Thyme Care, a Nashville, TN-based value-based most cancers care enabler, acquired an funding from Echo Well being Ventures, and CVS Well being Ventures.
Kurt Sheline, accomplice at Echo Well being Ventures, and Alyssa Reisner, accomplice at CVS Well being Ventures, will be part of as board observers.
The corporate intends to make use of the funds to speed up the nationwide growth of its value-based most cancers care mannequin by way of contracts with well being plans, risk-bearing suppliers and with oncologists.
Thyme Care is a value-based care enabler, collaborating with well being plans, employers and risk-bearing suppliers to imagine accountability for enhanced care high quality, improved well being outcomes, and lowered complete value of care. Its method combines a technology-enabled Care Staff and integration with suppliers, making a hybrid collaborative care mannequin that guides and helps your complete affected person journey.
By Thyme Care’s represented payer agreements, the corporate embeds its patient-centered care assets straight inside oncology practices, together with 24/7 navigation providers, operational and actuarial assist, and reporting capabilities to precisely measure impression in these new fashions. Now obtainable in 31 states to greater than 500,000 individuals at collaborating well being plans, risk-bearing suppliers, and government-sponsored entities, Thyme Care plans to increase its providers because it establishes extra payer and supplier agreements throughout the nation.
FinSMEs
28/05/2024
- Skyrocketing prices of most cancers care handily outpace different illness areas like coronary heart illness and kidney care on a per-patient value foundation; expose pressing, unmet want for payers to concentrate on value-driving measures for most cancers inhabitants
- Most cancers’s lethality is matched by its complexity, requiring personalised care plans and inserting an excessive burden on each affected person and supplier; Echo and CVS determine Thyme Care’s provider-centric method as pivotal to proactively addressing affected person wants–bettering expertise, outcomes, and affordability
- New strategic funding builds on Thyme Care’s management and can speed up the nationwide growth of its complete most cancers care mannequin, providing a path ahead for payers and suppliers searching for to enhance member expertise and bend the price curve
NASHVILLE, Tenn., Could 28, 2024 /PRNewswire/ — Thyme Care, the main value-based most cancers care enabler, in the present day introduced funding from Echo Health Ventures, a strategic funding platform investing on behalf of a number of Blues well being plans, and CVS Health Ventures, the enterprise arm of CVS Well being. The funding will speed up the nationwide growth of Thyme Care’s value-based most cancers care mannequin by way of contracts with well being plans, risk-bearing suppliers and with oncologists. Kurt Sheline, accomplice at Echo Well being Ventures, and Alyssa Reisner, accomplice at CVS Well being Ventures, will be part of as board observers.
Because the second main reason for demise in the US, most cancers’s lethality is matched by its complexity and imposes an excessive economic burden for sufferers and payers alike. Sufferers usually face difficulties in navigating their care because of the intricacies of a most cancers analysis and subsequent care plan, resulting in gaps in assist and lack of coordination between visits. Consequently, most cancers sufferers expertise higher rates of hospitalization throughout remedy, contributing to elevated healthcare prices throughout the system, with most cancers prices disproportionately impacting healthcare spend.
“Most cancers care in the present day is difficult for everybody concerned. Sufferers and households are compelled to navigate a posh and scary care journey, whereas suppliers battle to supply personalised care in a quickly evolving and infrequently heterogeneous case combine, and well being plans grapple with skyrocketing prices,” mentioned Kurt Sheline, Echo Well being Ventures. “We imagine Thyme Care’s member-centric and provider-integrated method is exclusive and has the potential to rework this establishment towards a value-based future that aligns incentives to enhance outcomes and decrease prices.”
Thyme Care challenges the normal fee-for-service panorama by empowering oncologists as brokers of change inside novel cost fashions, permitting them to concentrate on delivering high-quality care within the clinic, whereas Thyme Care’s oncology-trained Care Staff manages sufferers’ wants between visits.
“By our ongoing work at CVS Well being Ventures, we’ve pinpointed a crucial want to seek out organizations who can empower well being care suppliers, with out creating abrasion to their current efforts, whereas successfully decreasing prices and offering high-value affected person care,” mentioned Alyssa Reisner, CVS Well being Ventures. “Thyme Care’s provider-driven method is a strong catalyst in enabling oncologists to navigate the shift to different cost fashions, fostering affected person belief and elevating the position of the supplier whereas driving important value financial savings all through the care continuum. We’re devoted to supporting Thyme Care’s development by lending our strategic experience as the corporate expands nationally.”
Echo Well being Ventures and CVS Well being Ventures joined Thyme Care’s recent fundraise as a result of they acknowledge the urgency and unmet must design scalable options across the fragmented most cancers care expertise, each inside their varied portfolio companions and at a broader scale. Various cost fashions like CMS’ Enhancing Oncology Model are a step in the precise route towards value-based most cancers care trade adoption, much like the way in which its Comprehensive End-Stage Renal Disease Care (CEC) mannequin reworked kidney care in 2015. Thyme Care’s method is enabling extra payers and suppliers to take part in value-based preparations.
“The funding from Echo and CVS is a milestone second for Thyme Care pushed by our dedication to working with companions devoted to rethinking how we ship and pay for most cancers care,” mentioned Brad Diephuis, MD, MBA, chief operations officer and president at Thyme Care and former advisor to the Heart for Medicare and Medicaid Innovation (CMMI). “We’re thrilled to welcome them to the staff, and we sit up for leveraging their deep trade insights.”
About Thyme Care
Thyme Care is the main value-based care enabler, collaborating with payers and suppliers to rework the expertise and outcomes for people residing with most cancers. The corporate companions with well being plans, employers and risk-bearing suppliers to imagine accountability for enhanced care high quality, improved well being outcomes, and lowered complete value of care. Thyme Care’s method combines a technology-enabled Care Staff and seamless integration with suppliers, making a hybrid collaborative care mannequin that guides and helps your complete affected person journey. Thyme Care empowers oncologists nationwide by way of purpose-built tech, superior information analytics, and digital affected person engagement, driving higher care and outcomes in value-based preparations. Thyme Care is a founding member of CancerX, and is backed by leading investors. To be taught extra about how Thyme Care is enabling the shift to value-based care in oncology, go to www.thymecare.com.
About Echo Well being Ventures
Echo Well being Ventures drives systemic well being care transformation by way of hands-on, purpose-driven strategic enterprise capital and development fairness investing. Echo brings collectively Cambia Well being Options, Mosaic Well being Options, USAble Company and BlueCross BlueShield of Tennessee to speed up well being care innovation on a nationwide scale and assist significant well being care impression. Study extra at www.echohealthventures.com.
About CVS Well being Ventures
CVS Well being Ventures is a devoted company enterprise capital fund that works with high-potential, early-stage and growth-stage firms targeted on making well being care extra accessible, reasonably priced, and easier. The corporate focuses on investments that remodel care supply and concentrate on entire particular person care, consumer-centric well being, and disruptive know-how enablement. CVS Well being Ventures’ objective is to allow promising entrepreneurs to scale extra rapidly and successfully by way of entry to their unmatched enterprise capabilities and client touchpoints, whereas providing experience and insights from their firm’s distinctive perspective. For extra info, go to cvshealth.com/health-care-redefined/ventures.html.
