Thyme Care has secured more than $125 million in Series E financing as the value-based oncology care company expands its national operations and establishes Thyme Companies, a new parent entity designed to develop independent businesses addressing structural challenges in cancer care.
The company currently operates profitably with positive free cash flow. Its oncology navigation platform and care teams serve more than 10.5 million covered lives across all 50 states and manage over $7 billion in annual oncology spending.
Thyme Care combines oncology-trained care teams, predictive risk software and community oncology practices within payer risk contracts. According to the company, this model has demonstrated reductions of between 5% and 10% in total cost of care.
Alongside the financing, Thyme Care has formed Thyme Companies to incubate and scale businesses focused on specific oncology bottlenecks. Its initial areas of development include software and operational pathways intended to accelerate adoption of lower-cost biosimilar therapies among providers, with the aim of reducing spending for commercial and Medicare Advantage plans.
A second area will focus on decentralized clinical trial accrual. Thyme Companies plans to develop workflow and data tools that match community-based cancer patients with clinical trials and support enrollment, addressing persistent under-enrollment in oncology studies. The first independent business unit is expected to launch later this year.
“People living with cancer have traditionally been left to coordinate care themselves and pay more along the way. Thyme Care is changing that experience and making it possible to improve cancer care while lowering costs,” said Dan Mendelson, CEO of Morgan Health.
The organizational expansion is also accompanied by leadership changes. Thyme Care co-founder Robin Shah will become Executive Chairman of Thyme Companies, overseeing corporate strategy and the development of new businesses alongside co-founder Dr. Bobby Green.
Dr. Brad Diephuis will remain CEO of Thyme Care and continue leading its navigation and value-based care platform. Green will remain President and Chief Medical Officer of Thyme Care while also contributing to the clinical roadmap for Thyme Companies.
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