One Medical Group raises $65 million to expand digital health services, open more practices

By Aditi Pai
04:16 pm

Concierge healthcare provider One Medical Group has raised $65 million in a round led by J.P. Morgan Asset Management, which made the investment on behalf of PEG Digital Growth Fund II and AARP Innovation Fund. Existing investors include Redmile Group, Benchmark, DAG Ventures, Maverick Capital, Oak Investment Partners, and Google Ventures. This brings the company's total funding to at least $182 million to date.

One Medical Group offers patients a digital-friendly doctor experience. Patients pay a yearly fee on top of their normal insurance copays to get perks from the provider including email access to the doctor, online scheduling and prescription renewals, same day appointments, and treatment of common medical issues through the mobile app.

“One Medical is committed to improving the quality, service and affordability of health care,” One Medical Group Founder and CEO Tom Lee said in a statement. “By using technology and a patient-centered approach, we’re able to care for individuals and populations more thoughtfully, while also lowering total health care costs.”

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In the past year, One Medical added 80,000 new members across its seven locations. The company also now has more than 150 enterprise customers, including Adobe, Airbnb, Lyft, Percolate, and the Arizona Diamondbacks.

One Medical will use the funds to open new clinics in new US markets as well as in existing markets. Lee also told Fortune that the company will use some of the funds to invest in telemedicine offerings, like remote video calls.

That would build on the provider's existing telemedicine offerings: Earlier this year, One Medical added a new feature to the iOS version of its app, called One Medical Mobile, that allows patients to get treatment for basic skin issues directly from the app. If One Medical members have a skin condition, they can now use One Medical Mobile to answer a few questions about their symptoms, take a few photos of their skin issue, and submit the pictures to the clinician. One Medical's dermatology team will then respond to the patient within 24 hours with a care plan.


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