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Oak Street Health, Inc.

oakstreethealth.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed May 9, 2023. Its latest SEC filing is a SC 13G/A from Feb 9, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides primary care to Medicare-eligible patients through community-based centers and virtual visits, while managing care for Medicare Advantage plans and the Centers for Medicare & Medicaid Services.

How Did They Make Money?

Most revenue comes from Medicare Advantage plans and the Centers for Medicare & Medicaid Services, which pay a fixed amount per enrolled patient each month for healthcare services. Other revenue comes from care coordination and management, fee-for-service care, subscriptions and fees.

FY2022 revenue by product or service revenue
SegmentShareRevenue
Capitated Revenue
Recurring

98%
Other revenue
Mix
1.6%

Who Were Their Customers?

Patients are recruited through community outreach; affiliated physician practices provide medical care, while health plans and CMS contract with those practices to cover enrolled members.

Did Revenues Turn Into Profits?

No. It lost $509.2M in FY2022.

Operating income, FY2022
−22% of revenue
▲ +13% (Loss) vs FY2021 (−$414M, −29%)
Net income, FY2022
−24% of revenue
▲ +24% (Loss) vs FY2021 (−$409.4M, −29%)
Free cash flow, FY2022
−18% of revenue
▲ +43% (Loss) vs FY2021 (−$278.5M, −19%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q1 FY2023, the three months to Mar 31, 2023
Revenue
▲ +46%
vs $513.8M in Q1 FY2022
Net income
▼ −53% (Loss)
vs −$96.5M in Q1 FY2022
Capitated revenue share of revenue vs 98.5% in Q1 FY2022
  • May 2, 2023 CVS Health completed its acquisition of Oak Street Health Oak Street Health will continue as a multi-payor primary care provider within CVS Health.
Revenue over time
Capitated Revenue Other revenue
$2.5B$1.3B$0

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