It essentially rewards doctors for keeping patients healthy instead of paying them for every service they perform. The idea is to help people stay on their regular medications, control chronic health problems such as diabetes, and avoid hospital stays and other expensive medical treatments.
“Solving that problem creates a massive, massive market opportunity for Oak Street Health,” Pykosz said in January at an annual conference hosted by JPMorgan. Oak Street’s revenue grew to $1.43 billion in 2021, and analysts expect that it topped $2 billion last year. But the company is spending heavily to open new clinics, and its losses have grown every year.
He added in a note Wednesday that the price CVS Health was willing to pay for Oak Street probably climbed due to a potential tightening of Medicare reimbursement and a competitive market that includesTwo months before CVS’s Signify deal, Amazon said it would spend roughly $3.9 billion to buy care provider One Medical. Regulators are still reviewing that deal.
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