What You Should Know:
– Thyme Care, a leading value-based cancer care enabler raises $95M in funding capital led by Concord Health Partners, with participation from existing investors including CVS Health® Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Foresite Capital, and new investor SignalFire. The funding brings Thyme Care’s total funding to $178M.
– Thyme Care is a value-based cancer care enabler focused on improving patient outcomes and reducing healthcare costs. The new funding will fuel Thyme Care’s expansion into new markets, deepen existing partnerships, and enhance its clinical value-based care model.
Addressing the Cancer Care Crisis
The cancer care landscape is marked by escalating costs, fragmented care, and significant disparities in patient outcomes. Drug costs alone can account for up to 70% of total care expenses, with many life-saving therapies exceeding $200,000 annually. Patients often face overwhelming financial burdens, gaps in support, and a lack of care coordination.
Thyme Care is addressing these challenges with a comprehensive approach that focuses on reducing costs, improving outcomes, and enhancing the patient experience.
Thyme Care’s Impactful Solution
Thyme Care’s value-based care model includes:
- 24/7 specialized cancer care navigation: Guiding patients through complex treatment journeys.
- Advanced technology and data insights: Optimizing care delivery and identifying areas for improvement.
- Provider-led therapeutic interventions: Ensuring patients receive the best possible care.
By implementing these strategies, Thyme Care has demonstrated a $594 reduction in monthly costs for navigated patients compared to a control group.
Partnerships and Financial Responsibility
Thyme Care has established strong partnerships with Medicare Advantage and commercial payers, as well as participating in CMS’s Enhancing Oncology Model (EOM). This enables the company to assume financial risk for oncology populations, driving down costs and improving outcomes.
Thyme Care has also developed the Thyme Care Oncology Partner (TCOP) program to support provider practices. By offering virtual care delivery services and analytics, TCOP helps practices reduce administrative burden, improve efficiency, and succeed in value-based care arrangements.
Rapid Growth and Expansion
Thyme Care is experiencing rapid growth, with active management of over half a billion dollars in medical spend under risk-based contracts. The company aims to triple this figure within the next year. Additionally, Thyme Care has more than doubled its oncology partnerships in the past six months and plans to expand its reach across the United States.
“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.”
