Oncology Ventures: Investment in Reimagine Care + One Year Anniversary of Oncology Ventures’ Substack
Investing in healthcare data startups that enhance cancer care and research.
Investment Thesis for Reimagine Care
Cancer care is difficult, time consuming, tiresome and expensive. You spend an exorbitant amount of time in the hospital receiving treatment. Further, cancer patients are typically immunocompromised, making hospitals less than ideal environments.
There are 1.9M new cancer diagnoses each year, and there are 18M cancer survivors in the U.S., all of whom can benefit from better care management outside of the hospital setting. 82% of those cancer patients prefer to be treated in the home.
Compared to traditional in-hospital care, oncology hospital at home models have achieved a 58% reduction in unplanned hospitalizations, a 48% decrease in ER visits and an overall 48% reduction in cumulative costs.
The issue is at-home cancer treatment is complex. Cancer is not a singular disease state with a simple, standard care protocol. Last-mile logistics (e.g. chemotherapy and hydration infusions), a complex reimbursement landscape and staffing costs are just a few reasons why cancer care at home has not scaled broadly.
To successfully build a data-driven platform in this space, one needs to establish market density, efficiently train a specialized care team and leverage a technology stack that effectively manages the entire care process. And, you have to do so while being an extension of a patient’s existing care team.
Fortunately, we are seeing the rise of oral chemotherapy (lowers the need to go to an infusion center), clinically validated and comprehensive remote patient monitoring (“RPM”) technologies and an increasing willingness by strategics to test out new payment models.
Reimagine Care is capitalizing on the above trends, helping to better manage patients outside the 4-walls of a hospital.
Reimagine Care’s virtual cancer center offers 24/7 patient support, supplemented by oncology-trained Advanced Practice Providers and Registered Nurses. They layer on enabling technology (e.g. RPM tools and capturing electronic patient reported outcomes) to comprehensively manage members.
They have also built last-mile logistics partnerships (including a partnership with Dispatch Health) to offer in-home supportive care. Lastly, Reimagine Care conducts real-time data analysis and information exchange with the primary oncology team, ensuring there is continuity of care.
Reimagine Care can leverage its platform to continuously expand their scope of services. For example, they offer medication adherence support. Since oral chemotherapy adherence in the U.S. is 50%, there is an opportunity to drastically improve upon the status quo.
Reimagine Care has already proven strong ROI with its partners (including leading institutions like City of Hope and The Center for Cancer and Blood Disorders):
Over 80% of symptom alerts are resolved independently, without further escalation to a patient’s cancer care team.
95% of symptoms are resolved at home without requiring an emergency department visit.
Call and administrative workload on in-clinic staff has been reduced by approximately 70 hours per week.
Oncology Ventures is proud to announce its investment into Reimagine Care, a company that aligns perfectly with our thesis on better utilizing data to improve patient outcomes and experience, while reducing costs.
As many cancer centers and health systems are overburdened, cancer incidence rates continue to rise, and oncologist and nurse staffing shortages persist, we believe Reimagine Care is well positioned to help its partners and patients receive care in the setting and manner they want and deserve.
Comedy!
I have officially been writing this newsletter for one year. It feels like when you buy a house plant and a year later it’s somehow still alive and thriving, and you’re just as pleasantly surprised as the plant is.
I’ve been getting a lot of non double opt-in e-mail introductions recently. For those of you not in venture capital, that’s when one person introduces two people to each other via e-mail, without asking for prior permission from either. Non double opt-ins are like going on a blind date with your Aunt’s friend’s kid that you didn’t agree to go on.
It’s always a note from someone I barely know saying, “You’re going to love this guy.” Then they hit you with a “Here’s Brett! Happy connecting!” Brett is exactly who you think he is. He’s Brett. Even other Brett’s are like, “woah, that’s a lot of Brett.”
Brett lives in Charlotte. (I know you already knew that). He kicks off the call with a “You have to move here. It’s great.” Why does everyone you meet from a new city act like they're a real estate agent working on commission?
Nothing against Charlotte, most cities are like that. Denver tries to lure you out there with nature, Atlanta with its “up-and-coming” restaurant scene, and Durham with its whole “we’re not Charlotte” pitch.
I love when you go somewhere that’s only nice for two months out of the year, but they’re in denial of that fact. I visited Minnesota in November. They all said “You have to come back in June, it’s amazing.” Okay, but I’m here now and I can’t feel my face. Can it being nice here in June help thaw my eyebrows?
In NYC it’s the opposite. People come here, immediately get overwhelmed and without you even asking they’ll say “I don’t think I can ever live here.” And, we’re all like, “Okay, good. That’s kind of the point.”
Anyway, if you’re in NYC soon, let me know. I’ll bring my new friend Brett.
Asks
Please keep the oncology deals and strategic connections coming!