The organization provides primary care for older adults on Medicare.
Oak Street Health—a system of value-based primary care centers for adults on Medicare with over $1 billion in total revenue—has secured $300 million in financing from Silicon Valley Bank. The financing will provide Oak Street Health with operational and strategic capital for several years.
"Oak Street Health is rebuilding healthcare through its innovative model and approach to providing high-quality services and support for patients," Tom Hertzberg, Market Manager and Head of Central and Southwest U.S. Life Science and Healthcare Banking for Silicon Valley Bank, said in a release announcing the funding. "We are excited to meet Oak Street Health's financing needs and provide them with advisory expertise."
Founded in 2012, Oak Street Health takes a technology-first approach to providing primary care for older adults on Medicare, and those in underserved communities. Oak Street offers patients preventive care, personalized wellness plans, integrated health services, and educational and social activities aimed at supporting their overall health and well-being.
"Hercules Capital is pleased to once again partner with Oak Street Health as they continue to grow their national footprint and provide high-quality primary care to older adults across the country," Michael Dutra, Managing Director at Hercules Capital, said in the release. "We are impressed with Oak Street Health's dedication to patients and are happy to support their continued growth with this new credit facility."
Amanda Schiavo is the Finance Editor for HealthLeaders.