With the help of $200 million in backing from private equity firm General Atlantic, a group of three large cancer practices joined forces earlier this year to create a new physician-driven company aimed at expanding community-based cancer care.
Their goal? To help cancer physicians remain independent and thriving in an era that has seen independent practices consolidated into hospitals.
The new company banded together three founding practices include Tennessee Oncology, New York Cancer & Blood Specialists and West Cancer Center, representing more than 200 oncology providers. It launched the partnership with an EHR technology platform partner, New York-based Flatiron Health.
The company's executive leadership team includes CEO Tracy Bahl, a former CVS executive, as well as Board Chairman David Chernow, who is a co-founder of American Oncology Resources, now known as US Oncology, and recently added former Senator Bill Frist to its board. It's also preparing for the addition of new cancer practices in 2019, and as of Jan. 1, the company expects to jump from 21 employees to 1,300 employees with a plan to have close to 2,000 employees by the end of the year.
The big idea: Technology-enabled, physician-led community oncology network
Headquarters: Nashville, Tennessee, and New York, New York
CEO: Tracy L. Bahl
Funders/funding: As a strategic partner of the company, General Atlantic invested $200 million in OneOncology.
Revenue: Not applicable.
Fierce insights from OneOncology CEO Tracy Bahl
FierceHealthcare: What is your best piece of advice for launching a healthcare company that challenges the status quo?
Tracy Bahl: Relentlessly focus on the patient. Select great partners. Recruit the best talent. Use analytics to unlock value. Create a mission-driven culture that fosters diversity, excellence and collaboration. Build the company you’ve always wanted to work for.
FH: What is the failure you’ve learned the best lesson from?
TB: Getting the pace of innovation right. It’s important to properly balance rapid prototyping with building an infrastructure that can deploy and manage the pace of innovation. I’ve seen instances where the promise of technology was ahead of the ability to utilize it efficiently. We’re mindful of this as we grow.
FH: What is one change you predict in healthcare that people wouldn’t expect?
TB: The rise of consumer-driven healthcare will result in more dramatic shifts in where patients receive care. Entities that innovate, put the patient first and seek out their perspectives will grow, while those slow to respond to consumer demands will lose market share.