
One Medical S-1 - coloneltcb
https://www.sec.gov/Archives/edgar/data/1404123/000119312520001429/d806726ds1.htm
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karl11
Medicine 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).

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dbcurtis
> 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.

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Godel_unicode
I'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?

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mantap
A good doctor is one who pays attention. I've met my fair share of bad doctors
who are overworked and just are not paying attention to what they are doing.
Then they end up making mistakes, such as misdiagnosing a condition,
prescribing the wrong medication, etc.

It's hard for the average person to know if their doctor is doing a good job
until something goes wrong and it's too late.

My doctor now is excellent, he's excellent because he actually listens to what
I'm saying. That doesn't mean he always agrees with me, I would hope he
doesn't! But at least he is paying attention. Many other doctors seem to go
into a _keyword search_ mode when listening to patients. It's the difference
between reading a page thoroughly and skim reading it.

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utopian3
Same. I have a GP who takes 40-60 minutes per patient, and gets into detail of
what’s going on. I felt he truly cared. Compare that to the ~5-10 minutes of
my previous GP

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nknealk
Interesting 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.

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JacobDotVI
What 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?

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cbhl
It 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.)

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zndr
Correct, CMd+F for enterprise and they outline a LOT of information about
their sales to larger organizations.

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chachra
I 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!

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rcheu
I 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).

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TuringNYC
Long-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.

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maxerickson
I look forward to reading what you say after they are late for you in the
future.

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TuringNYC
I dont think they are perfect and dont expect them to be. I think the
difference is --

For most primary care practices i've used, lateness is expected and there is
no design or system.

For OMG, lateness is unexpected and designed out of the system.

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ztratar
Losing 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.

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peteretep
Guessing it'll be a phenomenal avenue for selling insurance or further medical
services.

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cgb223
Why do people use One Medical vs just having a doctor?

Been thinking about my current medical care and wondering the advantages

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chucky_z
My answer is "Why doesn't everyone use One Medical _and_ have a doctor?"

To laser-focus on the peninsula/south-bay in the bay area; going to PAMF or
Stanford Medical typically results in a 2-3 day wait to see a Dr.

If you're sick, you want to see a Dr asap. I have a doctor at PAMF, a doctor
at Stanford Medical, and One Medical. If I am sick, I simply book an
appointment at One Medical usually 30-min ahead of time, see them, get
whatever treatment I need and go back home and be sick.

When something is truly wrong I start at One Medical for temporary help, and
immediately book either at PAMF or Stanford depending on who is available
sooner.

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nradov
PAMF has several walk in urgent care clinics. You can also often call in and
schedule a same day appointment with a primary care doctor (although perhaps
not your regular PCP).

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chucky_z
I should add a caveat that One Medical is basically always the same price.

I've had _really_ bad experiences with anything labeling itself an "urgent
care clinic," and pricing.

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surfmike
The 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.

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pxlpshr
Direct 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.

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surfmike
Much 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.

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JshWright
Presumably 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)

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alpb
They 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.

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rdl
I 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.

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JadeNB
The title seems almost incomprehensible. Is it meant to be "1Life Healthcare,
Inc. Form S-1", and somehow the number-removal algorithm mangled it?

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chimeracoder
> 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.

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TrinaryWorksToo
The way one medical records all phone calls creeps me out

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trafnar
A 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.

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jelling
Had a similar experience with a one medical PA.

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stevebmark
Was anyone who works at One Medical actually told about this? lol

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closeparen
Announcements 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.

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asdfq1234
How much of their revenue can be attributed to their totally optional and very
shady """annual fee""" they push on customers?

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mosdl
It's required, not optional last I checked. Similar to the Costco membership.

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cgati
They 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/)

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kolencherry
I 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.

