One Medical Announces up to $350M Investment to Expand National Footprint
SAN FRANCISCO, Aug. 22, 2018 (GLOBE NEWSWIRE) -- One Medical —the leading member-based, intelligent primary care provider on a mission to transform health care—today announced an investment of up to $350M by The Carlyle Group in 1Life Healthcare, the technology and management company behind One Medical. This fundraise represents the largest in the company’s history and will build on One Medical’s aggressive growth, with plans to double its offices and members across the nation over the next few years. Earlier financing rounds included investments from firms such as Benchmark Capital, Google Ventures, Maverick and JP Morgan.
“From the time of our founding by Dr. Tom X Lee, we have been on a mission to create an entirely new kind of primary care experience - one that starts with people. We call this real-life care. Through our incredible clinical team, technology platform and inviting and accessible medical offices, we simplify the complex world of care for members every day. We believe that no detail is too small to make health care more effective, efficient and dare we say, enjoyable. Our latest plans are to bring this unique One Medical experience to more consumers and companies across the country and add fuel to our aggressive growth plans,” said One Medical CEO Amir Dan Rubin.
The Carlyle Group investment in One Medical will extend service to more consumers and employers, support the launch of additional offices in existing and new geographies, expand provider and clinical support teams and further advance technology platform innovation.
“The primary care system in the United States is broken and One Medical is the brand poised to help fix it. We have partnered with One Medical because of their proven innovative model and track record, outstanding providers and leadership team and significant business momentum. One Medical pioneered the concept of a more modern primary care experience, and it has an incredibly exciting roadmap over the next several years,” said Ram Jagannath, Managing Director at The Carlyle Group.
One Medical offers a completely reimagined alternative to traditional primary care. The company’s member-first experience has made it a health care favorite among consumers, employers and doctors. With its recently announced launch into San Diego, One Medical will soon be serving nine U.S. markets and has relationships with over 1,000 employers, providing primary care and digital health to employees of mid-to-large sized companies, including Fortune 50 companies. One Medical has an industry leading 91 Net Promoter (NPS) score and retains over 88 percent of its consumer members and 99 percent of its enterprise employer partnerships.
“We have the highest quality team of caring providers who love what they do, and they’ve come to One Medical because they believe this is the way health care should be delivered — no other organization is as attentive to the real-world experiences of patients and providers. Our intense focus on primary care means we work proactively to keep our members healthy and happy, handling the vast majority of their clinical concerns and engaging world-class specialists when needed, while preventing the harms of over-medicalization,” said Andrew Diamond, MD / PhD, National Medical Director at One Medical. “One Medical’s convenient care access and salaried model of primary care has supported health outcomes and cost savings that, when scaled further, can transform the performance of the U.S. health care system.”
About One Medical
One Medical is the nation’s leading member-based, intelligent national primary care organization focused on transforming health care. One Medical delivers its unique model of real-life care through digital health services and convenient medical offices in 72 locations in nine metropolitan regions, including Boston, Chicago, Los Angeles, New York, Phoenix, San Francisco, Seattle, Washington, D.C and San Diego.
In addition to its direct-to-consumer membership model, One Medical works with more than 1,000 companies who have added One Medical to their health benefits packages, giving their employees unparalleled, integrated access to near-site primary care, 24/7 virtual care and even on-site care that helps them improve population health and decrease health care costs. One Medical is affiliated with 1Life Healthcare, Inc., a healthcare technology and management services company.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, health care, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.
1Life, One Medical Group, One Medical, and the One Medical logo are registered trademarks or trademarks of 1Life Healthcare, Inc. and/or its affiliates in the USA and/or other countries. 1Life Healthcare reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2018 1Life Healthcare, Inc. All rights reserved.
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