- Concierge medicine vendor One Medical announced that The Carlyle Group will invest up to $350 million into 1Life Healthcare, the technology and management company behind the San Francisco-based startup.
- One Medical said it would use the money to expand its national footprint, grow provider and clinical support teams and further evolve its technology platform.
- Launched in 2007, One Medical has previously raised more than $180 million from investors including Alphabet's GV and J.P. Morgan. The company recently reported valuation of more than $1 billion, according to CNBC.
One Medical continues to find success with its model of 24/7 access to a doctor or nurse and same-day office visits as providers and payers look for less-costly, more convenient options for patients.
In a 2017 Advisory Board Company survey, 57% of hospital leaders said their top concern is increasing patient access to outpatient settings. No. 2 on their worry list was reducing costs.
Primary care clinics are one answer to those concerns. A PricewaterhouseCoopers Health Research Institute report tallied more than 3,000 retail clinics across the U.S. and noted one in three consumers has used one.
Currently, One Medical offers primary care services in 72 locations in nine metropolitan markets: Boston, Chicago, Los Angeles, New York, Phoenix, San Diego, San Francisco and Washington, D.C.
The Southern California expansion, announced last month, includes three offices scheduled to open in San Diego County early next year. As part of the launch, One Medical will partner with UC San Diego Health to coordinate and streamline primary and specialty care for employers and consumers in the county.
In Wednesday's announcement, One Medical CEO Amir Dan Rubin said the investment will "bring this unique One Medical experience to more consumers and companies across the country and add fuel to our aggressive growth plans."
Rubin joined One Medical a year ago after serving as executive vice president and division CEO of UnitedHealth's Optum. He previously was president and CEO of Stanford Health.