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January 7, 2020

Around the nation: One Medical files for IPO

Daily Briefing

    The company operates primary care clinics in nine markets under a membership model designed to offer faster care, in today's bite-sized hospital and health industry news from California, Pennsylvania, and Virginia.

    • California: One Medical, a primary care provider based in San Francisco, on Friday filed a proposed initial public offering of the company's common stock with the Securities and Exchange Commission. The company operates primary care clinics in nine markets—including Boston, Chicago, Los Angeles, New York, Phoenix, San Diego, the San Francisco Bay Area and the District of Columbia—under a membership model designed to offer faster care. It also bills members through their health insurance. One Medical, which Modern Healthcare reports declined to comment on the public offering, reported a $44.4 million net loss in 2018 on $212.7 million in net revenue, despite a 324% increase in the company's memberships from Dec. 31, 2014, through Sept. 30, 2019 (Bannow, Modern Healthcare, 1/3).

    • Indiana: Nurses at St. Vincent Hospital in Evansville helped a bride prepare a 30-minute wedding ceremony in the hospital's ICU so that her dying father could attend the wedding. The bride Shelby Schweikhart-Conville in a Facebook post wrote, "Special thanks to the nursing staff at St. Vincent ICU, and my friends and family for making this all possible" (Scripps/WTVR, 1/5).

    • New Hampshire: New Hampshire entrepreneurs Grace and Ken Solinks have donated $15 million to Manchester-based Catholic Medical Center to support the construction of a new medical building, which will be named after them. The building is expected to cost nearly $200 million and will include an ED, up to 90 private patient rooms, and a heart and vascular institute (Paavola, Becker's Hospital CFO Report, 1/3).

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