Oak Street Health

Oak Street Health, Inc. is a health care network of primary care centers for older adults and Disabled with Medicare.[1]

In May 2023, CVS Health acquired the company for $10.6billion.[2]

History

Oak Street Health was founded in 2012 by Mike Pykosz, Griffin Myers and Geoff Price and is headquartered in Chicago, Illinois.[3][4][5] Oak Street Health is the only primary care provider selected by the AARP.[6] Oak Street Health operates in helping older adults stay healthy by providing preventive care, education and social activities to support overall health well-being.[7]

Oak Street Health has raised a total of $105.3M in funding over 4 rounds.[8] In August 2020 Oak Street Health, went public and raised $328 million in its Initial Public offering.[9][10][11] The company offered 15.6 million shares at $21 per share on the New York Stock Exchange, where it was traded under the ticker “OSH.”[12]

In October 2021, Oak Street Health acquired Rubicon, a healthtech company for $130 million, the deal enables Oak Street to integrate its care model with virtual specialty care of RubiconMD.[13]

On February 8, 2023 CVS Health announced it has entered into a definitive agreement to acquire Oak Street Health in an all-cash transaction at $39 per share, representing an enterprise value of approximately $10.6 billion. [14]

In September 2024, the company paid $60 million to settle a lawsuit for violating the federal Anti-Kickback Statute.[15]

A year later, CVS announced they would close 16 Oakstreet locations due to elevated medical costs.[16]

Operations

Oak Street Health head office is based in Chicago, Illinois. It began operating in 2012. By January 2020, it had expanded to 50 centers in eight states.[17] By October 2021, there were more than 100 centers in 18 states.[18]

In 2024, Oak Street Health has expanded to over 170 centers nationwide.

External links