The Silicon Review
Primary care that is of great quality and affordable – is in general, hard to access. And in the times when we are experiencing once-in-a-hundred-years pandemic, accessing it is even harder than before. San Francisco -based One Medical is the leading member-based primary care provider that can make getting quality care more affordable, accessible, and enjoyable.
Founded in 2007, it is the go-to primary care provider for millions of people. Their members can access to comprehensive care remotely and at 85+ offices in nine major U.S. markets. The virtual care by the company is provided 24/7. Over 7,000 companies rely on One Medical to provide health benefits to their employees.
Dealing with COVID-19
Almost 250,000 One Medical members sought out digital care in the first few weeks following the initial community spread of the coronavirus in the U.S. This meant that the company had to put together its plans swiftly to meet the sudden boom in the requirement.
One Medical mobilized quickly. It provided members access to digital COVID-19 screening and virtual video chats, developed algorithmically-drive follow-ups, and began COVID-19 specimen collection at select One Medical offices and outdoor locations across the country.
“During these extraordinary times, our extraordinary people and model are delivering for our members and employer clients premier digital screening and virtual health solutions, as well as compassionate in-person testing and care services,” says One Medical Chair & CEO, Amir Dan Rubin. “We believe One Medical’s combination of seamless digital health along with in-office care and testing services will play an important role in helping employers and teams get back to work.”
A Blockbuster January IPO
Founded in 2007, the company has grown leaps and bounds in 2020. One Medical’s natural next step was to go for an IPO. In late January 2020, the company debuted its IPO and raised $245 million. It began trading on Nasdaq as ONEM, priced at $14. It began trading at the lower side of $14 but the number had jumped up to $22 by market close. For the IPO, One Medical’s parent 1Life Healthcare had offered 17.5 million shares. The underwriters had the option of buying an additional 2.62 million shares of stock by February end.
The funds will allow the healthcare company to extend its reach and impact to transform the sector at scale. It has also given the company an opportunity to raise money from a broader group of investors who are willing to participate in the company’s vision to create better health and better care while lowering costs.
Prior to the IPO, the company had already managed to attract some big investors. In 2018, One Medical raised $350 million from Carlyle Group. The investment valued the company at above $1 billion. It has raised over $530 million in investments since its inception and counts J.P. Morgan Asset Management, Benchmark, Alphabet’s GV, and Redmile Group as its investors.
One Medical recently also released its Q1 results that showed some great numbers despite the ongoing dip due to the COVID-19 pandemic. The company ended Q1 with $375.4 million of cash and short-term marketable securities and just $2.2 million of debt. Their membership count was 455,000 which was a 25% increase from the previous quarter. One Medical now expects to have between 500,000 and 515,000 members by the end of 2020.
Meet the Expert
Doug Sweeney, CMO: As the CMO of One Medical, he is responsible for the company’s marketing strategy, growth, and the brand story. He’s had the opportunity to work with iconic brands like Nest, Levi’s, and Adidas. Prior to One Medical, he was the CMO at Nest and oversaw the company’s brand consumer experience from the startup stage till 2018. At Levi’s, he was the VP of Global Brand Marketing and oversaw the brand’s marketing efforts in across 110 countries.
He is a senior advisor to Google Ventures and a whole gamut of startups. He is a frequent guest lecturer at Stanford School of Business. He holds a BS in consumer studies from Syracuse University.