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Will One Medical justify $40m in venture funding?

One Medical is a San Francisco-based “concierge lite” primary care service. I happen to know it pretty well because I’m a patient there and have known CEO Tom Lee and given free (probably unwanted) consulting to COO Sharon Knight since before the NY Times made them famous.  So yesterday’s news that they’ve raised another $20m (making their total $46m) gave me pause. Not because I don’t think my doctor (Andrew Diamond) isn’t fantastic. He is. Plus when you go to an appointment–which really can be booked same or next day online–you get a full half an hour, it really runs on time and the office environment is fabulous. Ian Morrison used to tell us that quality in health care was being in a waiting room with people richer than you. At One Medical everyone is better looking than you (well, than me anyway!).

The added cost for this? Only about $150 a year. Oh and that added cost is actually voluntary, as Tom Lee pointed out in an email last year after local IPA Brown & Toland complained. Yes that fee gets you rapidly answered emails, online prescriptions, same day appointments and way more. So what’s the catch? There doesn’t seem to be one. This concerns me for several reasons:Continue reading…