Fortified by an initial public offering, Oak Street Health is moving into new markets and testing a less familiar business model as it navigates the COVID-19 pandemic.

The Chicago-based network of primary care clinics for people 65 and older, many of whom have complex medical and social needs, raised $352 million when it went public last month.

The initial public offering gives Oak Street the capital to execute its aggressive growth plan, which includes building new senior-focused centers across the country and piloting three Walmart-based clinics for patients of all ages. But the funds come with more intense, short-term scrutiny for the company, which has operated in the red since launching in 2012.

Now Oak Street will have to manage such pressure on top of controlling rising medical costs and improving health outcomes for high-risk patients during a public health crisis.

“At a time when primary care is struggling, our