One Medical Announces up to $350M Investment to Expand National Footprint
August 22 2018 - 6:00AM
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.
Disclosures
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.
Public Relations Contact: Addis Aklilu (press@onemedical.com)
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