One Medical is reportedly gearing up for an IPO

• One Medical has hired banks ahead of an initial public offering, CNBC reported Tuesday.
• The primary-care startup has had plans to double its footprint over the next two years after a 2018 infusion of $350 million in funding that valued the company at $1.5 billion.
• CNBC reports that One Medical has hired JPMorgan and Morgan Stanley ahead of an IPO filing expected by the first quarter 2020.
• Read the full report over at CNBC.

Primary-care startup One Medical has hired banks ahead of an initial public offering, CNBC reported Tuesday.

The company, which charges a $200 annual fee and charges your insurance, has had plans to double its footprint over the next two years after a 2018 infusion of $350 million in funding that valued the company at $1.5 billion.

CNBC reports that One Medical has hired JPMorgan and Morgan Stanley ahead of an IPO filing expected by the first quarter 2020. A representative for One Medical did not immediately return a request for comment.

When the San Francisco-based primary-care startup One Medical opened for business in 2007, its goal was to upend the way people got medical care by making it easy and convenient to see a doctor.

Read more: I became a member of One Medical, a primary-care practice that charges a $200 annual fee and has plans to double over the next two years. Here's what it was like.

After a big infusion of capital in 2018, it's expecting to double the number of medical clinics it operates over the next two years.

The company raised $220 million in funding in a 2018 round led by The Carlyle Group. In total, the company's raised $408 million and has a private valuation of $1.5 billion according to PitchBook.

It has 72 locations in nine cities and is increasingly focused on signing up companies to provide care for their workers. It most recently opening a new clinic in San Diego at the end of July.

Read more: Meet the 8 companies changing how doctors get paid and building the future of medicine