Thyme Care, a healthcare technology company founded in July 2020, has secured a $95 million Series C funding round, marking a significant expansion of its value-based cancer care platform. The investment, led by new strategic partner Concord Health Partners, positions the company to scale its innovative approach to oncology care management.
Proven Cost Reduction Through Patient Navigation
The company's technology-driven navigation and support services have demonstrated remarkable results, achieving a $594 cost reduction per patient per month compared to control groups. Currently serving more than 3,000 patients, Thyme Care has established itself as a significant player in the oncology care management landscape.
Bobby Green, MD, co-founder, president, and chief medical officer at Thyme Care, emphasized the strategic importance of their newest investor: "Traditionally, their focus is identifying and supporting healthcare companies that are building solutions that address the things we're focused on—affordability, quality, access to care."
Innovative Approach to Value-Based Care
Thyme Care's distinctive model operates through Thyme Care Oncology Partnerships (TCOP), which function as extensions of oncology practices. The company has developed Thyme Box, a value-based oncology care management platform that integrates data from multiple sources to deliver personalized interventions. This technology enables risk-bearing entities to transition from fee-for-service to value-based care models.
The platform currently supports over 800 oncologists, demonstrating significant market penetration. The recent addition of Dr. Lalan Wilfong, a recognized expert in value-based care, further strengthens the company's leadership in implementing Medicare's Enhancing Oncology Model (EOM).
Tackling Drug Costs Through Collaboration
A key focus for Thyme Care is addressing pharmaceutical costs, which account for 70% of cancer care expenses. Dr. Green highlighted their unique approach: "What we really thought was important was to think about how to tackle that drug spend, but in a way that was collaborative with oncologists and not confrontational."
Primary Care Integration and Future Directions
The company is now expanding its focus to improve the referral process between primary care physicians and oncologists. This initiative aims to streamline the critical transition period when patients are first referred to oncology care, addressing a significant pain point in the cancer care journey.
Green emphasized the importance of early intervention: "Are you willing to see patients early in the cancer journey before they've had a biopsy? Uniformly, the answer is, 'Of course. That's what we do.'"
The company's commitment to value-based care extends to palliative care services, which can now be effectively delivered through telehealth, improving both patient experience and cost efficiency.
