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One Medical S-1
- asdfq1234 7y agoHow much of their revenue can be attributed to their totally optional and very shady """annual fee""" they push on customers?
- mosdl 7y agoIt's required, not optional last I checked. Similar to the Costco membership.
- cgati 7y agoThey offer financial assistance as well as a limited access model which removes access to their mobile offerings and other value-add items. https://www.onemedical.com/faq/membership-fee-alternatives/ https://www.onemedical.com/faq/membership-fee-alternatives/
- kolencherry 7y agoI would argue that the predominant reason to choose One Medical for primary care would be the value added services included with the $199/yr fee.
- asdfq1234 7y agoIt's COMPLETELY optional. If you want to see a doctor there via insurance, paying a co-pay, you are not obligated to pay the annual fee.
- uberduber 7y agoDepends on the insurance company's contract with the provider. It is generally optional, though they will tell you otherwise. I would still pay it though. I feel like it is a good value and I want to maintain a good relationship the the doctor and their office.
- chimeracoder 7y ago> How much of their revenue can be attributed to their totally optional and very shady """annual fee""" they push on customers? Of all the complaints to register against One Medical, this has got to be the weirdest. For the customer base that they're going after (higher-income people, oftentimes those who have this fee covered by their employer), $200/year is a drop in the bucket for medical expenses.
- blat001 7y agoI agree this makes no sense, i pay the subscription fee so that I can get service when I need it. One medical advantage is if I feel sore/sick I can always get a same day appointment and they treat me like a person .... which is a huge advantage. I tried HMO and my "doctor" needed a minimum of 30 days notice to see me .... basically not helpful for being sick
- SilasX 7y agoThere are a lot of dark patterns in this world. Annual membership fees are not one of them.
- privateSFacct 7y agoMost medical billing is far LESS transparent than a $200/year annual fee. Seriously, if you break your leg call around and try to get quotes for cost for a diagnosis and standard set and cast. You literally in most cases WILL NOT be able to talk to ANYONE who will give you this info or is willing to spend time quoting you. Even worse, you will get a random set of bills from random providers - making it VERY hard to track what ties to what where. Basically - if you are cash payor - you will show up and pay what they surprise you with at the end. A lot of folks going to one medical have insurance - they just find one medical MORE transparent.
- ageitgey 7y ago> Basically - if you are cash payor - you will show up and pay what they surprise you with at the end. And worse, you will get billed 3x-5x the rate the provider negotiated with any random insurance company.
- kolencherry 7y ago"Membership revenue accounted for 19% and 20% of our net revenue during the years ended December 31, 2017 and 2018, respectively, and 20% and 19% for the nine months ended September 30, 2018 and 2019, respectively."
- JadeNB 7y agoThe title seems almost incomprehensible. Is it meant to be "1Life Healthcare, Inc. Form S-1", and somehow the number-removal algorithm mangled it?
- ceejayoz 7y agoThey're known as One Medical. https://en.wikipedia.org/wiki/One_Medical https://en.wikipedia.org/wiki/One_Medical
- chimeracoder 7y ago> The title seems almost incomprehensible. Is it meant to be "1Life Healthcare, Inc. Form S-1", and somehow the number-removal algorithm mangled it? One Medical is the name that most people know the clinic by, because that's how they present themselves to patients.
- cgb223 7y agoWhy do people use One Medical vs just having a doctor? Been thinking about my current medical care and wondering the advantages
- formercoder 7y agoAt least one large tech company has a one medical office onsite in its big campuses, and gives employees a free membership. Didn’t think the $200/mo was worth it otherwise but it was great having the doctor there at work and other offices available if needed.
- jamesakirk 7y ago* $200/yr
- tyoma 7y agoSame day appointments, booked via usable app or website. Doctors who took their time with you. No waiting after you show up at the right time. I could go on.
- disillusioned 7y agoThey get a few things right, mostly in terms of practice management and pseudo-vertical-integration that make the experience far nicer than a traditional doctor's office. It's nothing world-shattering, but 99%+ on-time appointment starts is a big deal. Their online platform is very UX-focused. The app is nice and easy to use, and makes things like firing off a quick message to your PCP for an Rx refill super super simple. My old primary care doc had nothing of the sort. It was the old 1990s way of doing things. Try to get scheduled... by phone... a month out... for a refill of a skin cream I've used for 20 years. I get that they want me in yearly, but that's inconvenient and annoying. OneMedical's practice management/online tool for patients makes scheduling dirt simple. Their offices are REALLY nice. It's a little touch, but it's trying to raise the bar on that. And they offer their own teladoc services as well, which are then obviously integrated into their EHR for your PCP services, so everyone is on the same page. OneMedical tries to combine PCP with some urgent care services, so they have a same day component, as well as some specialty services. Just a lot of small but meaningful ways in which they're better than a traditional PCP office. They're also apparently offering practice management and holiday support for existing practitioners, which is interesting from the perspective of the S-1. If their EHR/PMS software is as nice as their app, I imagine that's a welcome change.
- ztratar 7y agoLosing money per quarter like other tech companies, but I could see a bunch of knobs they can turn to make the unit economics profitable. Curious how this will all play out.
- peteretep 7y agoGuessing it'll be a phenomenal avenue for selling insurance or further medical services.
- nknealk 7y agoInteresting snippets from the footnotes: “ For the year ended December 31, 2017 and 2018 and the nine months ended September 30, 2018 and 2019 (unaudited), the Company had customers that individually exceeded 10% or more of the Company’s net revenue...For the nine months ended September 30, 2018 (unaudited), individual customers accounted for 15% (Customer A), 12% (Customer B), 10% (Customer C) and 10% (Customer E) of the Company’s net revenue. For the nine months ended September 30, 2019 (unaudited), individual customers accounted for 14% (Customer A), 12% (Customer F), and 10% (Customer E) of the Company’s net revenue.” “Certain of the Company’s investors are also customers of the Company. The Company recognized revenue under contractual obligations from such customers of $2,112 and $22,273 for the years ended December 31, 2017 and 2018, respectively, and $15,984 and $19,801 for the nine months ended September 30, 2018 and 2019 (unaudited)” Sounds like they’re beholden to a handful of entities for the next year or two as they scale out.
- JacobDotVI 7y agoWhat happened to customer A and B? Edit: My question is what caused these corporate customers to churn? Did they maintain spend levels with One Medical while the other customers grew spend? Did they decrease spend below reporting thresholds? Did they stop using (or sponsoring) these services entirely?
- nknealk 7y agoGREAT question. Are they having trouble with customer retention? Are customers reducing spend year over year?
- synaesthesisx 7y agoMy assumption is that those customers are not individuals but organizations that offer One Medical as a perk to employees.
- cbhl 7y agoIt sounds like "customer" here is defined as "corporation paying for a bunch of its employees", and not "one poor person who had lots of doctors visits". Elsewhere in the S-1: "In 2017, 2018 and the nine months ended September 30, 2019, our top customers accounted for 42%, 37% and 36% of our net revenue, respectively. These customers included Google Inc., which accounted for 10% of our net revenue for 2018 and the nine months ended September 30, 2019." (Disclaimer: I work at Google, and they do pay for my One Medical membership.)
- rcheu 7y agoI like One Medical a lot, I hope they find some way to be profitable. Their doctors are far less rushed than any other GP doctor office I've been to, and their app is well done too. I've been confused how they're able to do this and not charge more than they do (only $200 a year).
- TuringNYC 7y agoLong-time customer here and totally agree -- they are awesome on timing. I think they do this by virtue of having a system. They seem to have a systematic effort thru the entire office of abiding by schedule appt times. Some of that is systematic scheduling to prevent overbookings, etc. I one time showed up 2min late and they sent me back home, that is when I knew they were the real deal. I'm so glad they did, because 1. I was never late again, and 2. I know they wouldn't be late for me in the future. I think many times when doctors are late, it is often because 0. They have a cascade of latenesses with really just a single early appt that is actually late causing the domino of late starts and hence ends. 1. They have a patient come in late or w/o appt, cater to them or "squeeze them in" One thing OMG has going for them is the generally professional clientele -- many of the clients dont want to arrive/leave later either, so that is good for everyone.
- 1auralynn 7y agoLast summer I had a severely broken wrist, and the orthopedic surgeon was able to "squeeze me in" a few days later - literally at the first possible moment I could have had a surgery consult. Later on I had a follow-up with him, he kept me waiting for at least half an hour, but I totally didn't care because I knew why. But yeah, I use One Medical and it's amazing. For primary care, they really respect your time like none other.
- maxerickson 7y agoI look forward to reading what you say after they are late for you in the future.
- TuringNYC 7y ago
- surfmike 7y agoThe two times I used One Medical, me and the doctor just ended up googling my symptoms together. Don’t have a lot of confidence in their staff. It’s a nice idea though, although concierge care like this probably pushes health care costs even higher.
- pxlpshr 7y agoDirect primary care is (generally) much cheaper for better quality/more holistic care. I think DPC is particularly attractive if you’re a low utilizer on an HDHP and never hit your deductible.
- deleted 7y ago[deleted]
- surfmike 7y agoMuch cheaper than what? I also can get direct primary care through Sutter, and although the experience is probably worse (less time during appt, longer wait time) it’s probably cheaper than the concierge model of One Medical. At the very least it allows a doctor to scale to more patients.
- JshWright 7y agoPresumably they mean cheaper than using a fee-for-service PCP, but I don't really see how (especially in the low utilization car they mentioned... DPC makes more sense in high utilization cases, since the overhead cost is fixed)
- JshWright 7y agoWould you rather they Google your symptoms behind your back? It's happening either way...
- winfred 7y agoDo you have any idea how much can go wrong with a human body and in how many different ways? And we're not even close to figuring out all the illnesses. Sure, brain cancer they can detect just fine, but try to go to a doctor because you're fatigued or have joint pain or other inflammation related issues. See the shit show you'll run into then. 9 out of 10 times they'll toss you through a few machines and then claim it's psychological. Most doctors are just guessing, some are just better at making it appear they know what they are doing to improve placebo. I rather have a doctor that's using Google than one that thinks he knows what's wrong but doesn't fact check.
- TrinaryWorksToo 7y agoThe way one medical records all phone calls creeps me out
- stevebmark 7y agoWas anyone who works at One Medical actually told about this? lol
- closeparen 7y agoAnnouncements about IPOs are regulated; employees may have a general sense that an IPO is impending but generally get confirmation at the same time as the public.
- alpb 7y agoThey highly cater to the corporate benefits market: > Historically, our revenue has been concentrated among a small number of customers. In 2017, 2018 and the nine months ended September 30, 2019, our top customers accounted for 42%, 37% and 36% of our net revenue, respectively. These customers included Google Inc., which accounted for 10% of our net revenue for 2018 and the nine months ended September 30, 2019.
- karl11 7y agoMedicine comes down to human-to-human interactions (doctor and patient) and those are really hard to scale. One Medical is basically a novelty offering nice offices and predictable visit times. It takes some of the most common complaints you have about your doctor and removes them. In my experience, the quality of doctor was incredibly low, however, the quality of doctor will not be super important to you if you are 25-40 years old because you're probably pretty healthy on average, especially the young working professionals likely to be One Medical clients. If you actually want good medical care, over your lifetime, your best bet is to build a strong relationship with a good doctor. If you also want to never wait, concierge medicine is where you ultimately need to be (doctor is trading off a higher volume of patients for a fee to a small number of patients).
- dbcurtis 7y ago> In my experience, the quality of doctor was incredibly low, Hmmm... never would have guessed that. In my experience, the One Medical doctor that my wife and child see is excellent. I've met him and think he is great. A colleague is also extremely pleased with her One Medical doctor. Maybe you just had bad luck with your doctor selection? I don't mean to invalidate your experience, but it certainly varies from my experience.
- Godel_unicode 7y agoI'm always really curious what people mean when they say a doctor is "great". Is this just biases about smiling and seemingly having it together, or are there medical aspects to the greatness which set them apart as doctors? How does an average person know if your doctor is, in fact, doing a good job?
- meddlepal 7y agoThanks for asking this question... I was just about to ask this and then I got distracted before coming back. As an engineer I have no idea how to actually qualify whether my doctor is good or not. I _like_ my doctor, he's a personable enough guy, and perhaps I trust him because he hasn't harmed me yet, but I also have no idea if he is any good. The worst graduate in a medical class is still a Doctor somewhere... This is probably the same feeling business guys have about engineers...
- chachra 7y agoI love one medical and will not bother with anything else in the US if I can help it. They accept insurance, appointments start on time, it’s a paperless experience, I can get same day appointments. What else can one want? The doctors have great table side manners and are always professional. I have had 0 bad experiences and I hope they have a great stock market debut!
- trafnar 7y agoA one Medical doctor "prescribed" me homeopathic medicine for my sore throat. I didn't realize what it was until I looked it up later. Other than that being a member was a nice experience.
- jelling 7y agoHad a similar experience with a one medical PA.
- deleted 7y ago[deleted]
- rdl 7y agoI love One Medical as a "walk in" option when visiting SFBA, Seattle, NYC, etc. For the discounted annual membership fee (available through various programs), it's even easier, even if I only use them once a year on average.