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]

Related Research Articles

<span class="mw-page-title-main">GE HealthCare</span> American multinational medical technology company

GE HealthCare Technologies, Inc. is an American multinational medical technology company headquartered in Chicago, Illinois. It was spun-off from General Electric on January 4, 2023, with GE retaining 6.7%. As of 2017, it is a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures. It offers dyes used in magnetic-resonance-imaging procedures; manufactures medical diagnostic equipment, including CT image machines; MRI, X-ray; ultrasound; cath labs; mammogram; Nuclear Medicine Cameras; and develops health technology for medical imaging and information technologies, medical diagnostics, patient monitoring systems, disease research, drug discovery, and biopharmaceutical manufacturing. It was incorporated in 1994 and operates in more than 100 countries.

<span class="mw-page-title-main">HCA Healthcare</span> American healthcare facilities company

HCA Healthcare, Inc. is an American for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owned and operated 186 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 21 states and the United Kingdom. As of 2023, HCA Healthcare is ranked #66 on the Fortune 500 rankings of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Evercore</span> American financial services company

Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding. Evercore is widely considered one of the most prestigious and elite investment banking advisory firms.

IQVIA, formerly Quintiles and IMS Health, Inc., is an American Fortune 500 and S&P 500 multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development, professional consulting and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including investment strategy and management consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of US$49 billion as of August 2021. As of 2023, IQVIA was reported to be one of the world's largest contract research organizations (CRO).

PharMerica is a Fortune 1000 company formed in January 2007 from the merger of Kindred Healthcare's pharmacy business with a subsidiary of AmerisourceBergen.

Centene Corporation is a publicly traded managed care company based in St. Louis, Missouri, which is an intermediary for government-sponsored and privately insured healthcare programs. Centene ranked No. 25 on the 2023 Fortune 500.

CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's largest healthcare company, with its headquarters in Woonsocket, Rhode Island. In 2023, the company was ranked 65th in the Forbes Global 2000.

<span class="mw-page-title-main">Elevance Health</span> American healthcare company

Elevance Health, Inc. is an American health insurance provider. Prior to June 2022, Elevance Health was named Anthem, Inc. The company's services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.

<span class="mw-page-title-main">Chewy (company)</span> Internet retailer of pet items

Chewy, Inc. is an American online retailer of pet food and other pet-related products based in Plantation, Florida. Chewy went public in 2019 with the ticker symbol CHWY on the New York Stock Exchange.

Change Healthcare is a provider of revenue and payment cycle management that connects payers, providers, and patients within the U.S. healthcare system. The name also refers to a company founded in 2007 which subsequently became part of the current conglomerate. The company operates the largest financial and administrative information exchange in the United States.

Teladoc Health, Inc. is a multinational telemedicine and virtual healthcare company headquartered in the United States. Primary services include telehealth, medical opinions, AI and analytics, telehealth devices and licensable platform services. In particular, Teladoc Health uses telephone and videoconferencing software as well as mobile apps to provide on-demand remote medical care.

Health Insurance Innovations (HII) is a product agnostic insurance technology platform. The firm has headquarters in Tampa, Florida and is listed on NASDAQ. The company uses a cloud-based platform for licensed independent agents to enroll customers in products provided by insurance companies which provide the actual coverage. The firm also provides billing and information services for both the clients and the agents.

Veritas Capital Fund Management, L.L.C. is a New York–based private-equity firm founded in 1992 that invests in companies providing critical products and services, primarily technology-enabled products and services, to government and commercial customers worldwide. The firm's first fund closed in 1998. They closed an eighth flagship fund in 2022; in all, Veritas has approximately $45 billion of assets under management. Veritas is led by Ramzi Musallam, the firm's Chief Executive Officer and Managing Partner.

<span class="mw-page-title-main">DaVita</span> American dialysis provider

DaVita Inc. provides kidney dialysis services through a network of 2,816 outpatient dialysis centers in the United States, serving 204,200 patients, and 321 outpatient dialysis centers in 10 other countries serving 3,200 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives unless they receive a donor kidney. The company has a 37% market share in the U.S. dialysis market. It is organized in Delaware and based in Denver.

<span class="mw-page-title-main">Medical Properties Trust</span> American real estate investment trust

Medical Properties Trust, Inc., based in Birmingham, Alabama, is a real estate investment trust that invests in healthcare facilities subject to NNN leases. The company owns 438 properties in the United States, Australia, Colombia, Germany, Italy, Portugal, Spain, Switzerland, Finland, and the United Kingdom.


Avantor is an American biotechnology, chemicals, and pharmaceuticals company headquartered in Radnor, Pennsylvania. The company ranked 484th on the 2020 Fortune 500, based on its 2019 sales.

Marc-David Munk is an American and Canadian physician, writer and healthcare executive who, according to the Advisory Board, a US healthcare consultancy, has "a reputation as an innovator." Munk is recognized as a thought leader in the area of value-based, consumer-facing healthcare and global health.

Optum, Inc. is an American healthcare company that provides technology services, pharmacy care services and various direct healthcare services.

This list of telemedicine services providers is for notable telemedicine, telehealth, and mobile health providers and services. This includes virtual care facilities for remote care, services or platforms used for specific steps within the healthcare industry, and clinical navigation.

Amazon Pharmacy is an American online pharmacy which is a subsidiary of Amazon. The business was launched on November 17, 2020, initially offering pharmacy service only in the United States.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.