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 May 2023, CVS Health acquired the company for $10.6 billion.[7]

Oak Street Health, Inc.
TypeSubsidiary
IndustryHealth care
Founded2012 (2012)
Founders
  • Mike Pykosz
  • Griffin Myers
  • Geoff Price
HeadquartersChicago, Illinois, U.S.
ParentCVS Health
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. "CVS completes $10.6B acquisition of Oak Street Health". American City Business Journals. May 2, 2023. Archived from the original on May 3, 2023.
  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
    • Historical business data for Oak Street Health, Inc.:
    • SEC filings
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