Thyme Care, a value-based oncology platform, has raised $60 million in a series B round.
The round was co-led by Town Hall Ventures and Foresite Capital with participation from existing investors Andreessen Horowitz Bio + Health, AlleyCorp, Casdin Capital and Frist Cressey Ventures. The funding will be used to accelerate partnerships in new markets and expand its cancer care support services. Thyme Care also plans to broaden its roster of oncology and healthcare experts and announce additional partnerships in the coming months.
The latest capital brings the company’s total raised to more than $80 million.
A third of Americans are affected by cancer in their lifetime. Yet navigating the care journey can be stressful and confusing. More than half of cancer patients are also living with comorbidities like heart disease or diabetes. All of these elements can lead to worse health outcomes, particularly acute for those dealing with barriers related to social drivers of health.
"We invest in companies that are changing the narrative by putting the patient first, and are shifting the industry toward value-based care,” David Whelan, co-founder and general partner of Town Hall Ventures, said in a press release. “We firmly believe Thyme Care is the only company with the expertise and technology to enable value-based cancer care. We look forward to helping them accelerate this mission.”
Thyme Care combines tech with high-touch patient care to support care journeys. Powered by a team of nurse practitioners, oncology nurses and resource specialists, the company aims to help members better understand their diagnosis, manage and address symptoms and quickly connect them to care with its platform, Thyme Box.
Powered by a data and analytics mechanism, which organizes numerous data sources from payers, electronic health records and health information exchanges, Thyme Box leverages those insights to recommend personalized interventions and care navigation to patients.
"The best medicine in the world isn't effective if a patient can't afford treatment or get a ride to the office. That's a missed opportunity, and quite honestly it's inexcusable," Bobby Green, M.D., co-founder, president and CMO of Thyme Care. "Thyme Care is built on the belief that we must meaningfully change the standard of cancer care and eradicate the common barriers that exist today. Our latest investment validates our mission to transform cancer care and accelerate the move to value-based oncology care."
Earlier this year, the Centers for Medicare & Medicaid Services launched the Enhancing Oncology Model, a new value-based cancer care framework. At the start of August, the American Oncology Network, a network of community oncology practices, joined the model and tapped Thyme Care as a partner.
Thyme Care currently has a network of more than 300 oncologist partners.