Sep 1, 2023

Thyme Care – a leading value-based cancer care partner – recently announced a $60 million Series B fundraise co-led by Town Hall Ventures and Foresite Capital, with participation from current investors Andreessen Horowitz Bio + Health, AlleyCorp, Casdin Capital, and Frist Cressey Ventures. This funding round brings Thyme Care’s total capital raised to over $80 million. This new round of funding will be used to rapidly accelerate the company’s national network of oncology partners in new markets and expand its comprehensive cancer care support services. And David Whelan, co-founder and general partner at Town Hall Ventures, and Elizabeth Canis, executive advisor at Foresite Capital and former Elevance and UnitedHealthcare executive, will join the company’s Board of Directors. There are one in three Americans will be diagnosed with cancer in their lifetime. Cancer patients – who are usually plagued by shock, disbelief, and uncertainty – must quickly get up to speed on new medical information to understand their care options. And the moment they leave their physician’s office, 80% of the medical information shared is forgotten, and nearly half of the information retained is incorrect. Nearly three-quarters of cancer patients are juggling one or more comorbid conditions like heart disease or diabetes. These challenges lead to misunderstandings about their disease and treatment plans and confusion about how to coordinate with their many providers. And this can result in poor patient experience, unnecessary hospitalizations, and worse health outcomes. More than 50% of cancer patients are hospitalized during their first six months of chemotherapy treatment. And the problems are compounded for those who already face socio-economic barriers to care and may have difficulty getting transportation to and from their appointments, paying for treatment, or even securing stable housing and access to nutritious meals. Thyme Care’s model combines advanced technology with sophisticated patient care to support the lifecycle of a member’s cancer journey. Powered by a team of nurse practitioners, oncology nurses, and resource specialists, Thyme Care essentially helps members understand their diagnosis, proactively manage and address symptoms, and quickly connect them to care. Driven by the company’s purpose-built care management platform Thyme Box, the Care Team can quickly gather context on a member, help manage their comorbidities, coordinate care with their providers, and quickly triage patients to their oncology practice when worrisome symptoms arise. More resources and support services for transportation, housing, food, behavioral health, financial assistance, palliative care, and more are provided to members and their caregivers to help reduce the barriers to care. Earlier this year, the Center for Medicare and Medicaid Services (CMS) launched its Enhancing Oncology Model (EOM), indicating a paradigm industry shift toward value-based cancer care. And the high cost associated with a cancer diagnosis poses a significant burden for patients and payers, highlighting the importance of realigning incentives to prioritize high-quality care and better patient outcomes. Thyme Care developed a framework in which forward-looking payers are willing to fund the investment to get this done in a way that drives value not only to them but also to their members and the physicians taking care of them. Through a rapidly expanding national network of more than 300 oncology partnerships, Thyme Care ensures cancer patients have comprehensive cancer care support. Built by oncology industry veterans, Thyme Care profoundly understands the needs of oncology patients and the preventable barriers to care that many experience. And Thyme Care utilizes the experiences and insights from co-founders Robin Shah and Dr. Bobby Green, following two successful exits of venture and private equity-backed oncology companies–Flatiron Health, which sold to Roche, and OneOncology, which TPG and AmerisourceBergen bought. Last year, the company also recruited primary care physician and former CMMI advisor Dr. Brad Diephuis as chief business officer, further bolstering its health policy expertise at the executive level. With this funding round, the company plans to broaden its oncology and healthcare expert talent, expand to new markets, and announce additional partnerships in the coming months. KEY QUOTES: “The US healthcare system is notoriously fragmented, leaving cancer patients hanging in the balance. We invest in companies that are changing the narrative by putting the patient first and are shifting the industry toward value-based care. Primary care and kidney care have paved the way for this transformation, and after extensively studying the landscape, 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.” — David Whelan, Town Hall Ventures “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. 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.” — Dr. Bobby Green, co-founder, president and chief medical officer of Thyme Care “Cancer is one of the biggest drivers of healthcare spending, and a cancer diagnosis is devastating to patients and families. The complexity of the disease and expanding set of treatment options leave patients feeling vulnerable and woefully under supported. Thyme Care’s combination of people and technology have the ability to scale cancer care beyond the clinic, ensuring patients always have access to the care and support they need, when and where they need it.” — Elizabeth Canis at Foresite Capital Trending on Pulse 2.0