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Oak Street Health (NYSE: OSH) has cancelled its 2023 Annual Meeting of Stockholders originally set for April 27, 2023. This decision follows the announcement of an acquisition agreement with CVS Health (NYSE: CVS), which will acquire Oak Street Health for $39.00 per share, totaling an enterprise value of approximately $10.6 billion. The transaction is anticipated to close in the first half of 2023, pending stockholder approval. If the merger does not go through, the Annual Meeting will be rescheduled. Oak Street Health, established in 2012, operates over 170 Medicare-focused care centers across the U.S.
Oak Street Health and Interwell Health have launched a joint venture named OakWell to enhance primary care services for end-stage kidney disease (ESKD) patients within dialysis centers. This initiative aims to lower hospitalizations, improve transplant rates, and optimize care costs. ESKD patients often face challenges attending separate medical appointments, and OakWell addresses this by offering coordinated, in-center primary care and nephrology services. Initially, services will be available in Chicago, Houston, and Dallas-Fort Worth starting in Q3 2023. The joint venture underscores a commitment to health equity and comprehensive patient care.
Oak Street Health, Inc. (NYSE: OSH) announced its 2022 financial results, highlighting a significant revenue increase of 51% year-over-year, totaling $2.16 billion. Capitated revenue surged by 52% to $2.13 billion, serving approximately 159,000 risk-based patients. However, the company reported a net loss of $509.7 million, worsening from $414.6 million in 2021. Adjusted EBITDA also declined to $(286.3) million from $(228.9) million. As of December 31, 2022, Oak Street operated 169 centers, up from 129 in the previous year. The company is in a pending acquisition agreement with CVS Health, which may affect future guidance and financial disclosures.
CVS Health (NYSE: CVS) has announced a definitive agreement to acquire Oak Street Health (NYSE: OSH) in an all-cash deal valued at approximately $10.6 billion, or $39 per share. This acquisition aims to enhance CVS's care delivery strategy, particularly for underserved communities, by leveraging Oak Street's innovative, value-based healthcare model. With over 169 medical centers across 21 states, Oak Street Health focuses on providing quality care for older adults. CVS anticipates significant synergies from the merger, projecting more than $500 million in long-term operating income growth and increased access to healthcare services.
Oak Street Health (NYSE: OSH) announced that the New York Stock Exchange reached out regarding unusual market activity related to its stock. The company maintains a policy of not commenting on such activities. Established in 2012, Oak Street Health operates over 160 primary care centers across 21 states, focusing on value-based care for Medicare adults. It is the sole primary care provider carrying the AARP name and has received various awards for its workplace culture and healthcare approach.
Oak Street Health (NYSE: OSH) has appointed Dr. Deb Edberg as its first Chief Wellness Officer, effective immediately. This role aims to enhance provider wellness and reinforces the company's commitment to being a great workplace. Dr. Edberg, who joined the company in 2019, has extensive experience in family medicine and has contributed to developing residency programs in Chicago. Her appointment signals Oak Street Health's focus on ensuring that frontline providers find joy in their work, ultimately improving the quality of primary care for patients.
Oak Street Health (NYSE: OSH) announced that CEO Mike Pykosz and CFO Tim Cook will present at the 41st Annual J.P. Morgan Healthcare Conference on January 9, 2023, at 2:15 p.m. PT. The live audio webcast will be accessible on the Company's website, with a replay available for 90 days. Oak Street Health operates over 160 value-based primary care centers across 21 states, focusing on quality care for adults on Medicare. The Company has received multiple recognitions, including the 2022 Top Workplaces USA award.
Oak Street Health (NYSE: OSH) has been recognized for achieving the highest net savings among 53 Direct Contracting Entities in the Global Professional Direct Contracting Model for 2021, along with a quality score of 100%. The company achieved a net savings rate of 15.47% and gross savings rate of 17.78%, significantly outperforming the overall GPDC model. With a strong focus on serving medically underserved areas, Oak Street Health's performance illustrates the effectiveness of value-based care in traditional Medicare.
