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.
One Medical S-1
21–30 of 106 posts
Re: One Medical S-1
#22Interesting 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.
Re: One Medical S-1
#23Interesting 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) o…
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?
Re: One Medical S-1
#24Interesting 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) o…
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?
GREAT question. Are they having trouble with customer retention? Are customers reducing spend year over year?
Re: One Medical S-1
#25Why do people use One Medical vs just having a doctor? Been thinking about my current medical care and wondering the advantages
When I was using a typical doctor it would take me at least a month to get an appointment. But OneMedical I can get super fast response times. The staff is fast to reply to questions you text using the app. Recently I had a problem that was urgent, and I got a quick appointment with doctor at a OneMedical office. Their staff then got me a same day appt with a hospital for an ultrasound (through what sounds like calling someone they have a personal relationship with in a scheduling department). So just a nice touch I'm not used to with the normal doctors office routine. OneMedical docs are on-time, spend time with you, and super personable. It's been a nice change.
Re: One Medical S-1
#26Earlier quoted context omitted.
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?
GREAT question. Are they having trouble with customer retention? Are customers reducing spend year over year?
My assumption is that those customers are not individuals but organizations that offer One Medical as a perk to employees.
Re: One Medical S-1
#27I 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).
Re: One Medical S-1
#28Interesting 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) o…
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?
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.)
Re: One Medical S-1
#29Why do people use One Medical vs just having a doctor? Been thinking about my current medical care and wondering the advantages
They get a few things right, mostly in terms of practice management and pseudo-vertical-integration that make the experience far nicer than a traditional doctor's office. It's nothing world-shattering, but 99%+ on-time appointment starts is a big deal. Their online platform is very UX-focused. The app is nice and easy to use, and makes things like firing off a quick message to your PCP for an Rx refill super super si…
Totally agree. For people who are proactive, I’ve found One Medical is excellent.
However, if you’re not keeping your own tabs on your, or someone you love’s, health, it’s easy to fall through the cracks. I wish they would improve on actual active management of subscribers‘ health. I’ve had or discussed many experiences where people expect follow ups that never come. Have an uncommon condition? Make sure you keep bugging someone to schedule the visits and lab work you need to maintain good health. With a $200/yr subscription on top of any insurance you pay I feel like these type of maintenance tasks should be handled for you. It feels more like each visit is an IT ticket/case which gets resolved shortly after your visit. It would be nice if it felt more like One Medical were managing a personalized care plan for your health profile.
Re: One Medical S-1
#30How much of their revenue can be attributed to their totally optional and very shady """annual fee""" they push on customers?
Most medical billing is far LESS transparent than a $200/year annual fee. Seriously, if you break your leg call around and try to get quotes for cost for a diagnosis and standard set and cast. You literally in most cases WILL NOT be able to talk to ANYONE who will give you this info or is willing to spend time quoting you.
Even worse, you will get a random set of bills from random providers - making it VERY hard to track what ties to what where.
Basically - if you are cash payor - you will show up and pay what they surprise you with at the end. A lot of folks going to one medical have insurance - they just find one medical MORE transparent.