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Oak Street Health

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Oak Street Health, Inc.
Company typeSubsidiary
IndustryHealth care
Founded2012; 12 years ago (2012)
Founders
  • Mike Pykosz
  • Griffin Myers
  • Geoff Price
HeadquartersChicago, Illinois, U.S.
ParentCVS Health
Websitewww.oakstreethealth.com

Oak Street Health, Inc. is a health care network of primary care centers for older adults with Medicare.[1]

In May 2023, CVS Health acquired the company for $10.6 billion.[2]

History

[edit]

Oak Street Health was founded in 2012 by Mike Pykosz, Griffin Myers and Geoff Price and is headquartered in Chicago, Illinois.[3][4][5] Oak Street Health is the only primary care provider selected by the AARP.[6] Oak Street Health operates in helping older adults stay healthy by providing preventive care, education and social activities to support overall health well-being.[7]

Oak Street Health has raised a total of $105.3M in funding over 4 rounds.[citation needed] In August 2020 Oak Street Health, went public and raised $328 million in its Initial Public offering.[8][9][10] The company offered 15.6 million shares at $21 per share on the New York Stock Exchange, where it was traded under the ticker “OSH.”[11]

In October 2021, Oak Street Health acquired RubiconMD, a healthtech company for $130 million, the deal enables Oak Street to integrate its care model with virtual specialty care of RubiconMD.[12]

On February 8, 2023 CVS Health announced it has entered into a definitive agreement to acquire Oak Street Health in an all-cash transaction at $39 per share, representing an enterprise value of approximately $10.6 billion. [13]

In September 2024, the company paid $60 million to settle a lawsuit for violating the federal Anti-Kickback Statute.[14]

Operations

[edit]

Oak Street Health head office is based in Chicago, Illinois. It began operating in 2012. By January 2020, it had expanded to 50 centers in eight states.[15] By October 2021, there were more than 100 centers in 18 states.[16]

In 2024, Oak Street Health has expanded to over 170 centers nationwide.

References

[edit]
  1. ^ Multiple:
    • "Clinic chains like ChenMed and Oak Street transformed how primary-care doctors get paid. Here's how they're tackling expensive specialty medicine". Business Insider. Retrieved 2022-05-19.
    • "AARP's billion-dollar bounty". Fortune. Retrieved 2022-06-19.
    • "Oak Street Health provides homebound with COVID-19 vaccines". Retrieved 2022-06-04.
    • "Medicare patients have more options as clinic opens in Harwood Heights". Chicago Tribune. 25 October 2021. Retrieved 2022-05-16.
    • "How Oak Street Health has revamped its business model during the pandemic". www.bizjournals.com. Retrieved 2022-06-04.
    • "Coronavirus could change how you go to the doctor". Los Angeles Times. 2020-06-17. Retrieved 2022-06-04.
  2. ^ "CVS completes $10.6B acquisition of Oak Street Health". American City Business Journals. May 2, 2023. Archived from the original on May 3, 2023.
  3. ^ "How healthcare providers are the key to building patient trust in telehealth care". Business Insider. Retrieved 2022-05-16.
  4. ^ Abbott, Brianna (2022-02-27). "Community Workers Push to Get Covid-19 Tests to the Vulnerable". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-06-04.
  5. ^ Tebor, Jorge L. Ortiz, John Bacon and Celina. "'It will get better': Biden says US headed toward time when virus won't be a disruption: Live COVID updates". USA Today. Retrieved 2022-06-04.{{cite web}}: CS1 maint: multiple names: authors list (link)
  6. ^ to offer primary care to the Medicare eligible. Multiple:
  7. ^ Multiple:
  8. ^ "Primary care firm Oak Street shares jump in NYSE debut". Reuters. 2020-08-06. Retrieved 2022-07-30.
  9. ^ Pflanzer, Lydia Ramsey; Hernbroth, Megan. "The hot healthcare startup Oak Street surged to a $9.5 billion valuation in its IPO. Here are the investors and execs who stand to make the most". Business Insider. Retrieved 2022-07-30.
  10. ^ Beltran, Luisa. "Oak Street Health Just Went Public. It's Trying to Fix Health Care". www.barrons.com. Retrieved 2022-07-30.
  11. ^ Reuter, Elise (2020-08-06). "Primary care startup Oak Street Health goes public for $328M". MedCity News. Retrieved 2022-07-30.
  12. ^ Landi, Heather (2021-10-22). "Oak Street Health expands virtual specialty care with $130M deal for RubiconMD". Fierce Healthcare. Retrieved 2022-07-30.
  13. ^ Crawford, T.J. (2023-02-08). "CVS Health to acquire Oak Street Health". CVS Health. Retrieved 2023-02-08.
  14. ^ "Chicago-based Oak Street Health to pay $60M to settle kickback allegations". Chicago Tribune.
  15. ^ "Health care providers see green in a graying population". Crain's Chicago Business. 2020-01-10. Retrieved 2022-07-30.
  16. ^ Petlicki, Myrna (October 25, 2021). "Medicare patients have more options as clinic opens in Harwood Heights". Chicago Tribune. Retrieved 2022-07-30.
[edit]
  • Official website
    • Historical business data for Oak Street Health, Inc.:
    • SEC filings
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