Oncology Analytics, an Atlanta-based digital health startup that provides health plans, providers and patients with an evidence-based, analytics focused approach to utilization management for oncology, today announced it has raised $21 million in Series B funding. The Series B round was led by Oak HC/FT and was joined by new investor McKesson Ventures along with returning investors Blue Cross Blue Shield Venture Partners and Sandbox Advantage Fund. The startup plans to use the capital to expand its oncology benefits management capabilities and accelerate strategic investments in data analytics, data science, and innovative digital health technologies.
Today’s Challenging Oncology Landscape
Over the past five years, U.S. anti-cancer drug costs have increased to $50B annually, driven primarily by availability and favorable reimbursement of new medicines. By 2021, global cancer drugs expenditures are expected to exceed $147B annually. Today’s innovation-driven climate puts health plans in the difficult position of determining how best to judge the cost/value ratio for the constant influx of new and emerging cancer treatments.
As a result, health plans, providers and patients face a collective challenge when trying to build scalable, internal oncology-specific expertise and processes that can quickly evaluate treatment options across a multitude of cancer diagnoses. It has been estimated that oncologists would need 29 hours a day to keep up with the research and findings of new cancer treatments that enter the market each day. Oncology Analytics relieves this burden through a combination of technology-enabled services, supported by their dedicated clinical team of board-certified oncology physicians and pharmacists.
Founded in 2009 by Dr. Marc Fishman, a hematologist, oncologist and patient advocate, Oncology Analytics provides the critical missing link for health plans by being able to manage the total cost of cancer care – by providing access to current, evidence-based, disease-specific analytics on all cancer types and treatment options, backed by board-certified oncology physicians and pharmacists, to provide their members with the ability to achieve the best possible outcomes.
Today, Oncology Analytics is used by physicians to support over 3.5 million health plan members in the US and Puerto Rico, the Oncology Analytics e-Prior Authorization platform is updated daily to accurately reflect more than 6,000 oncology treatment protocols for anti-cancer treatment across all cancer types and stages, including chemotherapy, radiation therapy, precision medicine, targeted therapy, and supportive care. Additionally, the company has added senior leaders to its management team, in the areas of analytics, technology, product management, sales, marketing, human resources and client services.
“We are honored to partner with this dynamic group of healthcare investors with a proven track record of success,” said Rick Dean, CEO of Oncology Analytics. “This strategically chosen team recognizes the need for a paradigm shift in the use of data, analytics and evidence-based medicine to dramatically impact patient access and options for cancer treatment.”