What You Should Know:
– Thyme Care, a leader in value-based cancer care, has announced a strategic investment from Echo Health Ventures and CVS Health Ventures. Both partners have identified Thyme Care’s provider-centric approach as the only way to improve the patient experience and reduce costs across the care continuum. The investment was part of Thyme’s Series B fundraise.
– The strategic funding will fuel the national expansion of Thyme Care’s innovative model, aiming to improve patient care experiences while reducing costs.
– As part of the investment, Kurt Sheline, partner at Echo Health Ventures, and Alyssa Reisner, partner at CVS Health Ventures, will join as board observers.
Addressing the Burden of Cancer
Cancer remains the second leading cause of death in the United States. It’s a complex disease with a significant financial impact on both patients and healthcare payers. Challenges navigating the intricacies of diagnosis and treatment plans often lead to gaps in support and care coordination, resulting in higher hospitalization rates and ultimately, increased healthcare costs.
Thyme Care’s Solution: Empowering Oncologists, Improving Outcomes
Thyme Care disrupts the traditional fee-for-service model by:
- Empowering Oncologists: They become agents of change within new payment models, allowing them to focus on delivering high-quality in-clinic care.
- Dedicated Care Team: Thyme Care’s oncology-trained team manages patient needs between visits, providing crucial support and continuity.
- Patient-Centered Resources: Through payer agreements, Thyme Care integrates resources directly within oncology practices, including:
- 24/7 navigation services
- Operational and actuarial support
- Robust reporting for accurate impact measurement
This comprehensive approach has demonstrably lowered healthcare utilization rates while improving:
- Clinical outcomes
- Patient satisfaction
- Affordability across the entire care journey.
Rapid Expansion Plans
Currently serving over 500,000 individuals in 31 states, Thyme Care is poised for rapid expansion. The company plans to establish new payer and provider agreements across the country, making their services more widely available.
“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.”
