National healthcare investor Baird Capital joins existing investors Oak HC/FT, McKesson Ventures and The Blue Venture Fund
Atlanta, GA, May 26, 2020 — OncoHealth, the leading digital health company focused on the physical, mental and financial complexities of cancer care, and patients with solutions that are purpose-built for oncology, has announced the completion of a Series C funding round of $28M. Baird Capital led the round and joins existing investors Oak HC/FT, McKesson Ventures, and The Blue Venture Fund.
The Series C financing will enable OncoHealth 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. The company also announced that Michael Liang, partner at Baird Capital, has joined OncoHealth’s Board of Directors.
“The increasing cost of cancer care in the US has created an enormous burden for health plans and patients, which requires new thinking and a radical approach to solve,” said Liang. “OncoHealth’s 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. Baird Capital looks forward to supporting OncoHealth to accelerate its mission.”
“Oak HC/FT continues to be a strong advocate of the leadership team, strategy, and passion OncoHealth has for improving the lives of cancer patients,” said Annie Lamont, managing partner, Oak HC/FT. “Over the past two years, OncoHealth has grown its customer portfolio by 400% and rapidly increased revenue. We are deeply committed to our partnership with OncoHealth and welcome Baird Capital to the team.”
“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, OncoHealth. “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.”
Over the past decade, the oncology landscape has undergone dramatic changes, through an unprecedented number of new anti-cancer treatments brought to market, which have increased both the complexity and cost of care. By forging a deep connection between data science, analytics, and oncology expertise, OncoHealth provides health plans with extensive clinical insights to ensure that anti-cancer therapies are based on science and evidence-based protocols. Health plans are able to manage the total cost of cancer care while providing their members with treatment recommendations, which put them in the position to achieve the best possible outcome.
“Our health plan partners have told us that they need solutions that enable efficiency for their providers and themselves,” Thomas Hawes, MD, managing director, The Blue Venture Fund. “OncoHealth 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. We are proud to continue our support of the team as they continue to provide measurable value to health plans.
“McKesson Ventures is very impressed with the success OncoHealth has achieved since our initial investment, specifically, their ability to expand market share and increase the scale and depth of their technology,” said Dave Schulte, managing director, McKesson Ventures.
OncoHealth’s Series C announcement comes during a period of tremendous growth and innovation for the company, which includes the increase of its prior authorization platform usage to 5 million health plan members. OncoHealth also recently announced a new customer partnership with Gateway Health, LLC, and program expansion with Humana, Inc.
OncoHealth is a leading digital health company dedicated to helping health plans, employers, providers, patients, and life science researchers navigate the physical, mental, and financial complexities of cancer through technology enabled services and real-world data analytics. Supporting more than 7 million people in the US and Puerto Rico, OncoHealth offers digital solutions for treatment review, real-world evidence, and virtual care across all cancer types. For more information, visit www.oncohealth.us
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 300 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
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