Thyme Care
Overview
Thyme Care is a value-based oncology care company based in Nashville, Tennessee, founded in 2020 by Robin Shah and Bobby Green. Specializing in personalized cancer care navigation, Thyme Care partners with health plans, employers, and providers to offer a comprehensive support system for cancer patients. The company has successfully raised over $178 million to date from prominent investors such as Concord Health Partners, CVS Health Ventures, and Town Hall Ventures, reflecting its commitment to transforming cancer care.
Recent Developments
In recent years, Thyme Care has experienced significant developments and growth, marked by several key events and milestones:
- July 2024: Thyme Care closed a $95 million Series C funding round, led by Concord Health Partners, bringing their total funding to $178 million. The funds are aimed at expanding their value-based cancer care model into new markets and deepening existing partnerships with primary care and oncology practices. Additional financial support of $40 million in debt financing was secured from Banc of California.
- May 2024: Thyme Care launched Enhanced Supportive Care, a virtual palliative care program designed to aid cancer patients and caregivers in managing symptoms at home. This initiative underscores the company's commitment to providing comprehensive care beyond traditional oncological treatments.
- 2023-2024: Thyme Care significantly expanded its Thyme Care Oncology Partners (TCOP) program, which integrates with over 800 oncologists and delivers value-based care models that reduce administrative burdens and facilitate efficient care management.
- August 2023: The company raised $60 million in a Series B funding round, co-led by Foresite Capital and Town Hall Ventures. The funds were earmarked for expanding their network of oncology partners and enhancing cancer care support services across various U.S. states.
- Engagement in Public Initiatives: In 2023, Thyme Care became a founding member of CancerX, a public-private partnership aimed at advancing digital innovation in cancer care, indicating its leadership in driving industry changes.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | Nashville, TN, USA |
| Founders | Robin Shah, Bobby Green |
| Revenue | Not disclosed |
| Profits | Not disclosed |
| Key Investors | Concord Health Partners, CVS Health Ventures, Town Hall Ventures, a16z Bio + Health, Echo Health Ventures |
| Industry | Healthcare, Oncology Management |
| Number of Employees | Approximately 182 |
Early History
Thyme Care was founded in July 2020, drawing on the extensive experience of its founders in the oncology industry. Robin Shah and Bobby Green sought to address the fragmented nature of cancer care by creating a platform that provided value-based care and improved patient outcomes. The company quickly established itself by integrating technology with human touch, offering a supportive network encompassing oncologists, nurses, and other healthcare professionals. In its early stages, Thyme Care focused on developing its technological infrastructure and forging strategic partnerships with healthcare providers and payors. This initial focus laid the groundwork for the company’s rapid expansion and success in securing significant venture capital funding.
Company Profile and Achievements
Thyme Care operates a value-based cancer care platform that guides patients throughout their cancer journey. The company employs a multidisciplinary team, including oncology-trained nurse practitioners, resource specialists, and data analysts, to offer comprehensive care services that are tailored to each patient’s needs.
- 2019-2020: The company was built on the success of its founders' previous ventures, such as Flatiron Health and OneOncology, both of which were successfully acquired. This experience was instrumental in crafting Thyme Care’s strategic direction.
- 2021: Thyme Care launched its Series A funding round, raising $22 million, which facilitated initial growth and development.
- 2023: Their service model demonstrated a $594 reduction in patient care costs per month through value-based navigation services, a significant milestone underscoring their impact on healthcare affordability.
- 2024: Thyme Care expanded operations to serve over 31 states, supporting more than 10,000 patients with its innovative care solutions. Their efforts have been recognized with several industry accolades, cementing their reputation as leaders in oncological care innovation.
Current Operations and Market Position
Currently, Thyme Care is recognized as a leading provider of value-based cancer care, improving healthcare outcomes while reducing costs. The company partners with insurance providers, health systems, and risk-bearing entities to assume financial responsibility and align care incentives.
- Market Presence: Thyme Care manages extensive risk-based contracts exceeding half a billion dollars and continues to grow, aiming to expand significantly by 2025.
- Competitive Advantage: Their unique model integrates care navigation and support services with advanced data analytics, allowing for personalized and effective patient interventions.
- Strategic Initiatives: The company is focused on expanding their partnerships, enhancing their care delivery models, and refining their technology platforms to better serve the increasing patient population.
Conclusion
Thyme Care has established itself as a pivotal player in transforming cancer care through its innovative value-based care model. By leveraging technology and expert care teams, the company significantly reduces treatment costs and enhances patient outcomes. As they continue to expand their operations and partnerships, Thyme Care is poised to make a substantial impact on the oncology landscape, potentially reshaping cancer treatment and care management practices for future generations.