Forbes February 1, 2020
It was not a great week to come public, as seen with the bearish move in the overall markets. Yet the IPO from One Medical turned out quite well. On Friday, the company’s shares soared by 58% to $22–putting the market cap at over $2.4 billion.
Tom Lee, a board-certified internist, started the company in 2007 by creating a clinic in San Francisco. He wanted to find ways to deal with the many issues for the key stakeholders in the healthcare industry:
- Consumers: Problems with long wait times, in-office delays, and inconvenient locations.
- Employers: Struggles with providing compelling benefits at affordable rates that allow for healthier employees.
- Providers: Difficulties with burnout because of the tedious administrative matters.
- Health Networks: Challenges with coordination for care services.