Value-based cancer care navigation company Thyme Care raised $97 million in series D funding backed by major strategic investors across payers, employers, health systems and retail health.
The latest funding propels Thyme Care's valuation to north of $1 billion, a 2x increase from its valuation in July 2024 when it raised $95 million, according to a company spokesperson.
The company plans to use the new funding to expand its business across verticals and to take on more breaking points in the oncology journey that drive up costs and cause friction in the patient experience, Robin Shah, CEO and co-founder of Thyme Care, told Fierce Healthcare.
Thyme Care is now focused on tackling treatment denials, high drug costs and "the barriers that delay or prevent access to timely, affordable and appropriate care," Shah said.
"We're also accelerating investments in technology and AI to enhance care delivery, and scaling our partnerships across the ecosystem to reach more people with more support," he said.
The company plans to hire tech leaders to advance its AI platform strategy, Shah said, as Thyme Care aims to build out more member-facing apps and tech solutions for its care team. The company also is focused on continuing to scale the business as it inks new partnerships with national and local health plans.
Current investors CVS Health Ventures, Foresite Capital, a16z Bio + Health, Concord Health Partners, Town Hall Ventures, AlleyCorp and Frist Cressey Ventures backed the series D round. Thyme Care also picked up new strategic investors including Morgan Health, JPMorganChase's business unit focused on employer-sponsored healthcare, as well as Humana, Texas Oncology and the Memorial Hermann Health System.
The investment by these major healthcare players validates Thyme Care's approach to cancer navigation, Shah noted, as all these companies serve patients across the oncology care delivery landscape.
"You have Memorial Hermann Health System, representing the hospital segment of the cancer ecosystem, where a large portion of cancer patients are still seen in hospital settings, and their validation of our model is a huge testament to what we're building here at Thyme Care," Shah said. "And then Texas Oncology, one of the largest cancer centers in the U.S., they truly see what we're building at Thyme Care as something that is going to change the ecosystem in the next five, 10-plus years. We will be collaborating with all of them in some capacity."
Founded in 2020, the company, a 2024 Fierce 15 honoree, aims to guide patients through every phase of the “cancer journey,” from the peri-diagnostic period, when they learn that they may have cancer, to the post-diagnostic period. The company partners with health plans, employers and risk-bearing providers to help bring down the cost of cancer care while also improving patients' health, according to executives.
Thyme Care assumes two-sided financial risk to align payment incentives with care quality to improve health outcomes and reduce total cost of care.
The company built an integrated oncology infrastructure that reduces friction across the system. It combines 24/7 specialized cancer care navigation services, technology and data insights and oncologist-led therapeutic interventions. Thyme Care's tech-enabled care team integrates with more than 1,000 oncologists as part of its Thyme Care Oncology Partners for a hybrid collaborative care model, according to the company.
Thyme Care has rapidly scaled its business. At the end of 2024, it was managing 10,000 patients, and that has now grown to 80,000 actively treated cancer patients.
The company is now profitable, according to executives, and manages more than $5 billion in oncology spend.
Thyme Care continues to grow its business through new Medicare, commercial and employer contracts and is now accessible to 8 million people. It has inked national partnerships with major payers such as Aetna and Humana, Fortune 500 employers and leading health systems.
"What's been most exciting about the transformation from last year to this year is how we've been able to truly scale this business and bring the value that we've been bringing to cancer patients to a much broader network of people," Shah said. "This is a true testament that what we have built is working and is delivering real value to cancer patients across the country. Health plans and risk-bearing entities are seeing the value we're able to deliver, and are expanding, growing and looking to partner more deeply with Thyme Care."
Cancer is one of the biggest drivers of healthcare spending, costing the U.S. more than $200 billion per year, according to data from the National Cancer Institute.
Thyme Care claims its cancer care navigation and support services can help drive significant cost savings. Through its core navigation services, the company's care team can intervene earlier to help patients manage symptoms like pain or nausea safely at home instead of going to a hospital emergency room. Members were 40% less likely to visit the ER and had 19% fewer hospital admissions, the company's data show.
As Thyme Care grows, its providing a blueprint for scalable, accountable cancer care and can serve as a proving ground for value-based care, executives said.
The company's approach also has an impact on the patient experience. Members report high levels of satisfaction, as 90% of members report feeling more supported by their care team. This connection to patients also drives more engagement, with 72% of members responding to proactive patient reported outcome surveys, nearly double industry standard rates.
Thyme Care says its approach also benefits providers. Oncology practices face rising volumes and administrative demands. By operating as an extension of the practice, Thyme Care deploys virtual care delivery services and analytic capabilities to take on administrative and care coordination tasks. One Thyme Care Oncology Partner practice saved nearly 2,000 hours of staff time in a year, according to the company's data.
Thyme Care also is stepping up its work with employers. Nine months ago, the company went live with "one of the largest employers in the U.S.," Shah said.
"We are expanding that employer segment of our business whereby we are directly integrating and partnering with employers to provide our virtual care navigation to all of their employees," he said.
Employers increasingly identify cancer as a top driver of their health care spend. And, they want to offer employees access to high-quality, personalized cancer care, noted Dan Mendelson, CEO of Morgan Health.
“Thyme Care can balance these needs and is already making early progress with Fortune 500 companies. They’ve demonstrated better coordination of patient care, improved outcomes and reduced costs. This approach aligns directly with our mission to scale specialist-led, value-based care for complex conditions in employer-sponsored insurance," Mendelson said.