One Medical Group Scoops Up Additional Funding

April 21, 2014
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One Medical

First published on MedCityNews.com. Concierge primary care practice One Medical Group has raised more than $117 million in capital with the addition of a new $40 million round announced last Thursday.

One Medical

First published on MedCityNews.com. Concierge primary care practice One Medical Group has raised more than $117 million in capital with the addition of a new $40 million round announced last Thursday.

That’s a lot of cash for the seven-year-old company, which now runs 27 primary care offices in six tech-savvy cities including San Francisco, Boston, New York and Chicago. The new addition, led by Redmile Group with participation from existing investors, will fund expansion into new cities, One Medical said.

Epocrates co-founder Dr. Tom Lee founded One Medical on the idea that by using technology smartly, physician practices could deliver higher-quality care more affordably. It emphasizes wellness, prevention and convenience, offering members primary care services including on-site lab services, video chat consultations via the new Google Helpout platform and mobile scheduling.

Members pay a $199 annual fee to be part of One Medical, which accepts health plans from most major commercial insurers.

It also recently introduced an enterprise program under which companies can offer One Medical membership as an employee health benefit. According to the company, more than 40 companies have already enrolled.

The rise in concierge, high-tech primary care from practices like One Medical and Iora Health has been met with a healthy dose of skepticism. But One Medical said it grew its member base by 50 percent last year.

[Image credit: One Medical Group on Facebook]