Health may not yet have disrupted the health insurance industry as promised, but it has disrupted its own C-suite, the insurtech announced Tuesday.

    Oscar Health CEO and co-founder Mario Schlosser will step down from the top job next Monday and make way for former Aetna CEO and Chair Mark Bertolini, the company said in a news release. Schlosser will remain as president of technology.

    Bertolini was CEO of Aetna from 2010 until 2018, when he departed after CVS Health acquired the insurer; he also served as board chair starting in 2011. The industry veteran has been an Oscar Health advisor since 2021, according to the news release. Prior to joining Aetna, he held executive positions at Cigna, NYLCare Health Plans and SelectCare. Bertolini most recently was co-CEO of investment management firm Bridgewater Associates.

    Schlosser and fellow founder Joshua Kushner launched Oscar Health in 2012, pitching it to investors and consumers as a modern, technology-enabled health insurance company that would bring innovation to the sector. Bringing in Bertolini—who helmed the kind of legacy company Oscar Health was supposed to displace—marks a significant shift.

    “We share a fundamental philosophy that a critical component of changing healthcare is a truly innovative technology powering Oscar and the industry,” Schlosser said during a call with investors Tuesday.

    Bertolini confronts a company in need of a turnaround. Oscar Health has never turned a profit. The insurer endured a $610 million net loss last year, 6.8% worse than the prior year, and expects to lose $75 million to $175 million in 2023.

    The company's executives have assured investors that profitability is on the horizon later this year.

    Oscar Health has downscaled its business amid financial struggles. Last year, the company suspended new business for its +Oscar information technology services, effectively ended its Medicare Advantage line and halted enrollment in health insurance exchange policies in Florida, its biggest market for those products.

    “We will take a fresh look at our technology platform with an eye toward building out our strategy for bringing more of our capabilities to the market over time,” Bertolini told investors Tuesday.

    Insurtechs such as Oscar Health, Bright Health Group and Clover Health suffered a difficult 2022 as they continued to struggle to make money in the typically lucrative health insurance sector, which remains dominated by big, profitable players such as UnitedHealth Group, Elevance Health, Centene and Humana.

    Investors responded favorably to the Bertolini hire. Shares rose 35% to $4.90 at market open Tuesday. Oscar Health shares debuted on the New York Stock Exchange at $39 in 2021.

    Related Articles
    Oscar Health sustains heavy net loss in 2022, but executives still optimistic
    A tough year for insurtechs raises questions about the future
    Oscar Health pauses insurer, provider technology service deals
    Oscar Health effectively ends Medicare Advantage business
    Letter
    to the
    Editor

    Send us a letter

    Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.

    Recommended for You
    mh-20250515-Dave-Rosa-Intuitive
    Intuitive Surgical promotes Dave Rosa to CEO
    mh-20250514-Michael-Dowling-John-Dangelo
    Longtime Northwell Health CEO Michael Dowling to step down
    Most Popular
    1
    UnitedHealth Group to cut Medicare drug plan commissions
    2
    Best Places to Work in Healthcare - 2025 (alphabetical list)
    3
    GE HealthCare debuts new MRI for cardiac and oncology imaging
    4
    Here are new state healthcare laws taking effect in 2025
    5
    Investors welcome a maturing digital health market
    Sponsored Content
    People on the Move Newsletter: Sign up to receive a bi-monthly, sponsored content newsletter announcing new hires, promotions, and special accomplishments in the healthcare industry.
    Get Newsletters

    Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox.

    Subscribe Today
    MH Magazine Cover

    MH magazine offers content that sheds light on healthcare leaders’ complex choices and touch points—from strategy, governance, leadership development and finance to operations, clinical care, and marketing.

    Subscribe
    Connect with Us
    • LinkedIn
    • Twitter
    • Facebook
    • RSS

    Our Mission

    Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data.

    Contact Us

    (877) 812-1581

    Email us

     

    Resources
    • Contact Us
    • Help Center
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Editorial Dept
    • Submission Guidelines
    • Code of Ethics
    • Awards
    • About Us
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Modern Healthcare
    Copyright © 1996-2025. Crain Communications, Inc. All Rights Reserved.
    • News
      • Current News
      • Providers
      • Insurance
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Blogs
      • AI
      • Deals
      • Layoff Tracker
      • HLTH 2024
      • Sponsored Content: Vital Signs Blog
    • Opinion
      • Letters
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • 40 Under 40
        • Best Places to Work in Healthcare
        • Healthcare Marketing Impact Awards
        • Innovators Awards
        • Diversity Leaders
        • Leading Women
        • Best in Business Awards
      • Conferences
        • The 2030 Playbook Conference
        • Innovations in Patient Experience
        • Leading Women Conference & Awards Luncheon
        • Leadership Summit
        • Workforce Summit
      • Galas
        • Best Places to Work Awards Gala
        • Diversity Leaders Gala
      • Virtual Briefings
        • - Looking Ahead to 2025
        • - Financial Growth
        • - Hospital of the Future
        • - Value Based Care
        • - Looking Ahead to 2026
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Sponsored Video Series - One on One
      • Sponsored Video Series - Checking In with Dan Peres
    • Data & Insights
      • Data & Insights Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Skilled Nursing Facilities
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • Newsletters
    • MORE+
      • Contact Us
      • Advertise
      • Media Kit
      • Jobs
      • People on the Move
      • Reprints & Licensing
      • Sponsored Content