The San Mateo, California-based startup wants cut out the insurance company middleman and allow companies to create their own insurance plans for employees.
The new healthcare economy requires dramatic changes to insurers' existing business model to address a fast growing wave of consumerism.
Corporate investors tend to have a bad reputation in the startup world; at worst - they cull ideas and strategies from the startups they invest in.
Under the deal, those signing up with Oscar will get a Misfit fitness tracker, and earn breaks on their premiums for healthy behavior patterns.
Starting from January 1, 2015, members will be able to access Teladoc's U.S. board-certified, state-licensed physicians from their homes and offices.
The company plans to use the fresh capital to further develop its internet and marketing services, private exchange and customer service capabilities.
The company is looking to disrupt the industry with its more personal and immediate health insurance model that is more in tune with the millennial generation.
The REST API(s) that allow health tech companies to add a streamlined insurance eligibility check feature for doctors and patients.
The Health4Me app also got few other features, including expense management capability, Fitbit integration and live streaming of UHC.TV Internet TV channel.
Participating members will get to benefit from the new online wellness platform, offering a health assessment, digital health assistant and health information.