Oak Street Health Inc. was established to address the inability of many people to access primary care. It was founded in 2012 with a specific focus on patients living with chronic conditions who may need to access primary care frequently. Oak Street Health Inc. operates 79 primary care centers across eleven states in the United States with benefits like transportation to appointments, a 24/7 patient support line, and community events. The healthcare company caters to Medicare patients, and its primary source of revenue is its capitation contracts with Medicare Advantage plans.
Oak Street Health Inc. is headquartered in Chicago, Illinois, but it has centers in Illinois, Indiana, Mississippi, Michigan, North Carolina, Ohio, Tennessee, Rhode Island, Pennsylvania, New York, and Texas. Oak Street Health, Inc. receives a monthly payment from insurers per patient while sharing in the risk for patients’ healthcare costs. The company has said that this revenue model has contributed to a drastic reduction in hospital admissions and readmission rates by 51% and 42%, respectively. Oak Street Health Inc. has been able to enjoy success because the healthcare industry has seen many people seeking to take control of their health, and with Oak Street, they can easily avail that option without hassles.
In July 2020, Oak Street went public on the New York Stock Exchange, proving that its bet on patients over the years finally paid off. More than 86% of the healthcare company’s patients live with chronic conditions, while about 40% have behavioral health conditions. Oak Street Health took advantage of the lack of quality care and has made itself the number provider of that care to the community. The company’s most admirable characteristic is the people it is helping as access to healthcare with Oak Street Health has nothing to do with income nor disease burden.
Oak Street Health has established itself as one of the healthcare companies that help their parents navigate their health care journey to achieve better care, improved quality of life, and more impressive outcomes. With its methods, patients enjoy a more holistic approach to healthcare and chronic conditions management. In the past year, the bulk of Oak Street’s patient visits was powered by technology, even though its goal is to carry out more in-person consultations and expand its physical footprints nationwide. The company’s mission is to keep healthcare processes and outcomes at a consistently high quality. It set out to solve the problem of poor outcomes and rising costs. It is a strong proponent of delivering quality healthcare to everyone regardless of who they are.
The company also pays special attention to older adults who have specific healthcare needs. It ensures they receive the care they need with extensive consultations and personalized treatment plans. Oak Street Health utilizes a value-based managed care model that simultaneously fits the patients, insurance providers, and payors. It is a healthcare company that provides the solution of healthcare costs reduction and raising the quality of healthcare delivered to patients.