Good morning, ladies and gentlemen. My name is Beau, and I'll be your conference operator today. At this time, I would like to welcome everyone to Oscar Health's leadership transition call. Just a reminder, all participants are in a listen-only mode, and please be advised that this call is being recorded. After the speakers' prepared remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad. I would now like to turn the call over to Miss Cornelia Popic, Vice President of Corporate Development and Investor Relations. Cornelia, please go ahead.
Thank you, Beau. Good morning, everyone. We appreciate you joining us on short notice to introduce our new CEO, Mark Bertolini. Mark and Mario Schlosser, Oscar's co-founder and new President of Technology, will host this morning's call, which can also be accessed through our investor relations website at ir.hioscar.com. I note that we are not going to provide any interim updates or details around our 1-2 results, which we'll announce on May 9th. As such, we ask that you limit your questions to those around Mark joining the company. Any remarks that Oscar makes about the future constitute forward-looking statements within the meaning of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC and our other filings with the SEC. Such forward-looking statements are based on current expectations as of today. Oscar anticipates that subsequent events and developments may cause estimates to change. While the company may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. With that, let me turn the call over to Mario Schlosser.
Thank you, Cornelia Popic. Good morning, everyone. Thank you for joining us. As you saw from our release this morning, we have excellent news to share. We appointed Mark Bertolini as the new CEO of Oscar, effective April 3, 2023, and I will be taking on the role of President of Technology, overseeing products and engineering. Look forward to working with Mark on continuing to deliver on our business plan and objectives. In terms of where we stand on our plan for the year, this morning we reaffirmed our full year 2023 guidance. The board and I have been fortunate over the past year and a half to work with Mark in his role as a strategic advisor to us at Oscar.
One thing has become very apparent over this time, Mark shares in both our ethos and in our vision of what is wrong with healthcare today and what it will take to fix the system. We've spent extensive time together discussing our shared perspective on the three biggest trends shaping healthcare today: increased consumerization, increased digitization, and the shift towards value-based care. We've covered and we've discussed our collective passion for putting the consumer in the decision-making seats when it comes to healthcare. We share a fundamental philosophy that a critical component of changing healthcare is a truly innovative technology powering Oscar and the industry. The more time we spent with Mark, the more certain we felt that there is no single person better suited to maximize the opportunity we have with Oscar.
He believes in the Oscar mission, and he has a proven track record of creating meaningful value for shareholders, employees, and for members. As part of this transition, I will be turning my full attention to our platform and technology as President of Technology. I am a computer scientist by training, and in today's environment of breathtaking change in large language models, AI, and the broader technology space, I am energized at the prospect of focusing there. During that, as Oscar continues to grow and to scale, we continue to build the technology moats that has made us different from day one. Leading product engineering with a singular focus on building Oscar's tech platform for the future, I think I will play to my greatest strengths and continue working to push the bounds of how technology can change healthcare for Oscar and for the US healthcare system overall.
Mark brings something to Oscar that few others in the world possess: proven track record of not only scaling health insurance companies, but moreover, fundamentally changing how healthcare looks in this country. You know Mark as the former chairman and CEO of Aetna. During his tenure there, he led the company's transition from a traditional health insurer to a consumer-oriented healthcare company. Part of this announcement, Josh and I recommended the cancellation of the founders' grants to manage dilution as we bring on Mark and to compensate our employees. Believe in the substantive value that Mark can bring to the organization as our new CEO, and we're invested in his success. I join the board in saying that we are thrilled to welcome Mark to Oscar, and unfortunately sitting right next to me here, and I will turn the call over to Mark.
Thank you, Mario. Thank you all for joining us today. It's nice to see some familiar names dialed into the call. I am excited to join the team at Oscar at a pivotal time in the company's evolution. The team at Oscar, under Mario's leadership, has built an insurance business and tech platform that is ready to deliver critical infrastructure in a quickly changing healthcare ecosystem. As an advisor, I've spent time with Oscar's leadership team, built an understanding of the technology platform and the business plan, all of which make me confident about our future. Simply put, I've joined Oscar because I believe in the mission of the company, and I see a genuine opportunity to create significant shareholder value along the way.
As you saw in the 8-K, the compensation I agreed to with the company is aligned with our long-term incentives around value creation. I'm returning to the healthcare industry because I believe there is still work to be done. The system remains fragmented and unaffordable, and there is one company, in my opinion, best positioned to fix it. Whether as an insurance business or as a service to others, Oscar presents a unique opportunity to push the healthcare industry. With industry-leading engagement and an NPS of 47, Oscar has demonstrated that its technology and member experience are differentiated. I see a great foundation at Oscar to accelerate the continuing shift toward a more consumer-oriented focus for the healthcare industry.
Looking forward, our first priority will remain delivering a profitable insurance business with positive Adjusted EBITDA in 2023, and positioning us to reach our overall positive Adjusted EBITDA for the total company in 2024. At the same time, 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. Compared with our experience in the insurance sector, we believe our solution will offer unparalleled value. Advising the company for the past year and a half has given me a strong sense for our mission, strategy, and culture. As a result, I expect to hit the ground running. One of the things that drew me to Oscar is the culture and values that Mario and Josh have instilled in the organization over the years. The company is truly powered by its people.
I'm excited to work with this amazing team as we continue to reach new heights as an organization. I plan to dedicate the coming weeks to meeting with all of our people and our partners. I look forward to connecting with you, our investors and analysts. I also look forward to talking more with you on our first quarter call in May. With that, I'll turn the call over to the operator for questions.
Thank you, Mr. Bertolini. Ladies and gentlemen, at this time, again, if you do you have any questions, just press star one. We do ask that you please limit yourself to 1 question. We'll take our first question this morning from Mr. Michael Ha of Morgan Stanley.
Thank you. This is Connor Massaron on for Michael Ha. Mark, looking back at your wealth of experience and having seen managed care evolve over the years, as you look at the current state of managed care and glimpse into the future, what opportunities in managed care excite you the most over the next 5-10 years? So much of the conversation has shifted towards value-based care, and I know you're focused on the company's goal of reaching profitability right now. Once you achieve that, do you envision a world where Oscar could be willing to get back into the Medicare Advantage/value-based care game, not just as an enablement tool for MA providers and/or plans via +Oscar?
Thank you for the question. I would start with how we see the market evolving. We think it will continue to get more individualized. If you look at the totality of individuals purchasing healthcare through Medicare and Medicaid and also through the ACA, we expect that to grow. I think there's a huge opportunity, to fund that program differently. For us, as Oscar, with our 47 NPS, the ability to attract customers and bring a great customer experience to the market and have them come work with us. First, individualization. Secondly, digital. The pandemic taught us a lot about digital healthcare. There is more to go, and I think people are more used to it.
As we look at our platform and just executing against our own business model, the opportunity to create a digital platform that works all the way in from virtual care, even into tertiary care and into the healthcare system, allows us to build a value-based care model that's not only for the provider relationship, but also for the member relationship. They find true value in the quality of the customer experience and the care we're providing. This whole idea of individualization, digital, and value-based care are the three tenets upon which we're gonna move forward with our strategy.
Thank you.
Thank you. We go next now to Jonathan Yong of Credit Suisse.
Hi. Thanks for taking my question. Mark, just as you think about stepping into the role officially next week, how do you think about any changes that you are contemplating or thinking about conducting, as you step into that role? What are your key focus points kind of in the near term and then longer term, other than obviously getting the insurer code to profitability this year? Thanks.
That's the first one. Secondly is getting to know the organization culture better. While I've worked with Josh and Mario and members of the senior leadership team as an advisor, I need to get myself grounded in how the organization works. We'll be spending times on the less glamorous parts of running a business. What is the management process? How do we run the cadence? How do we make sure we're delivering on results? How do we look at the pillars of the strategy that we need to work on today so that we can deliver here three years from now?
All of these things are gonna be part of the way I like to operate a business, which is planning connects to the management process, connects to talent, and it's that economic flywheel that we're gonna generate and work here. In the first 90 days, there's nothing gonna be dramatic. It's gonna be about me getting grounded, me instilling the kind of discipline I like to see in an organization, working with the current management process and building upon it. Ultimately, over time, we'll consider how we're organized, what is the team, and further, how we evolve the strategy going forward as we look at the possibilities around the +Oscar.
Great. Thanks.
Thank you. We go next now to Joshua Raskin at Nephron Research.
I've got two questions. I guess first, Mark, as an advisor to the company over the last year and a half, why do you think Oscar hasn't received any strategic interest? Second, as you look across the leadership team, what skills do you think would be additive in the future?
Well, Josh, I think, I think Mario and Josh have had a number of conversations about strategic opportunities. I think, that strategic interest isn't where we're focused right now. We're focused on how we grow the company and how we change healthcare. That's the reason I'm here. The opportunity for an organization like ours, as nimble as it is, to create a customer experience that people will come to, is a great way to think about disrupting the industry. We have to build that platform and how we think about it. On, on the people front, I don't know enough yet, Josh, about the depth of the team and where we may need some help. We will be looking at that seriously.
That's first 90-day kind of analysis that I need to do, as we think about what do we need, not only now, but as we look to the future. More to come on that.
Okay, thanks.
Thank you. We go next now to Stephen Baxter of Wells Fargo.
Mark, if I remember correctly, you were initially a big believer in the promise of the individual market when the Affordable Care Act was passed, then early on in implementation. I was hoping you could talk a little bit more about what you think would allow Oscar to succeed if the employer market does move to more of a defined contribution or HRA model over time. Obviously, a big expansion of the potential opportunity, that could potentially be, you know, a much different sale and potentially a more competitive market if everyone has to focus on. Would love to hear a little bit more about your thoughts there. Thank you.
We have components of the platform that are already active in engaging that. That's why our Net Promoter Score is so high. That's why our engagement is high from our membership. We have an aspect of our tech platform that's called the Campaign Builder. How do we reach
Mr. Bertolini, this is the operator. I believe we lost your audio. If you can test your mic.
We hope that the customer is leaving the people they used to do business with and going with that disruptor. Pardon?
Mr. Bertolini, you might wanna repeat that. You actually cut out for most of your response. I apologize.
Medicaid business, when delivered appropriately as a great customer experience, is gonna bring the members to us. We wanna focus on making that happen, and making us the choice every time people have to make.