Oncology Analytics, an Atlanta-based data-driven utilization management company with a focus on oncology, has raised $28 million in a Series C round led by Baird Capital. Existing investors Oak HC/FT, McKesson Ventures and The Blue Venture Fund joined the round.
The funding will primarily be used to expand the company’s oncology capabilities, grow analytics solutions and increase the market share of its solution. In addition to the funding, Michael Liang, partner at Baird Capital, has joined Oncology Analytics’ board of directors.
“The increasing cost of cancer care in the U.S. has created an enormous burden for health
plans and patients, which requires new thinking and a radical approach to solve,” Liang said in a statement. “Oncology Analytics’ strategy, which puts data-science and real-world evidence at the center of the treatment decision-making process, demonstrates the type of innovative leadership needed in healthcare.”
Oncology Analytics provides health plans with clinical insights that support science- and evidence-based anti-cancer therapies. The health pans are designed to manage the total cost of cancer treatment, alongside recommendations for the best course of action, according to a news release.
“Our health plan partners have told us that they need solutions that enable efficiency for their providers and themselves,” Thomas Hawes, managing director of The Blue Venture Fund, said in a statement. “Oncology Analytics removes a huge administrative burden on providers by enabling 100% of providers to submit their oncology prior authorization requests electronically through secure, cloud-based technology and receive instant approvals on evidence-based prescribing.”
Most recently, Oncology Analytics reached 5 million health plan members using its technology. The company also announced this week a new customer partnership with Gateway Health, LLC, and program expansion with Humana, Inc.