Global e-commerce giant Amazon is set to acquire One Medical for $3.9 billion – that is $18 a share. One Medical is a human-centered, technology-powered national primary care organization. It wants to make quality care more affordable and accessible, and enjoyable through a seamless combination of in-person, digital, and virtual care services that are convenient to where people work, shop, and live.
Neil Lindsay, SVP of Amazon Health Services, says the company values healthcare high on the list of experiences that need reinvention. He highlighted the rigorous task of booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting for too what is too often a rushed few minutes with a doctor, then making another trip to the pharmacy. Amazon sees lots of opportunities to improve the quality of the experience and give people back valuable time in their days.
The executive shared that Amazon loves inventing to make what should be easy easier and wants to be one of the companies that helps dramatically improve the healthcare experience over the next several years. With One Medical, Amazon will help more people get better care when and how they need it.
Amir Dan Rubin, One Medical CEO, said the opportunity to transform health care and improve outcomes by combining the company’s human-centered and technology-powered model and exceptional team with Amazon’s customer obsession, history of invention, and willingness to invest in the long-term is exciting. He believes there is immense opportunity to make the health care experience more accessible, affordable, and even enjoyable for patients, providers, and payers.
One Medical went public in 2020. It operates a network of boutique primary care practices and offers a range of telemedicine services. One Medical has 188 medical offices in 25 markets with 767,000 members. The healthcare provider recorded a net loss of $90.9 million, as per its latest quarterly results, on revenue of $254.1 million in the first quarter.