One Medical

Last updated
1Life Healthcare, Inc.
One Medical
Company type Subsidiary
Nasdaq: ONEM
Industry Primary healthcare
Founded2007;17 years ago (2007), San Francisco, California, U.S.
FounderTom Lee
Headquarters One Embarcadero Center
San Francisco
Key people
Amir Rubin (CEO)
RevenueIncrease2.svg US$1.05 billion (2022)
Decrease2.svgUS$−420 million (2022)
Decrease2.svgUS$−398 million (2022)
Total assets Decrease2.svgUS$2.43 billion (2022)
Total equity Decrease2.svgUS$1.54 billion (2022)
Number of employees
3,698 (2022)
Parent Amazon, Inc.
Website onemedical.com
Footnotes /references
[1] [2]

1Life Healthcare, Inc. (doing business as One Medical), is Amazon's chain of primary healthcare clinics. [3] [4] One Medical is a membership-based primary care service with in-person care and online resources, including a mobile app. [3] [5] [6] In February 2023, it was acquired by Amazon. [7]

Contents

History

One Medical was founded by Tom Lee in 2007. The company grew from a single San Francisco clinic to more than 72 locations across the United States, including 29 clinics in the greater San Francisco Bay Area. [3] [5] 1Life Healthcare, Inc. serves as an administrative and managerial services company for physician-owned professional corporations (PCs). [8]

In 2017, Amir Rubin succeeded Tom Lee as CEO of One Medical. [3] In 2018, The Carlyle Group invested $350 million in the company. [4] [6] One Medical was also backed by Google's parent company Alphabet Inc. [4] [5]

On January 31, 2020, One Medical began trading on the Nasdaq stock exchange. [9] [10]

During the early stages of vaccine distribution, One Medical was accused of administering the COVID-19 vaccine to ineligible patients in several states. [11] This resulted in a Congressional investigation. [12] [13] The investigation concluded that One Medical sought to use its access to COVID vaccines for financial gain, by pushing those looking for vaccines towards its own paid memberships, and that it provided early access vaccines to those with insider connections at the company. [14]

In September 2021, One Medical acquired Iora Health. [15]

Acquisition by Amazon

In July 2022, it was announced that Amazon, Inc. agreed to acquire One Medical for about $3.9 billion in an all-cash deal. [16] Prior to the announcement, pharmacy chain CVS Health had also bid for the company. [17] Amazon formally acquired One Medical on February 22, 2023. [7]

In November 2023, Amazon began offering discounted One Medical memberships to Amazon Prime customers. [18] [19] [20] [21]

Reaction

Following news of the acquisition, several commentators and public advocacy groups expressed concern that the deal would harm patient privacy. [22] [23] U.S. Senator Josh Hawley, a Republican from Missouri, urged the Federal Trade Commission (FTC) to scrutinize the deal. [24]

Oregon's health agency, the Oregon Health Authority (OHA) was empowered to assess the deal as there were five One Medical clinics operating in the state as of 2022. In December 2022, the OHA ultimately concluded in its preliminary review of the acquisition that the acquisition would not lead to a substantial reduction in affordable healthcare in the state. As such, the OHA approved the acquisition. [25]

In 2023, One Medical was listed as a sponsor of Tru Con, an annual conference of the Truman Center, a national security think tank. [26]

Antitrust scrutiny

Following the announcement of the acquisition, observers speculated that the deal may face antitrust scrutiny. In September 2022, a SEC filing by 1Life Healthcare revealed that the FTC had begun a probe into the deal. [27]

On February 21, 2023, the FTC ultimately declined to challenge the deal with an antitrust lawsuit before the acquisition was completed. [28] The acquisition was officially completed the next day, on February 22, 2023. [7] The FTC clarified that it is still investigating the merger and may still choose to challenge the acquisition. [28]

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References

  1. ↑ "1Life Healthcare Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 22 February 2023.
  2. ↑ Rainey, Clint (21 July 2022). "Amazon's $3.9 billion One Medical acquisition is already raising data privacy concerns". Fast Company .
  3. 1 2 3 4 Farr, Christina; Sherman, Alex (October 8, 2019). "One Medical, the health clinic chain backed by Alphabet, has hired banks ahead of an IPO". CNBC . Retrieved November 6, 2019.
  4. 1 2 3 Truong, Kevin (October 8, 2019). "Google-backed One Medical reportedly gearing up for IPO". San Francisco Business Times . Retrieved November 6, 2019.
  5. 1 2 3 Farr, Christina (July 28, 2019). "How tech-infused primary care centers turned One Medical into a $2 billion business". CNBC . Retrieved November 6, 2019.
  6. 1 2 Tozzi, John (March 20, 2019). "Carlyle-Backed One Medical Tackles Costs With Hospital Deals". Bloomberg . Retrieved November 6, 2019.
  7. 1 2 3 Dey, Mrinmay; Dastin, Jeffrey (22 February 2023). "Amazon completes One Medical takeover after FTC nod, discounts membership". Reuters.
  8. ↑ "1Life Healthcare Inc". CNBC. 2023. Retrieved 2023-01-30.
  9. ↑ Shen, Lucinda (January 31, 2020). "On a terrible day for stocks, One Medical sees its stock pop 47% from the IPO price". Fortune . Retrieved February 2, 2020.
  10. ↑ "Google-Backed 1Life Healthcare Surges 58% in Trading Debut". Bloomberg.com. 2020-01-31. Retrieved 2020-10-14.
  11. ↑ Tim Mak (February 24, 2021). "High-End Medical Provider Let Ineligible People Skip COVID-19 Vaccine Line". NPR.
  12. ↑ Tim Mak (March 2, 2021). "One Medical's Coronavirus Vaccine Practices Spark Congressional Investigation". NPR.
  13. ↑ Will Feuer (March 2, 2021). "House panel investigates One Medical for allegedly letting rich clients cut Covid vaccine line". CNBC.
  14. ↑ "Select Subcommittee Releases Findings From Investigation Into One Medical's Administration Of Coronavirus Vaccines".
  15. ↑ 1Life Healthcare, Inc. (September 1, 2021). "One Medical Completes Acquisition of Iora Health". Yahoo! Finance . Retrieved September 16, 2021.{{cite news}}: CS1 maint: numeric names: authors list (link)
  16. ↑ Palmer, Annie (July 21, 2022). "Amazon to buy primary health-care provider One Medical for roughly $3.9 billion". CNBC .
  17. ↑ Davis, Michelle F (10 August 2022). "CVS Was Mystery Bidder for One Medical Before Amazon Struck Deal". Bloomberg. Retrieved 11 August 2022.
  18. ↑ O'Donovan, Caroline (9 November 2023). "Amazon links One Medical primary care to Prime memberships". Washington Post. Retrieved 19 November 2023.
  19. ↑ Palmer, Annie (8 November 2023). "Amazon beefs up Prime loyalty program with One Medical discount". CNBC. Retrieved 19 November 2023.
  20. ↑ Welch, Chris (8 November 2023). "Amazon's latest Prime perk is a $100 discount on One Medical". The Verge. Retrieved 19 November 2023.
  21. ↑ "Amazon's Doctor Will See You: What to Know About One Medical". CNET. Retrieved 19 November 2023.
  22. ↑ Fowler, Geoffrey A. (2022-07-22). "Perspective | Amazon just bought my doctor's office. That makes me very nervous". Washington Post. ISSN   0190-8286 . Retrieved 2023-02-23.
  23. ↑ Contreras, Briana (August 4, 2022). "Public Citizen Advises US Decision-Makers Investigate Amazon-One Medical Merger". Managed Healthcare Executive. Retrieved February 22, 2023.
  24. ↑ Vittorio, Andrea (2022-07-28). "Amazon, One Medical Deal Raises Data Issue, Hawley Tells FTC (1)". Bloomberg Law. Retrieved 2023-02-23.
  25. ↑ Rosenblatt, Lauren (2022-12-28). "Oregon health agency approves Amazon, One Medical acquisition". The Seattle Times. Retrieved 2023-02-23.
  26. ↑ "Tru Con 2023 Website".
  27. ↑ Muoio, Dave (2022-09-06). "Amazon's $3.9B One Medical purchase is being reviewed by FTC, filings show". Fierce Healthcare. Retrieved 2023-02-23.
  28. 1 2 Fung, Brian (2023-02-22). "Amazon closes $3.9 billion deal to acquire One Medical | CNN Business". CNN. Retrieved 2023-02-23.
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