Oak Street Health, which operates a network of over 160 primary care clinics for Medicare patients across 21 states, reported a net loss of $130.4 million for the third quarter ending Sept. 30. The net loss for the first nine months of the year was $375.3 million.
Those numbers come as the company reported revenues rising to total $545 million for the third quarter and almost $1.6 billion for the nine month period. Those figures compare with revenues of $388.7 million and $1.04 billion in the respective periods in 2021.
Oak Street, which trades under the ticker OSH on the New York Stock Exchange, is seeking to expand nationally with its value-based care model. The company has increased its clinical care facilities by over 50 locations in the past year.
The company bought virtual consult platform, RubiconMD, a year ago for $130 million.