Oak Street Health, a network of value-based, primary care centers for adults on Medicare, reported financial results for its third quarter ending September 30, 2020.
Third Quarter 2020 Financial Highlights:
- Total revenue was $217.9 million, up 57% year over year.
- Capitated revenue totaled $211.8 million, up 59% year over year.
- The company cared for approximately 59,500 at-risk people, representing 66% of its total people.
- Loss from operations was ($55.3) million, compared to ($31.6) million in the third quarter of 2019.
- Platform contribution was $20.1 million, up 387% year over year.
- Net loss was ($59.2) million, compared to ($33.4) million in the third quarter of 2019.
- Adjusted EBITDA was ($22.8) million, compared to ($28.1) million in the third quarter 2019.
- As of September 30, 2020, the company operated 67 centers, compared to 46 centers as of September 30, 2019.
Founded in 2012, Oak Street Health is a network of value-based, primary care centers for adults on Medicare. With a mission of rebuilding health care, the company operates an innovative health care model focused on quality of care over volume of services and assumes the full financial risk of its clients. Oak Street Health currently operates more than 70 centers across Illinois, Michigan, Ohio, Pennsylvania, Texas, Indiana, North Carolina, Rhode Island, Tennessee, New York, and Mississippi.
This was reported by Oak Street Health on November 9, 2020.
Contact information: Erica Frank, Vice President of Public Relations, Oak Street Health, 30 West Monroe Street, #1200, Chicago, Illinois 60603; 330-990-5026; Email: Erica.Frank@oakstreethealth.com; Website: https://www.oakstreethealth.com