One Medical raises a healthy $40 mln in growth funding

One Medical Group, a San Francisco-based provider of healthcare services, has raised $40 million in growth capital in a round led by Redmile Group. Current investors also participated in the round. One Medical previously raised $76.5 million in funding from Benchmark Capital, DAG Ventures, Oak Investment Partners, Google Ventures and Maverick Capital.

PRESS RELEASE

One Medical Finances Next Phase of Growth with $40 Million Funding

Rapidly growing primary care leader expanding to new markets, fueled by employer demand for an affordable care delivery solution

SAN FRANCISCO – April 17, 2014 – One Medical Group, the fastest-growing primary care system in the country, today announced that it has raised $40 million of growth capital to expand to new markets and meet the critical needs of employers for an affordable care delivery solution. The round was led by Redmile Group, with participation from current institutional investors.

“We started One Medical to build a better primary care delivery model – one that uses technology to deliver higher-quality care and service more affordably,” said Tom Lee MD, the company’s founder and CEO. “With our recent expansion into the enterprise, employers are discovering that our model can help them lower their overall health care costs while giving their employees turnkey access to quality primary care that they love.”

One Medical’s technology-enabled approach to primary care gives health professionals the time and tools necessary to make smarter decisions, while empowering patients to better manage their own health. In addition, it offers top primary care physicians the opportunity to practice medicine in a more sustainable model of practice, focusing more of their time on patients rather than paperwork.

The funding news comes following a breakthrough year for One Medical. The company added seven new offices and grew its member base by over 50 percent in 2013, while also launching new telehealth services via Google Helpouts.  In addition, the company recently announced that over 40 companies are now enrolled in its employee health benefit program, including Adobe, Doximity, Fitbit, NBCUniversal, On Deck Capital, Percolate, Quantcast, Sequoia Benefits, Uber and Wanelo.

About One Medical Group
One Medical Group is the fastest-growing primary care system in the country, offering a new approach to health care that combines people-centered design, smart application of technology, and a team of talented providers who have the time and tools necessary to make smarter decisions. Members enjoy access to top health professionals, 24/7 virtual care, same-day appointments and more.

One Medical was recently selected by the editors of TechCrunch, VentureBeat and GigaOM as the “Best Health Startup of 2013” and founder Tom Lee was named one of the “12 Most Disruptive Names in Business” by Forbes.

For more information or to become a member at one of our 27 locations in Boston, Chicago, Los Angeles, New York, San Francisco or Washington, DC, please visit us at onemedical.com.

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