Referred pain

8 January 2020 By Robert Cyran Follow @rob_cyran

A U.S. doctor’s visit is often characterized by clunky tech, long waits and a referral to a higher-priced specialist. One Medical wants to turn the system on its head. Pleasing patients is easy. Doing so while turning a profit and reducing medical expenditure may not be possible.

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1Life Healthcare, the firm that runs the One Medical chain of primary care clinics, filed a prospectus for its initial public offering on Jan. 3. The company had $199 million of net revenue in the nine months of 2019, and an operating loss of $35 million.

1Life Healthcare did not disclose how many shares it will sell or indicate a price. The company was valued at about $1.5 billion in its funding round in 2018.

Carlyle owned 26.8% of the company’s shares prior to any offering. Google, which owned just under 6% of the firm’s equity, is also One Medical’s largest customer, accounting for 10% of revenues in the first nine months of 2019.

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