Oncology Analytics Raises $21 Million Series B Financing Led by Oak HC/FT
Oncology Analytics announced today that it had raised $21 million in an oversubscribed Series B funding round. The round was led by Oak HC/FT and was joined by McKesson Ventures, Blue Cross Blue Shield Venture Partners, and Sandbox Advantage Fund.
Oncology Analytics, Inc. provides health plans, provider and patients with an evidence-based, technology-driven approach to utilization management, which is purpose-built for oncology. Used by physicians to support over 3.5 million health plan members in the U.S. and Puerto Rico, the Oncology Analytics e-Prior Authorization platform is updated daily to accurately reflect more than 6,000 oncology treatment protocols for anti-cancer treatment across all cancer types and stages, including chemotherapy, radiation therapy, precision medicine, targeted therapy, and supportive care. The company’s real-world evidence analytics is based on tens of thousands of annual chemotherapeutic cases.
The funding will enable Oncology Analytics to expand its oncology benefit management capabilities and accelerate strategic investments in data analytics, data science, and innovative digital health technologies.
“We are extremely excited to partner with Oncology Analytics to build and scale the company,” said Dave Schulte, managing director at McKesson Ventures. “Oncology is a complex therapeutic area and likely to increase in complexity given the rise in combination therapies and new medicines. Oncology Analytics is well positioned to deliver providers with tools and information critical to stay abreast of the most appropriate and personalized treatment plans available.”
Rick Dean, CEO of Oncology Analytics, said, “We are honored to partner with this dynamic group of healthcare investors with a proven track record of success. This strategically chosen team recognizes the need for a paradigm shift in the use of data analytics and evidence-based medicine to dramatically impact patient access and options for cancer treatment.”
By 2021, global cancer drug expenditures are expected to exceed $147 billion, driven primarily by availability and favorable reimbursement of new medicines. Oncology Analytics provides the critical link for health plans by being able to manage the total cost of cancer care.
Read the full press release here.