New investor McKesson Ventures, along with returning investors Blue Cross Blue Shield Venture Partners and Sandbox Advantage Fund, also participated in the “oversubscribed” financing. Combined with a $7.5 million Series A raise in March 2016, the company has raised a total of $28.5 million.
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Per its Crunchbase profile, Oncology Analytics “provides health plans with an evidence-based, technologically driven approach to utilization management, which is purpose-built for oncology.”
The Oncology Analytics e-Prior Authorization platform is used by physicians to support over 3.5 million health plan members in the US and Puerto Rico, according to the company. Oncology Analytics says it updates its platform “daily” to 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.
In a press release, Oncology Analytics said it planned to use the new capital toward expanding its oncology benefits management capabilities and accelerating strategic investments in data analytics, data science, and innovative digital health technologies.
“With no end in sight to the rising costs and complexity of cancer treatment options – the oncology benefits management industry is in desperate need of both innovation and disruption,”Annie Lamont, managing partner of Oak HC/FT, said in a written statement. “Oncology Analytics has the strategy, leadership team and passion to improve the delivery of cancer care. This is a company that truly embodies what it means to put the patient ‘first.’ Oak HC/FT is proud to help support this mission.”
Dr. Ezekiel J. “Zeke” Emanuel, who is joining Oncology Analytics’ board of directors, noted that over-utilization of health care was “crippling” the U.S. health system and leading to many cancer patients not getting the “optimal” treatment for their disease.
“Improved outcomes are possible when treatment options are tailored to a patient’s specific cancer genetic profile,” he said in a written statement. “Getting the best treatment to patients is at the heart of Oncology Analytics strategy and is deeply aligned to the future of cancer care.”
Illustration: Li-Anne Dias