- New financing paves the trail to profitability as Thyme Care mainstreams value-based most cancers care; capital injection will help the anticipated broad rollout of nationwide well being plan protection, energy supplier development in new areas, and increase its attain to extra sufferers in want
- Thyme Care challenges inefficiencies and waste in right this moment’s fee-for-service surroundings by way of 24/7 digital care navigation, deep expertise and information insights, and groundbreaking oncologist-led therapeutic interventions
- By harnessing relationships with oncology practices, major care teams, and well being plans, Thyme Care uniquely assumes two-sided monetary threat to align cost incentives with care high quality, whereas delivering an unparalleled affected person expertise
NASHVILLE, Tenn., July 16, 2024 /PRNewswire/ — Thyme Care, the main value-based most cancers care enabler, right this moment introduced the shut of a $95M capital increase. With $55M in fairness funding, Thyme Care welcomes new investor Harmony Well being Companions with participation from all current buyers, together with CVS Well being® Ventures, City Corridor Ventures, a16z Bio + Well being, AlleyCorp, Echo Well being Ventures, Frist Cressey Ventures, and Foresite Capital. Banc of California will present a further $40M in debt financing, bringing Thyme Care’s complete quantity raised thus far to $178M.
The most cancers care ecosystem is nearing a monetary breaking level, with drug prices accounting for as much as 70% of the entire price of care and lots of life-saving most cancers therapies costing upwards of $200,000 per yr. In the meantime, the expertise of most cancers care varies extensively primarily based on a person’s location, entry to care, and skill to navigate the healthcare system. Many sufferers, notably these already going through socio-economic limitations, expertise gaps in help, monetary toxicity, and a scarcity of coordination between visits.
Thyme Care’s suite of providers, together with its 24/7 specialised most cancers care navigation providers, strong expertise and information insights, and provider-led therapeutic interventions allow a extra seamless affected person expertise and drive sustainability throughout the ecosystem. Its core navigation providers, together with interventions to attenuate acute care utilization and improve entry to social providers, present a $594 discount in complete prices per 30 days for navigated sufferers in comparison with a management group. By Thyme Care’s Medicare Benefit and industrial payer agreements, in addition to its collaborations in CMS’s Enhancing Oncology Mannequin (EOM), Thyme Care assumes monetary accountability for oncology populations at scale to scale back the entire price of care and enhance outcomes and expertise.
“Thyme Care’s skill to boost affected person outcomes and cut back the entire price of care is straight aligned with our mission at Harmony to help best-in-class firms with options that enhance high quality, improve entry, and cut back price of care,” stated James Olsen, founder and managing accomplice at Harmony. “Their provider-led interventions concentrating on ballooning oncologic drug spend and acute care utilization spotlight their distinctive strategy to system-wide affordability, and their deep partnerships in most cancers care mark their confirmed success. We stay up for partnering with Robin, Bobby, Brad, and the remainder of the Thyme Care staff to assist the corporate scale in a market the place its differentiated answer can so drastically influence price and high quality.”
To scale back oncologic drug spend throughout the most cancers care system, Thyme Care has operationalized provider-led pharmacy intervention methods, together with drug waste minimization protocols, clinically equal drug substitutions, and extra. Over the previous yr, Thyme Care has quickly expanded its Thyme Care Oncology Associate (TCOP) partnerships to spearhead value-based most cancers care. By working as an extension of the observe, Thyme Care deploys digital care supply providers and analytic capabilities to scale back administrative burden, unlock observe effectivity, and allow success in new cost preparations.
“Our newest funding is a testomony to the dedication and experience of our unbelievable staff, whose relentless efforts drive our mission to remodel the most cancers care expertise ahead,” stated Robin Shah, Thyme Care co-founder and chief government officer. “We’re profoundly grateful for the unwavering help and collaboration of buyers, suppliers, and payer companions, whose dedication makes Thyme Care’s distinctive, provider-centered strategy potential. Collectively, we’re reshaping the panorama of oncology, guaranteeing higher care and affordability for all.”
Thyme Care will use the brand new funds to develop and scale the enterprise by increasing into new markets, investing in its current oncology, major care, and well being plan partnerships, and deepening its medical value-based care mannequin. Thyme Care is actively managing greater than half-billion {dollars} in medical spend throughout its risk-based contracts and is on tempo to greater than triple that quantity throughout the subsequent yr. As well as, the corporate has greater than doubled its oncology partnerships over the previous six months, with lively plans to increase throughout the US by way of further contracts with well being plans, employers, and risk-bearing major care teams.
“Most cancers is a posh and expensive illness, however we’re dedicated to supporting each sufferers and suppliers to enhance the care expertise,” stated Vijay Patel, managing accomplice, CVS Well being® Ventures. “Thyme Care’s provider-focused strategy is reworking care supply and supporting various cost fashions, and we’re enthusiastic about all of the methods we will leverage our strategic experience to proceed their development. We stay up for serving to them scale these vital providers to make most cancers care extra inexpensive and accessible.”
About Thyme Care
Thyme Care is the main value-based care enabler, collaborating with payers and suppliers to remodel the expertise and outcomes for people dwelling with most cancers. The corporate companions with well being plans, employers and risk-bearing suppliers to imagine accountability for enhanced care high quality, improved well being outcomes, and diminished complete price of care. Thyme Care’s strategy combines a technology-enabled Care Staff and seamless integration with greater than 800 oncologists in Thyme Care Oncology Companions, making a hybrid collaborative care mannequin that guides and helps the complete affected person journey. Thyme Care empowers oncologists nationwide by way of purpose-built tech, superior information analytics, and digital affected person engagement, driving higher care and outcomes in value-based preparations. Thyme Care is a founding member of CancerX, and is backed by main buyers. To study extra about how Thyme Care is enabling the shift to value-based care in oncology, go to www.thymecare.com.
Contact
Kimberly Dreisinger
Thyme Care Communications
[email protected]
SOURCE Thyme Care
