Oak Street Health

Oak Street Health, Inc. is a health care network of primary care centers for older adults on Medicare.[1][2][3][4][5][6] In February 2023, CVS Health announced that it planned to spend $10.6 billion to acquire the company.[7]

Oak Street Health, Inc.
TypePublic company
IndustryHealth care
Founded2012 (2012)
Founders
  • Mike Pykosz
  • Griffin Myers
  • Geoff Price
HeadquartersChicago, Illinois, U.S.
Websitewww.oakstreethealth.com

History

Oak Street Health was founded in 2012 by Mike Pykosz, Griffin Myers and Geoff Price and is headquartered in Chicago, Illinios. [8][9][10] Oak Street Health is the only primary care provider endorsed by the AARP.[11][12][13][14][15] Oak Street Health operates in helping older adults stay healthy by providing preventive care, education and social activities to support overall health well-being.[16][17][18][19][20][21][22]

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.[23]

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. [24]

IPO

Oak Street Health has raised a total of $105.3M in funding over 4 rounds. In August 2020 Oak Street Health, went public and raised $328 million in its Initial Public offering.[25][26][27] The company offered 15.6 million shares at $21 per share on the New York Stock Exchange, where it is traded under the ticker “OSH.”[28][29]

Recognition

Oak street co-founder, Mike Pykosz was listed among List of 300 people transforming business in 2020 by Business Insider,[30] as well as among 100 Most Influential People in Healthcare by Modern Healthcare.[31]

In 2020, Oak Street was listed among 8 primary care companies building a new future for medicine during the pandemic, by Business Insider.[32]

Operations

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.[33] By October 2021, there were more than 100 centers in 18 states;[34] by February 2023, that had increased to more than 160 centers in 21 states.[35]

References
  1. "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.
  2. "AARP's billion-dollar bounty". Fortune. Retrieved 2022-06-19.
  3. "Oak Street Health provides homebound with COVID-19 vaccines". www.downriversundaytimes.com. Retrieved 2022-06-04.
  4. "Medicare patients have more options as clinic opens in Harwood Heights". Chicago Tribune. Retrieved 2022-05-16.
  5. "How Oak Street Health has revamped its business model during the pandemic". www.bizjournals.com. Retrieved 2022-06-04.
  6. "Coronavirus could change how you go to the doctor". Los Angeles Times. 2020-06-17. Retrieved 2022-06-04.
  7. Khemlani, Anjalee (February 13, 2023). "CVS acquiring Oak Street Health: Why it matters". Yahoo! News. Retrieved 2023-03-08.
  8. "How healthcare providers are the key to building patient trust in telehealth care". Business Insider. Retrieved 2022-05-16.
  9. 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.
  10. 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.
  11. "Does the AARP have a billion-dollar conflict of interest?". Tampa Bay Times. Retrieved 2022-06-30.
  12. "Seniors decry ageism in health care settings". CNN. Retrieved 2022-06-04.
  13. Carballo, Rebecca (2022-03-24). "A legacy of racism in the health care system is hurting patients, new research shows". Houston Chronicle. Retrieved 2022-06-04.
  14. Pykosz, Mike. "CEO of Oak Street Health: When the pandemic finally subsides, let's not forget to address root cause of health disparities". Business Insider. Retrieved 2022-05-16.
  15. "Oak Street Health continues NYC expansion, opens first Bronx center – Bronx Times". www.bxtimes.com. 2021-10-18. Retrieved 2022-05-16.
  16. Kennedy, Corinne S. "During COVID-19, Memphis clinic for Medicare patients battles second epidemic: loneliness". The Commercial Appeal. Retrieved 2022-05-19.
  17. "Oak Street's patients are most at risk from COVID-19. Here's how its business is changing". Fierce Healthcare. 2020-04-21. Retrieved 2022-06-01.
  18. Grim, Ryan; Ahlman, Austin (December 14, 2021). "Medicare Privatization Scheme Faced Legal Questions About Profiteering". The Intercept. Retrieved 2022-06-04.
  19. "Welcome back party held for Jackson's Oak Street Health seniors". WJTV. 2021-09-10. Retrieved 2022-06-04.
  20. "Oak Street Health (NYSE:OSH) dips 16% this week as increasing losses might not be inspiring confidence among its investors - Simply Wall St News". simplywall.st. Retrieved 2022-06-04.
  21. Washington, Julie (2021-05-20). "'She got to the right decision:' How doctors talk to vaccine-hesitant patients with empathy, compassion". cleveland. Retrieved 2022-06-04.
  22. "Primary care firm Oak Street shares jump in NYSE debut". Reuters. 2020-08-06. Retrieved 2022-07-30.
  23. Landi, Heather (2021-10-22). "Oak Street Health expands virtual specialty care with $130M deal for RubiconMD". Fierce Healthcare. Retrieved 2022-07-30.
  24. Crawford, T.J. (2023-02-08). "CVS Health to acquire Oak Street Health". CVS Health. Retrieved 2023-02-08.
  25. "Primary care firm Oak Street shares jump in NYSE debut". Reuters. 2020-08-06. Retrieved 2022-07-30.
  26. 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.
  27. Beltran, Luisa. "Oak Street Health Just Went Public. It's Trying to Fix Health Care". www.barrons.com. Retrieved 2022-07-30.
  28. Reuter, Elise (2020-08-06). "Primary care startup Oak Street Health goes public for $328M". MedCity News. Retrieved 2022-07-30.
  29. "Oak Street Health CEO on IPO day spike". finance.yahoo.com. Retrieved 2022-07-30.
  30. "Transforming Business | 300 People transforming business". Transforming Business. Retrieved 2022-07-30.
  31. "100 Most Influential People in Healthcare - Mike Pykosz". Modern Healthcare. 2021-12-07. Retrieved 2022-07-30.
  32. Pflanzer, Lydia Ramsey. "Oak Street just surged in its IPO. Meet the 8 primary-care companies building a new future for medicine during the pandemic". Business Insider. Retrieved 2022-07-30.
  33. "Health care providers see green in a graying population". Crain's Chicago Business. 2020-01-10. Retrieved 2022-07-30.
  34. Petlicki, Myrna (October 25, 2021). "Medicare patients have more options as clinic opens in Harwood Heights". Chicago Tribune. Retrieved 2022-07-30.
  35. "Oak Street Health Reports Full Year 2022 Results". www.businesswire.com. 2023-02-28. Retrieved 2023-03-08.
  • Official website
  • Business data for Oak Street Health, Inc.:
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