On Friday, One Medical, a concierge primary care brand with better tech than the average private practice, went public, raising $245 million. The company has pitched itself as the future of modern medicine, but its model relies on keeping the existing broken healthcare system the same.
For its debut, One Medical priced at the low end of its range: $14 per share. On listing day, it quickly jumped up to around $20 per share, revealing excitement for the company. One Medical partners with 6,000 employers, accepts most health insurance, and serves nearly 400,000 patients in nine metropolitan areas with more growth ahead. Still, it has a history of losses that may continue. In 2018, the company had a net loss of $45.5 million, and in the first nine months of 2019, the company had a net loss of $34.2 million. One Medical has largely chalked these losses up to growing pains associated with scaling.
“It took us a few years to figure out the model,” says CEO Amir Dan Rubin. “But now we…
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Source : fastcompany.com
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