Thyme Care Bank $97 million to accelerate value-based cancer care
The company announced Thursday that value-based cancer care company Thyme Care has received $97 million in Class D funding to expand its platform to more patients.
Founded in 2020, Thyme Care in Nashville, Tennessee works with health plans, employers and risk-taking providers to support patients struggling with cancer. It provides care navigation services, technical and data insights and therapeutic interventions. The company helps patients understand their diagnosis, find cancer doctors and receive clinical care between appointments. Patients can also access a team of providers, nurses and resource experts. Its services are provided in 8 million people in all 50 states.
Series D competitions include participation from CVS Health Ventures, ForeSite Capital, A16Z Bio+ Health, Concord Health Partners, City Hall Ventures, Alleycorp, Frist Cressey Ventures, Morgan Health, Morgan Health, Humana, Texas Oncology and Memorial Hermann Health System. Overall Thyme Care raised a total of $275 million.
“Employers increasingly see cancer as the main driver of their healthcare spending. At the same time, they are very concerned about providing high-quality personalized cancer care to their employees – given the heavy burden of diagnosed patients and their families,” said Dan Mendelson, CEO of Morgan Health. “Thyme Care can balance these needs and has made progress early in the Fortune 500 companies. They show better coordination, improved outcomes and reduced costs.”
With financing, the company is expanding its payer contracts to new geographies, developing its oncology partnerships, expanding to more employers and health systems, and investing in AI and technology.
Asked about Thyme Care’s exit strategy, Defoss said the company’s goal is to create a “generational company” that changes the way cancer is delivered and financed.
“Whether we are private or public online, our Polaris will not change: building infrastructure that provides better experiences, better outcomes, and delivers lower costs for patients, providers and payers,” he said.
According to the American Cancer Society, as of January, more than 18 million people in the United States had a history of cancer. By 2035, this number is expected to rank in the top 22 million. According to the Health Business Group, cancer is also the biggest driver of employers’ health care costs. Meanwhile, federal cancer research funding is being cut.
“As federal funding tightens and health care programs increase, the pressure to control costs increases while still delivering high-quality care.” “At the same time, we see a broader shift that can bring more accountability and coordination to chronic care management. This is exactly what Thyme Care fits in. … Our model reduces avoidable emergency visits, improves therapeutic decision-making, and helps patients keep track of visits between visits.”
Other companies that provide cancer care support include Oncoverycare and Maia Oncology.
Photo: Richard Drury, Getty Images
