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Oscar Health has excelled at one thing in particular since its inception a decade ago: burning cash.

The health insurance company did not plan to be profitable immediately. It was staking its future on the new Affordable Care Act marketplaces and had to grow quickly to compete with larger insurance carriers. Oscar organized its health insurance product through an app, promoted virtual care, advertised on New York subways, and then low-balled prices in certain markets to attract young, healthy people to sign up for its ACA plans.

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