One Medical, the direct primary-care provider that lets you text your doctor, is going public.
The company ONEM, +0.00% operates a care model in which patients pay an annual fee of $199 to gain access to One Medical’s primary-care physicians and services, including the ability to text their doctors, schedule same-day appointments and log into the company’s digital platform housing all of their health information.
The cost of care for the first nine months of 2019 was $118 million, taking up 59% of revenue. For the same period in 2018, cost of care was $100 million, about 65% of revenue.Large employers are on board Using the word “delight” in marketing materials is much more common among consumer companies. According to a FactSet analysis of third-quarter earning transcripts in 2019, this includes pet e-tailer Chewy Inc. CHWY, -0.58% , athletic retailer Lululemon Athletica Inc. LULU, -0.73% , and fitness platform Peloton Interactive Inc. PTON, +2.18% , which went public in September.
It’s a timely bet considering that other startups and traditional healthcare organizations are also trying to boost utilization of primary-care services. One Medical said it counts among its competitors other primary-care providers and on-site clinics set up by employers.One Medical has three revenue sources: individuals or employers buying memberships, “partnership revenue” from health networks or clients that have One Medical on-site services, and net-patient revenue. It said that “while we intend to increase revenue contribution from health network partners, our revenue mix will continue to be driven by patient visits over the near term.
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