Oncology Analytics, an Atlanta, GA-based data analytics and technology-enabled services company dedicated to helping health plans, providers, and patients with solutions that are purpose-built for oncology, has raised $28M in Series C funding. Baird Capital led the round and joins existing investors Oak HC/FT, McKesson Ventures, and The Blue Venture Fund.
Today’s Oncology Landscape
Today’s cancer treatments are varied, complicated, and costly. Oncology treatment costs are soaring and forecast to hit $105B in the US by 2023, driven primarily by availability and favorable reimbursement of new medicines. As cancer treatment options expand and costs continue to rise, health plans, providers, and patients face a collective challenge when trying to determine the best course of treatment.
Founded in 2009 by Dr. Marc Fishman, a hematologist, oncologist, and patient advocate, Oncology Analytics provides the critical missing link for health plans by helping to manage the total cost of cancer care. It has been estimated that oncologists would need 29 hours a day to keep up with the research and findings of new cancer treatments that enter the market each day.
By providing access to current, evidence-based, disease-specific analytics on all cancer types and treatment options, backed by board-certified oncology physicians and pharmacists, health plans are able to provide their members with the ability to achieve the best possible outcomes. These protocols are based on evidence-based guidelines from nationally recognized authorities such as NCCN, ASCO, and others.
Solution Offerings
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Oncology Analytics three core offerings include:
e-Prior Authorization: Used by oncologists to support 5 million health plan members in the US and Puerto Rico, Oncology Analytics’ ePA platform covers the full spectrum of therapeutics, across all cancer types and stages, including chemotherapy, immunotherapy, radiation therapy, genetic and molecular testing, and supportive care agents. Our extensive anti-cancer protocol library is continuously updated with the latest evidence-based information, which provides the most current options for value-based treatment paths for every patient case.
Oncology Insights: organizes and normalizes clinical data such as EMR progress notes, pathology and lab reports, biomarker data, histology, and stage of cancer. Clinical data is then combined with claims data to provide unique insights and benchmarks focused on health plans oncology spend, trend, and provider network performance. Health plans get access to a multi-disciplinary advisory team, consisting of board-certified oncology pharmacists and clinical analysts, who help interpret the data and surface immediate actionable insights.
Pharmacy Consulting: Team of board-certified oncology PharmD’s to help health plans successfully navigate the world of anti-cancer drugs and rapidly changing cancer therapy landscape. Through this increased awareness, health plans can improve cancer care for their members and develop more cost-effective approaches to high-quality care.
Recent Traction/Milestones
The Series C funding will enable Oncology Analytics to expand its oncology-focused capabilities, accelerate real-world data and analytics solutions for health plans, and increase the market share of its technology-enabled utilization management solution. Today, Oncology Analytics’ prior authorization platform is used by physicians to support 5 million health plan members in the US and Puerto Rico and covers the full spectrum of therapeutics, across all cancer types and stages, including chemotherapy, radiation therapy, precision medicine, targeted therapy, and supportive care. Oncology Analytics also recently announced a new customer partnership with Gateway Health, LLC, and program expansion with Humana, Inc.
“It is incredibly humbling to have such a talented and experienced group of healthcare investors support our efforts to transform the oncology benefits landscape,” said Rick Dean, CEO, Oncology Analytics. “We are delighted to welcome Michael and Baird Capital to the team, as I know this collaboration will accelerate our ability to bring value and innovation to our health plan customers.”
Source: HIT Consultant
