Thyme Care Gets More Funding to Expand Value-Based Cancer Care
Thyme Care, a value-based cancer care company, recently raised $95 million, bringing its total amount raised to date to $178 million.
To expand its value-based cancer care model nationwide, Thyme Care announced in May 2024 that it had received funding support 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.
Nashville-based Thyme Care describes its business model as challenging 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 its payer agreements, the company embeds its patient-centered care resources directly within oncology practices, including 24/7 navigation services, operational and actuarial support, and reporting capabilities to accurately measure impact in these new models.
Through its Medicare Advantage and commercial payer agreements, as well as its collaborations in CMS’s Enhancing Oncology Model (EOM), Thyme Care assumes financial responsibility for oncology populations at scale to reduce the total cost of care and improve outcomes and experience. core navigation services, including interventions to minimize acute care utilization and increase access to social services, show a $594 reduction in total costs per month for navigated patients compared to a control group, the company said.
More than 800 oncologists have joined Thyme Care Oncology Partners (TCOP). Thyme Care said it would partner with TCOP practices to design and implement value-based care programs for patients covered by participating risk-bearing entities and government-sponsored programs.
In a July 2023 interview with Healthcare Innovation, Bobby Green, M.D., president and chief medical officer at Thyme, discussed the company’s growth. “We built a technology-enabled navigation platform, for both clinicians and non-clinicians to do the virtual navigation on a software and analytics platform,”he said. “We partner with health plans, which see the value in this and are willing to pay for it. We will take some degree of risk on the cost of care of the populations that we're managing. And when we partner with a health plan and go into a geographic area, we also partner with oncology practices that are in line with the vision of doing this."
Thyme Care said its new investor is Concord Health Partners with participation from all existing investors, including CVS Health Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures, and Foresite Capital. Banc of California will provide an additional $40M in debt financing.
