Thyme Care Closes $95M Series C To Fuel Cancer Care Affordability

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Jul 16, 2024, 08:00 ET

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
[email protected]

SOURCE Thyme Care