10 Firms Drenched in Red Today

3. Oscar Health, Inc. (NYSE:OSCR)

Oscar Health saw its share prices decline for a third straight day on Wednesday, slashing 9.78 percent to end at $14.86 each as investors sold off positions following news that the Trump administration is ramping up audits of insurance firms offering Medicare Advantage.

On Wednesday, the Centers for Medicare and Medicaid Services said that it would employ an additional 2,000 encoders by September and use advanced technology systems to audit data and make sure diagnoses that claims from Medicare Advantage insurers are aligned with the patients’ medical records.

The agency said the initiative could claw back some $500 million a year for taxpayers.

This means that Oscar Health, Inc. (NYSE:OSCR) would be included in the review, being one of the insurance firms offering such services.

In other recent news, Oscar Health, Inc. (NYSE:OSCR) said it achieved a 55-percent increase in net income attributable to the company of $275 million versus the $177 million in the same period last year.

Revenues were also higher by 42 percent to $3.05 billion from $2.14 billion year-on-year.