March 23, 2023

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Oak Street Health buys virtual specialty care company RubiconMD for up to $190M

2 min read

Oak Street Well being, a chain of major care clinics geared toward the Medicare population, has acquired virtual specialty care provider RubiconMD for up to $190 million.

The deal incorporates a foundation $130 million in dollars with up to $60 million extra matter to functionality, paid possibly in dollars or a funds and stock mix, in accordance to an trader presentation.

RubiconMD provides a network of professionals giving care in places which include cardiology, nephrology and pulmonology. 

“Carlos Reines and I founded RubiconMD to democratize professional medical know-how so that main care suppliers can offer all patients the care they have earned, and we are thrilled for this following phase with Oak Street Health and fitness,” Gil Addo, cofounder and CEO of RubiconMD, said in a statement. “We share comparable cultures and values, as perfectly as a motivation to providing significant-high-quality patient treatment and reducing costs, and we glance forward to continuing to innovate with each other.”

WHY IT Matters

Some patients deal with challenges accessing specialty treatment, notably these who are minimal-income or are living in rural placesOak Road Overall health is positioning its order as a way to provide specialty treatment additional easily, with a greater knowledge for clients, enhanced care coordination and decreased expenses.

“Oak Avenue Health is on a mission to rebuild health care as it need to be, which we are undertaking by concentrating on preventive care and driving additional methods into the most important care placing,” Mike Pykosz, CEO of Oak Avenue Wellbeing, claimed in a statement.

“Like classic key treatment, specialty care is damaged for more mature adults, but jointly with RubiconMD, we can rebuild it into a model that meets client wants. Integrating and virtualizing specialty treatment into Oak Avenue Health’s impressive model allows us to improve accessibility, encounter and coordination for clients although considerably lowering expenses. RubiconMD’s engineering platform and countrywide footprint [allow] us to scale the design across our present and foreseeable future markets to additional our mission.”

THE More substantial Craze

In March 2020, RubiconMD scooped up $18 million in Sequence C funding, developing on a $13.8 Series B from 2018. 

Key treatment is a well-known place for healthcare innovation. Other gamers contain ChenMed, yet another primary treatment supplier concentrated on seniors, and A single Medical, which done its order of Medicare-focused Iora Health and fitness in September and released a digital serious treatment merchandise previously this week. 

Digital or hybrid primary care solutions abound much too. Virtual treatment huge Teladoc Health’s Key360 offering not too long ago turned offered to payers. Propeller Health and fitness Chris Hogg, Joe Slavinsky and David Hubanks introduced their personal digital main treatment firm targeted on chronic conditions previous week. 

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