Thyme Care Secures $60M Series B to Scale Cancer Care Beyond the Clinic

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Aug 22, 2023, 10:00 ET

Oncology care innovator streamlines a notoriously fragmented healthcare system, reducing gaps and barriers to care for chronically under supported patient population
Built by oncology industry veterans, Thyme Care's collaborative care model offers a wraparound layer of support for patients; empowers oncologists to focus on high-quality care and enables a distinct shift to proactive care
Led by Town Hall Ventures and Foresite Capital, initial close of Series B fundraise will fuel the geographic expansion of Thyme Care's distinctive, value-based cancer care model with health plans, risk-bearing providers, and employers

NASHVILLE, Tenn., Aug. 22, 2023 /PRNewswire/ -- Thyme Care, the leading value-based cancer care partner, today announced a $60M Series B fundraise co-led by Town Hall Ventures and Foresite Capital, with participation from current investors Andreessen Horowitz Bio + Health, AlleyCorp, Casdin Capital, and Frist Cressey Ventures. The injection of capital brings Thyme Care's total capital raised to over $80M. New funds will be used to rapidly accelerate the company's national network of oncology partners in new markets and expand its comprehensive cancer care support services. David Whelan, co-founder and general partner at Town Hall Ventures, and Elizabeth Canis, executive advisor at Foresite Capital and former Elevance and UnitedHealthcare executive, will join the company's Board of Directors.

One in three Americans will be diagnosed with cancer in their lifetime. Plagued by shock, disbelief, and uncertainty, cancer patients must quickly get up to speed on new medical information in order to understand their care options. The moment they leave their physician's office, 80% of the medical information shared is forgotten, and nearly half of the information retained is incorrect. In addition, nearly three quarters of cancer patients are juggling one or more comorbid conditions like heart disease or diabetes. All of these challenges lead to misunderstandings about their disease and treatment plans, as well as confusion about how to coordinate with their many providers. This can result in a poor patient experience, unnecessary hospitalizations, and worse health outcomes. More than 50% of cancer patients are hospitalized during their first six months of chemotherapy treatment. The problems are compounded for those who already face socio-economic barriers to care, and may have difficulty getting transportation to and from their appointments, paying for treatment, or even securing stable housing and access to nutritious meals.

"The US healthcare system is notoriously fragmented, leaving cancer patients hanging in the balance. We invest in companies that are changing the narrative by putting the patient first, and are shifting the industry toward value-based care. Primary care and kidney care have paved the way for this transformation, and after extensively studying the landscape, we firmly believe Thyme Care is the only company with the expertise and technology to enable value-based cancer care. We look forward to helping them accelerate this mission," said David Whelan, Town Hall Ventures.

Thyme Care's model combines advanced technology with high-touch patient care to support the lifecycle of a member's cancer journey. Powered by a team of nurse practitioners, oncology nurses, and resource specialists, Thyme Care helps members understand their diagnosis, proactively manage and address symptoms, and quickly connect them to care. Supported by the company's purpose-built care management platform, Thyme Box, the Care Team is able to quickly gather context on a member, help manage their comorbidities and coordinate care with their providers, and quickly triage patients to their oncology practice when worrisome symptoms arise. Additional resources and support services for transportation, housing, food, behavioral health, financial assistance, palliative care and more are provided to members and their caregivers to help reduce the barriers to care.

"The best medicine in the world isn't effective if a patient can't afford treatment or get a ride to the office. That's a missed opportunity, and quite honestly it's inexcusable," said Dr. Bobby Green, co-founder, president and chief medical officer of Thyme Care. "Thyme Care is built on the belief that we must meaningfully change the standard of cancer care and eradicate the common barriers that exist today. Our latest investment validates our mission to transform cancer care and accelerate the move to value-based oncology care."

Earlier this year, the Center for Medicare and Medicaid Services (CMS) launched its Enhancing Oncology Model (EOM), indicating a paradigm industry shift toward value-based cancer care. The high cost associated with a cancer diagnosis poses a significant burden for patients and payers, highlighting the importance of realigning incentives to prioritize high-quality care and better patient outcomes. Thyme Care has developed a framework in which forward-looking payers are willing to fund the investment to get this done in a way that drives value not only to them but to their members and the physicians taking care of them. Through a rapidly expanding national network of more than 300 oncology partnerships, Thyme Care ensures cancer patients have comprehensive cancer care support.

"Cancer is one of the biggest drivers of healthcare spending, and a cancer diagnosis is devastating to patients and families. The complexity of the disease and expanding set of treatment options leaves patients feeling vulnerable and woefully under supported," said Elizabeth Canis at Foresite Capital. "Thyme Care's combination of people and technology have the ability to scale cancer care beyond the clinic, ensuring patients always have access to the care and support they need, when and where they need it."

Built by oncology industry veterans, Thyme Care deeply understands the needs of oncology patients and the preventable barriers to care that many experience. Thyme Care leverages the experiences and insights from co-founders Robin Shah and Dr. Bobby Green, following two successful exits of venture and private equity-backed oncology companies–Flatiron Health, which sold to Roche, and OneOncology, which was acquired by TPG and AmerisourceBergen. Last year, the company recruited primary care physician and former CMMI advisor Dr. Brad Diephuis as chief business officer, further bolstering its health policy expertise at the executive level. With the Series B, the company plans to broaden its bench of oncology and healthcare experts, expand to new markets, and announce additional partnerships in the coming months.

About Thyme Care

Thyme Care is the leading value-based care partner, 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 delivery model that guides and supports the entire patient journey. Thyme Care empowers over 300 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