Thyme Care receives more funding to expand value-based cancer care

Thyme Care, a value-based cancer treatment company, recently raised $95 million, bringing its total raised to date to $178 million.

To expand its value-based cancer care model nationwide, Thyme Care announced in May 2024 that it had received financial backing from Echo Health Ventures, a strategic investment platform that invests on behalf of several Blues health insurance plans, and CVS Health Ventures, the venture capital arm of CVS Health.

Nashville-based Thyme Care describes its business model as challenging the traditional fee-for-service model by serving as agents of change for oncologists through novel payment models that allow them to focus on providing high-quality care in the clinic while Thyme Care’s oncology-trained care team addresses patient needs between visits.

Through its payer agreements, the company integrates its patient-centered care resources directly into oncology practices, providing 24/7 navigation services, operational and actuarial support, and reporting capabilities to accurately measure the impact of these new models.

Through Medicare Advantage and commercial payer arrangements and collaboration in CMS’ Enhancing Oncology Model (EOM), Thyme Care takes financial responsibility for oncology patients at scale to reduce the total cost of care and improve outcomes and experiences. According to the company, core navigation services, including measures to minimize acute care utilization and improve access to social services, demonstrate a reduction in total costs per month of $594 for navigated patients compared to a control group.

In March 2024, the company announced that more than 400 oncology practices have joined Thyme Care Oncology Partners (TCOP). Thyme Care said it will work with TCOP practices to develop and implement value-based care programs for patients covered by participating risk-bearing facilities and government-sponsored programs.

In an interview in July 2023 with Innovation in healthcare, Bobby Green, MD, president and chief medical officer at Thyme, explained the company’s growth. “We’ve developed a technology-enabled navigation platform that allows both physicians and non-physicians to perform virtual navigation on a software and analytics platform,” he said. “We partner with payers that see the value in it and are willing to pay for it. We will take some risk on the cost of care for the populations we serve. And as we partner with a payer and expand into a geographic area, we also partner with oncology practices that share that vision.”

Thyme Care announced that its new investor is Concord Health Partners, with participation from all existing investors, including CVS Health Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures and Foresite Capital. Banc of California will provide an additional $40 million in debt financing.