Primary Care Startup Everside Ready to Grow with IPO

Disruption just keeps coming in the primary care sector. Denver-based startup Everside Health Group, which offers a nationwide in-person and virtual primary care platform, is going public.

The company (formerly known as Paladina Health) operates 343 centers across more than 140 markets in 33 states and markets direct-to-employer primary care plans largely to self-insured companies and labor unions. Everside hopes to raise $100 million in its initial public offering.

It plans to use the IPO proceeds to build out its technology platform, add more health centers and to forge additional partnerships with hospitals and health systems like the one it executed last year with CommonSpirit Health. That partnership targeted the Las Vegas market with membership-based primary care services delivered in newly built, employer-sponsored virtual, on-site and near-site clinics.

Employers pay a fee for each employee, giving workers access to primary care services with no co-pays or out-of-pocket expenses. The plan features 30- to 45-minute visits so physicians can fully understand patients’ needs, same-day or next-day appointments and in-house lab and pharmacy services. The partners plan to scale the offering to other CommonSpirit locations.

Everside competes with but is smaller than One Medical, which last year raised about $245 million in its IPO. Everside’s revenues last year totaled more than $113 million, a 40% increase from 2019. It posted a net loss of $2.9 million in 2020 vs. a $19.6 million net loss in 2019.