Thyme Care Closes Strategic Investment from Echo Health Ventures and CVS Health Ventures to Scale Its Value-Based Cancer Care Model

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May 28, 2024, 11:00 ET

Skyrocketing costs of cancer care handily outpace other disease areas like heart disease and kidney care on a per-patient cost basis; expose urgent, unmet need for payers to focus on value-driving measures for cancer population
Cancer's lethality is matched by its complexity, requiring personalized care plans and placing an extreme burden on both patient and provider; Echo and CVS identify Thyme Care's provider-centric approach as pivotal to proactively addressing patient needs–improving experience, outcomes, and affordability
New strategic investment builds on Thyme Care's leadership and will accelerate the national expansion of its comprehensive cancer care model, offering a path forward for payers and providers seeking to improve member experience and bend the cost curve

NASHVILLE, Tenn., May 28, 2024 /PRNewswire/ -- Thyme Care, the leading value-based cancer care enabler, today announced investment from Echo Health Ventures, a strategic investment platform investing on behalf of multiple Blues health plans, and CVS Health Ventures, the venture arm of CVS Health. The investment will accelerate the national expansion of Thyme Care's value-based cancer care model through contracts with health plans, risk-bearing providers and with oncologists. Kurt Sheline, partner at Echo Health Ventures, and Alyssa Reisner, partner at CVS Health Ventures, will join as board observers.

As the second leading cause of death in the United States, cancer's lethality is matched by its complexity and imposes an extreme economic burden for patients and payers alike. Patients often face difficulties in navigating their care due to the intricacies of a cancer diagnosis and subsequent care plan, leading to gaps in support and lack of coordination between visits. Consequently, cancer patients experience higher rates of hospitalization during treatment, contributing to increased healthcare costs across the system, with cancer costs disproportionately impacting healthcare spend.

"Cancer care today is challenging for everyone involved. Patients and families are forced to navigate a complex and frightening care journey, while providers struggle to offer personalized care in a rapidly evolving and often heterogeneous case mix, and health plans grapple with skyrocketing costs," said Kurt Sheline, Echo Health Ventures. "We believe Thyme Care's member-centric and provider-integrated approach is unique and has the potential to transform this status quo toward a value-based future that aligns incentives to improve outcomes and lower costs."

Thyme Care challenges the traditional fee-for-service landscape by empowering oncologists as agents of change within novel payment models, allowing them to focus on delivering high-quality care in the clinic, while Thyme Care's oncology-trained Care Team manages patients' needs between visits. Through Thyme Care's represented payer agreements, the company embeds its patient-centered care resources directly within oncology practices, including 24/7 navigation services, operational and actuarial support, and robust reporting capabilities to accurately measure impact in these new models. This comprehensive approach has proven effective in reducing healthcare utilization rates and improving clinical outcomes, patient satisfaction, and affordability across the care continuum. Now available in 31 states to more than 500,000 people at participating health plans, risk-bearing providers, and government-sponsored entities, Thyme Care plans to rapidly expand its services as it establishes more payer and provider agreements across the country.

"Through our ongoing work at CVS Health Ventures, we've pinpointed a critical need to find organizations who can empower health care providers, without creating abrasion to their existing efforts, while effectively lowering costs and providing high-value patient care," said Alyssa Reisner, CVS Health Ventures. "Thyme Care's provider-driven approach is a powerful catalyst in enabling oncologists to navigate the shift to alternative payment models, fostering patient trust and elevating the role of the provider while driving significant cost savings throughout the care continuum. We're dedicated to supporting Thyme Care's growth by lending our strategic expertise as the company expands nationally."

Echo Health Ventures and CVS Health Ventures joined Thyme Care's recent fundraise because they recognize the urgency and unmet need to design scalable solutions around the fragmented cancer care experience, both within their various portfolio partners and at a broader scale. Alternative payment models like CMS' Enhancing Oncology Model are a step in the right direction toward value-based cancer care industry adoption, similar to the way its Comprehensive End-Stage Renal Disease Care (CEC) model transformed kidney care in 2015. Thyme Care's approach is enabling more payers and providers to participate in value-based arrangements.

"The investment from Echo and CVS is a milestone moment for Thyme Care driven by our commitment to working with partners dedicated to rethinking how we deliver and pay for cancer care," said Brad Diephuis, MD, MBA, chief operations officer and president at Thyme Care and former advisor to the Center for Medicare and Medicaid Innovation (CMMI). "We're thrilled to welcome them to the team, and we look forward to leveraging their deep industry insights."

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 providers, 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.

About Echo Health Ventures
Echo Health Ventures drives systemic health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. Echo brings together Cambia Health Solutions, Mosaic Health Solutions, USAble Corporation and BlueCross BlueShield of Tennessee to accelerate health care innovation on a national scale and support meaningful health care impact. Learn more at www.echohealthventures.com.

About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital fund that works with high-potential, early-stage and growth-stage companies focused on making health care more accessible, affordable, and simpler. The company focuses on investments that transform care delivery and focus on whole person care, consumer-centric health, and disruptive technology enablement. CVS Health Ventures' goal is to enable promising entrepreneurs to scale more quickly and effectively through access to their unmatched enterprise capabilities and consumer touchpoints, while offering expertise and insights from their company's unique perspective. For more information, visit cvshealth.com/health-care-redefined/ventures.html.

Contact
Kimberly Dreisinger
Thyme Care Communications
[email protected]

SOURCE Thyme Care