Oak Street Health Announces Plans to Enter Colorado in 2022

Rhea-AI Summary

Oak Street Health announces its expansion into Colorado, opening new centers in Denver and Colorado Springs in Fall 2022, marking the company's entry into its 21st state. Additionally, new locations will open in Augusta, Georgia, Lexington, Kentucky, and Grand Rapids, Michigan throughout 2022. The company's value-based model significantly reduces hospital admissions and readmission rates while maintaining a high Net Promoter Score of 90. This growth aims to enhance access to quality primary care for Medicare-eligible adults.

Positive

• Expansion into Colorado, marking the 21st state of operation.
• Opening of new centers in major cities like Denver and Colorado Springs.
• Significant reduction in patient hospital admissions (51% decrease) compared to Medicare benchmarks.
• Maintaining a high Net Promoter Score of 90 across patients.

Negative

• None.

Company Also Continues Expansion Into New Cities in Georgia, Kentucky and Michigan

CHICAGO--(BUSINESS WIRE)-- Oak Street Health, Inc. (NYSE: OSH, or the “Company”), a network of value-based primary care centers for adults on Medicare, today announced plans to open centers in Colorado, marking its 21st state of operation. The centers will be located in Denver and Colorado Springs and are set to open in Fall 2022. The Company will also enter new cities in existing states with forthcoming centers in Augusta, Georgia; Lexington, Kentucky; and Grand Rapids, Michigan throughout the rest of 2022.

“We are proud to grow our national footprint and bring our unmatched patient experience and high-quality primary care to older adults in Colorado,” said Mike Pykosz, Chief Executive Officer of Oak Street Health. “As we continue our mission to rebuild healthcare as it should be, it is imperative to reach new patients and ensure access to high-quality primary care. We look forward to introducing Medicare-eligible adults to Oak Street Health’s model of care, as well as creating quality employment opportunities in the area.”

Oak Street Health delivers personalized, preventive primary care through a model that was created to meet the unique needs of older adults. The integrated model incorporates behavioral healthcare and social determinants support and is easily accessible through a mix of in-center, in-home and telehealth appointments, as well as a 24/7 patient support line. The Company has reduced patient hospital admissions by approximately 51% compared to Medicare benchmarks, and driven a 42% reduction in 30-day readmission rates and a 51% reduction in emergency department visits, all while maintaining a Net Promoter Score of 90 across patients. Oak Street Health is dedicated to making a positive impact in the areas it serves by hiring employees from local neighborhoods and investing resources to support its communities.

To learn more about Oak Street Health’s value-based primary care model, click here.

About Oak Street Health

Founded in 2012, Oak Street Health is a network of value-based primary care centers for adults on Medicare. With a mission of rebuilding healthcare as it should be, the Company operates an innovative healthcare model focused on quality of care over volume of services, and assumes the full financial risk of its patients. Oak Street Health currently operates more than 140 centers across 20 states and is the only primary care provider to carry the AARP name. The Company is a winner of Energage's 2022 Top Workplaces USA award, was recognized by Inc. on its inaugural Best-Led Companies of 2021 list and was honored as a recipient of the 2021 Joy in Medicine™ Health System Recognition Program by the American Medical Association. To learn more about Oak Street Health’s proven approach to care, visit oakstreethealth.com or read its Social Impact Report.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005026/en/

Media Contact:

Erica Frank

Vice President of Public Relations

Erica.Frank@oakstreethealth.com

Investors Contact:

Sarah Cluck

Head of Investor Relations

Sarah.Cluck@oakstreethealth.com

Source: Oak Street Health

FAQ

What is Oak Street Health's stock symbol?

The stock symbol for Oak Street Health is OSH.

When will the new Oak Street Health centers in Colorado open?

The new Oak Street Health centers in Colorado will open in Fall 2022.

How many states does Oak Street Health operate in?

Oak Street Health operates in 21 states, including the new addition of Colorado.

What improvements has Oak Street Health achieved in patient care?

Oak Street Health has reduced hospital admissions by approximately 51% and 30-day readmission rates by 42%.

What new locations is Oak Street Health expanding to in 2022?

In 2022, Oak Street Health is expanding to Augusta, Georgia; Lexington, Kentucky; and Grand Rapids, Michigan.