- New financing paves the path to profitability as Thyme Care
mainstreams value-based cancer care; capital injection will support
the anticipated broad rollout of national health plan coverage,
power provider growth in new regions, and expand its reach to more
patients in need
- Thyme Care challenges inefficiencies and waste in today's
fee-for-service environment through 24/7 virtual care navigation,
deep technology and data insights, and groundbreaking
oncologist-led therapeutic interventions
- By harnessing relationships with oncology practices, primary
care groups, and health plans, Thyme Care uniquely assumes
two-sided financial risk to align payment incentives with care
quality, while delivering an unparalleled patient
experience
NASHVILLE, Tenn., July 16,
2024 /PRNewswire/ -- Thyme Care, the leading
value-based cancer care enabler, today announced the close of a
$95M capital raise. With $55M in equity funding, Thyme Care welcomes new
investor Concord Health Partners with participation from all
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 provide an
additional $40M in debt financing,
bringing Thyme Care's total amount raised to date to $178M.
The cancer care ecosystem is nearing a financial breaking point,
with drug costs accounting for up to 70% of the total cost of care
and many life-saving cancer therapies costing upwards of
$200,000 per year. Meanwhile, the
experience of cancer care varies widely based on an individual's
location, access to care, and ability to navigate the healthcare
system. Many patients, particularly those already facing
socio-economic barriers, experience gaps in support, financial
toxicity, and a lack of coordination between visits.
Thyme Care's suite of services, including its 24/7 specialized
cancer care navigation services, robust technology and data
insights, and provider-led therapeutic interventions enable a more
seamless patient experience and drive sustainability across the
ecosystem. Its core navigation services, including interventions to
minimize acute care utilization and increase access to social
services, show a $594 reduction in
total costs per month for navigated patients compared to a control
group. Through Thyme Care's Medicare Advantage and commercial payer
agreements, as well as its collaborations in CMS's Enhancing
Oncology Model (EOM), Thyme Care assumes financial responsibility
for oncology populations at scale to reduce the total cost of care
and improve outcomes and experience.
"Thyme Care's ability to enhance patient outcomes and reduce the
total cost of care is directly aligned with our mission at
Concord to support best-in-class
companies with solutions that improve quality, increase access, and
reduce cost of care," said James
Olsen, founder and managing partner at Concord. "Their provider-led interventions
targeting ballooning oncologic drug spend and acute care
utilization highlight their unique approach to system-wide
affordability, and their deep partnerships in cancer care mark
their proven success. We look forward to partnering with Robin,
Bobby, Brad, and the rest of the Thyme Care team to help the
company scale in a market where its differentiated solution can so
greatly impact cost and quality."
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. Over the past year, Thyme
Care has rapidly expanded its Thyme Care Oncology Partner (TCOP)
partnerships to spearhead value-based cancer care. By operating as
an extension of the practice, Thyme Care deploys virtual care
delivery services and analytic capabilities to reduce
administrative burden, unlock practice efficiency, and enable
success in new payment arrangements.
"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," said
Robin Shah, Thyme Care co-founder
and chief executive officer. "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."
Thyme Care will use the new funds to grow and scale the business
by expanding into new markets, investing in its existing oncology,
primary care, and health plan partnerships, and deepening its
clinical value-based care model. Thyme Care is actively managing
more than half-billion dollars in medical spend across its
risk-based contracts and is on pace to more than triple that number
within the next year. In addition, the company has more than
doubled its oncology partnerships over the past six months, with
active plans to expand across the United
States through additional contracts with health plans,
employers, and risk-bearing primary care groups.
"Cancer is a complex and costly disease, but we're committed to
supporting both patients and providers to improve the care
experience," said Vijay Patel,
managing partner, CVS Health® Ventures. "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."
About Thyme Care
Thyme Care is the leading value-based
care enabler, collaborating with payers and providers to transform
the experience and outcomes for individuals living with cancer. The
company partners with health plans, employers and risk-bearing
providers to assume accountability for enhanced care quality,
improved health outcomes, and reduced total cost of care. Thyme
Care's approach combines a technology-enabled Care Team and
seamless integration with more than 800 oncologists in Thyme Care
Oncology Partners, creating a hybrid collaborative care model that
guides and supports the entire patient journey. Thyme Care empowers
oncologists nationwide through purpose-built tech, advanced data
analytics, and virtual patient engagement, driving better care and
outcomes in value-based arrangements. Thyme Care is a founding
member of CancerX, and is backed by leading investors. To learn
more about how Thyme Care is enabling the shift to value-based care
in oncology, visit www.thymecare.com.
Contact
Kimberly
Dreisinger
Thyme Care Communications
press@thymecare.com
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SOURCE Thyme Care