An infusion of $95 million in Series C capital raise should enable a leading value cancer-care enabler to expand into new markets, invest in its existing oncology and health plan partnerships, and deepen its clinical value-based care model, according to a recently released press statement from Thyme Care.1
Officials with Thyme Care noted in the press release that they are currently managing more than $500M in medical spending across its risk-based contracts and are on pace to more than triple that number within the next year, while also doubling oncology partnerships over the past 6 months.
Through Thyme Care’s Medicare Advantage and commercial payer agreements and its collaborations in the Centers for Medicare & Medicaid Services’ Enhancing Oncology Model, Thyme Care assumes financial responsibility for oncology populations to reduce the total cost of care and improve outcomes and experience.
As providers and healthcare systems are stretched to their limits, it can be challenging for them to fill the gap and provide support to patients during between-appointment times—and these are the times when patients often find themselves struggling the most. Integrating with third-party groups that are solely focused on providing this support allows providers to focus on clinical care, even offering incentives to providers.
With $55M in equity funding, Thyme Care adds new investor Concord Health Partners to existing investors including CVS Health Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures, and Foresite Capital. Banc of California will also add $40M in debt financing, bringing Thyme Care’s total amount raised to date to $178M.
“Cancer is a complex and costly disease, but we’re committed to supporting both patients and providers to improve the care experience,” Vijay Patel, managing partner, CVS Health Ventures, said in the press release. “Thyme Care’s provider-focused approach is transforming care delivery and supporting alternative payment models, and we’re excited about all the ways we can leverage our strategic expertise to continue their growth. We look forward to helping them scale these critical services to make cancer care more affordable and accessible.”
To reduce oncologic drug spend across the cancer care system, Thyme Care has operationalized provider-led pharmacy intervention techniques, including drug waste minimization protocols, clinically equivalent drug substitutions, and more.
“Our latest funding is a testament to the dedication and expertise of our incredible team, whose relentless efforts drive our mission to transform the cancer care experience forward,” Robin Shah, Thyme Care co-founder and chief executive officer, added in the press release. “We are profoundly grateful for the unwavering support and collaboration of investors, providers, and payer partners, whose commitment makes Thyme Care’s unique, provider-centered approach possible. Together, we are reshaping the landscape of oncology, ensuring better care and affordability for all.”