Oncology Analytics, a digital health startup that provides an evidence-based, analytics-focused approach to utilization management for oncology, announced today that it had raised $21 million in a Series B funding round. Led by Oak HC/FT, the round also included funding from McKesson Ventures, Blue Cross Blue Shield Venture Partners, and the Sandbox Advantage Fund.
Oncology today presents a challenging landscape as new treatments for cancer seem to be coming to market ever faster. In fact, over the past five years, U.S. anti-cancer drug costs have risen to $50 billion annually, mostly because new medicines are available and insurance companies almost always reimburse for these medications, no matter how expensive they are. However, insurance companies are trying to determine how best to judge the cost/value ratio for new treatments as they become available.
The field of oncology is changing so fast that it’s been estimated that oncologists would have to spend 29 hours a day to keep up with the research and findings of new cancer treatments. Oncology Analytics helps to relieve this burden with a combination of technology-enabled services supported by a clinical team of board-certified oncologists and pharmacists.
Dr. Marc Fishman, a hematologist, oncologist, and patient advocate, launched Oncology Analytics in 2009, with the goal of helping health plans and patients to manage the total cost of cancer care. The company does so by providing access to current, evidence-based, disease-specific analytics on all cancer types and treatment options to give members the ability to achieve the best possible outcomes at the best possible value.
Today, Oncology Analytics is used by doctors to support more than 3.5 million health plan members in the United States and Puerto Rico. Its e-Prior Authorization platform is updated daily to reflect more than 6,000 oncology treatment protocols across all cancer types and stages.
With this funding, Oncology Analytics plans to focus on product development and expanding its benefit management capabilities, and investing in data analytics and digital health technologies.
The funding came on the heels of last week’s announcement that the company was moving its headquarters from Plantation, Florida, to Atlanta. The company currently has 80 employees, 15 of whom are at the Atlanta office; it plans to add another 40 employees in the next year and up to 100 in two years.
“Atlanta is a mecca for organizations focused on cutting-edge technology and breakthrough research and innovation on cancer treatments,” Oncology Analytics CEO Rick Dean said in a statement. “Driving the nexus of technology and patient care is fundamental to our company’s mission. We want to be part of a dynamic, forward-thinking business community that shares this vision.”
Oncology Analytics Senior Vice President of Human Resources Shay Hurst added, “Having our corporate headquarters in Atlanta provides us access to some of the finest clinical, technical, and analytics talent in the country. As we look to significantly expand our team in roles focused on data science, software engineering, clinical oncology, product management, and client services, we are confident Atlanta offers the resources we need for our next stage of growth.”
Additional coverage can be found in:
- WSJ Pro Venture Capital
- MedCity News
- Healthcare Analytics News