Oscar Health's net loss increased 52.9% to $112.1 million in the second quarter.

The insurtech’s net loss quadrupled to $251 million during the second quarter and the company needs capital to to get to break even, CEO Mike Mikan told investors.

Horizon Blue Cross Blue Shield of New Jersey and Cigna recently announced they plan to heighten oversight of evaluation and management claims that include modifier 25. 

The Medicare Advantage insurtech's revenue more than doubled to $846.7 million in the second quarter, driven by membership growth under the Medicare Direct Contracting program.