Thyme Care, a value-based most cancers care firm, has secured $95 million in Sequence C funding, which it can use to develop its enterprise, the corporate introduced Tuesday.
Nashville, Tennessee-based Thyme Care, based in 2020, companions with well being plans, employers and risk-bearing suppliers to help sufferers battling most cancers in 31 states. It presents care navigation providers, know-how and information insights and therapeutic interventions. The corporate helps sufferers perceive their analysis, discover a most cancers physician and obtain scientific care between appointments. Sufferers additionally achieve entry to a workforce of suppliers, nurses and useful resource specialists. Thyme Care’s providers are accessible through telephone, textual content, e-mail and video.
The $95 million capital increase contains $55 million in fairness funding from Harmony Well being Companions, CVS Well being Ventures, City Corridor Ventures, a16z Bio + Well being, AlleyCorp, Echo Well being Ventures, Frist Cressey Ventures and Foresite Capital. Banc of California is offering $40 million in debt financing. In complete, Thyme Care has raised $178 million.
Harmony Well being Companions invested in Thyme Take care of its capacity to enhance affected person care and scale back prices.
“Thyme Care’s capacity to boost affected person outcomes and scale back the overall price of care is instantly aligned with our mission at Harmony to help best-in-class firms with options that enhance high quality, improve entry, and scale back price of care,” stated James Olsen, founder and managing companion at Harmony, in an announcement. “Their provider-led interventions concentrating on ballooning oncologic drug spend and acute care utilization spotlight their distinctive method to system-wide affordability, and their deep partnerships in most cancers care mark their confirmed success.”
The financing will assist Thyme Care scale its enterprise by means of new providers and extra partnerships with risk-bearing entities, stated Robin Shah, Thyme Care co-founder and CEO. Thyme Care at the moment manages over half a billion {dollars} in medical spend by means of its risk-based contracts and anticipates tripling that quantity throughout the subsequent 12 months. The corporate has additionally doubled its oncology partnerships within the final six months and intends to develop nationwide by securing new contracts with well being plans, employers and first care teams that bear monetary danger.
“Given the rapidness of our development, it’s all the time good to have an quantity of capital to help that development in order that we aren’t able to not have the ability to ship efficiently for our companions. So it’s all about investing in that partnership forward of going stay,” Shah stated in an interview.
There’s a want for extra most cancers care help: spending on most cancers medicines is anticipated to achieve $375 billion globally by 2027 from $196 billion in 2022. As well as, whereas all populations are affected by most cancers, sufferers with socioeconomic limitations significantly wrestle to entry and afford care.
Thyme Care’s final objective is to “assist as many most cancers sufferers as doable,” Shah stated.
“This fundraise, in addition to our prior fundraise has all been round organising the corporate to have the ability to develop and develop and assist extra folks. … And this fundraise will permit us to draw extra nice expertise to assist extra folks throughout the nation and in the end proceed to develop the mannequin that we began constructing 4 years in the past,” Shah said.
Different firms that present most cancers care help embody OncoveryCare and Maia Oncology.
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