Healthcare · Profile from Healthcare Research Companion
One Medical (1Life Healthcare, Inc.; Amazon One Medical)
The San Francisco membership-based primary care practice founded in 2007 by physician Tom Lee to make seeing a doctor feel like a modern consumer service: same- or next-day appointments, well-designed offices, an app with 24/7 virtual care, and a ~$199 annual fee on top of insurance. It became the employer-benefit primary care of choice for technology companies, went public in January 2020, bought senior-focused value-based practice Iora Health for ~$2.1bn in stock in 2021, and never made a profit as a public company. Amazon bought it for ~$3.9bn including debt ($18 per share), closing on February 22, 2023. Under Amazon it became the primary care front door of Prime ($9 a month or $99 a year for Prime members), absorbed Amazon Clinic as pay-per-visit telehealth, rebranded Iora as One Medical Seniors, and shifted from competing with hospital systems to opening co-branded offices with them.
At a glance
- Founded
- 2007, San Francisco, California
- Founder
- Tom X. Lee, MD (internist; earlier co-founder of the Epocrates drug-reference app, reported); CEO until 2017
- Headquarters
- San Francisco, California (Amazon Health Services, Seattle, since 2023)
- Ownership / structure
- Venture- and growth-backed private company (Benchmark, Google Ventures/GV, Oak Investment Partners, DAG, Maverick, J.P. Morgan Asset Management, Carlyle) 2007–2020; Nasdaq: ONEM as 1Life Healthcare, Inc. (IPO January 31, 2020); wholly owned by Amazon.com, Inc. since February 22, 2023. Clinical care is delivered by affiliated professional corporations (One Medical Group) under management agreements with the company, the usual corporate-practice-of-medicine structure
- Leadership (2026)
- Within Amazon Health Services (Neil Lindsay, SVP, reported). One Medical CEO Trent Green (CEO from late 2023) left in April 2025 to run NRC Health, and Amazon said it would not appoint a new One Medical CEO; Amazon reorganised health into six units in mid-2025 (reported). Previous CEOs: Tom Lee (2007–2017), Amir Dan Rubin (2017–2023)
- Segment and buyer
- Provider (primary care, virtual care) with a membership layer. Payers: members (annual fee), employers (enterprise memberships for employees), commercial insurers (fee-for-service visits), Medicare Advantage plans and CMS (capitated and value-based payments for One Medical Seniors, ex-Iora)
- Scale
- ~400,000 members and 77 offices at IPO (January 2020); 736,000 members (703,000 consumer and enterprise, 33,000 at-risk) at end 2021; 836,000 (796,000 and 40,000) at end 2022; 200+ offices at the Amazon close (company, reported); 240+ offices in 20+ markets (2026, reported); Amazon no longer reports members
- Revenue
- 2019 ~$276m; 2020 ~$380m; 2021 $623.3m (+64%); 2022 $1,046m (+68%), more than half from Medicare capitation after Iora (reported). Net loss 2021 ~$254.6m; adjusted EBITDA –$34.9m (2021) and –$36.9m (2022). Not reported separately since 2023
- Capital raised / valuation
- ~$530m+ privately (including Carlyle's $350m in 2018: ~$220m primary, ~$130m secondary; ~$1bn+ valuation before that deal, reported); IPO $14/share, ~$245m base (~$282m with the over-allotment); Iora purchase ~$2.1bn in stock (2021); Amazon price ~$3.9bn including debt, $18/share in cash (~77% premium, reported)
- Signature moves (incl. failures)
- Membership primary care model (2007); Rubin as CEO, Carlyle $350m and the enterprise push (2017–18); Nasdaq IPO (2020); COVID-19 vaccine-eligibility controversy and congressional probe (2021); Iora Health acquisition and Medicare risk (2021); sale to Amazon (2022–23); Prime membership and pay-per-visit (2023); health-system partnership model and leadership churn (2024–26)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2007
Founding and Membership Model
Founding / business model
2018
Carlyle Investment and Enterprise Push
Leadership change / funding round (growth equity with secondary)
2020
Nasdaq IPO
IPO
2021
Iora Health Acquisition
Acquisition (all-stock)
2021
Vaccine Eligibility Probe
Regulatory / reputational crisis (congressional investigation; loss of vaccine allocations)
2022
Amazon Acquisition
Acquisition (sale of the company)
2023
Prime Membership and Pay Per Visit
Pricing change / distribution (Prime bundle) and product consolidation
2024
Health System Partnerships and Leadership Churn
Partnership (co-branded offices with health systems) / restructuring (layoffs, leadership changes, reorganisation)