Thyme Care pulls in $60 million to scale value-based cancer care model

Thyme Care, whose technology aims to offer cancer patients 24/7 support as they navigate the complexities of their diagnosis and treatment, announced Monday that it secured $60 million in Series B funding. The new capital infusion, co-led by Town Hall Ventures and Foresite Capital, brings Thyme's total fundraising to $83 million.

The company, co-founded in 2020 by Robin Shah and Bobby Green, operates as a liaison between patients and their care teams, both within and outside of the hospital. For example, it offers tools to help patients communicate their needs to healthcare professionals, manage and coordinate logistics for their appointments, as well as obtain assistance in dealing with the practical aspects of their care such as making sure they can get needed prescriptions.

Thyme partners with health insurance companies, oncology practices and primary care physician groups to reach patients. Its tools are generally easily accessed via smartphone app or computer, although the company can reach out in other ways, such as by a simple phone call, for those who have difficulty accessing the internet or are uncomfortable with technology.

It operates on a value-based care model, where it aims to improve patient outcomes and reduce costs as well. In fact, it makes its revenue when successful cost reduction is achieved, so "if we don't generate savings, we don't get paid," says Shah.

Thyme currently helps around 3000 patients and intends to use its latest fundraising to invest in technology development and growing its reach among patients. It is currently partnered with health insurers AmeriHealth and Clover Health, as well as the American Oncology Network.