12 Sep New cancer care company lands $200M from former Emdeon owner
AUTHORS Geert De Lombaerde
A new oncology company comprising Tennessee Oncology and two other practices has landed $200 million in funding with the goal of pushing high-level cancer care into more communities.
OneOncology is being led by former CVS Health executive and Emdeon Chairman Tracy Bahl and is partly owned by Tennessee Oncology, New York Cancer & Blood Specialists and West Cancer Center in Memphis, which was launched six years ago by Methodist Healthcare, West Clinic and The University of Tennessee Health Science Center. The company’s main funding is coming from private equity firm General Atlantic, which has in the past owned Emdeon and ServiceSource, among others.
Also key to the venture’s launch is Flatiron Health, an electronic health records developer specializing in oncology that was acquired early this year by pharmaceutical giant Roche for $1.9 billion. Flatiron’s software is being used by 275 oncology practices around the country.
“Cancer is increasingly being treated like a chronic condition rather than a terminal diagnosis,” Bahl said. “We will drive the change that community cancer needs through continual learning, creative and smart evolution, and a collective desire to positively impact the lives of every person touched by cancer.”
OneOncology will look to consolidate independent cancer care practices around the country with the promise of financial, management and technological muscle, the latest research and treatment developments and integration with other parts of the care continuum. In addition to Bahl, the company will be led initially by:
• Chairman David Chernow, who co-founded American Oncology Resources,
• General Counsel Phil Watts, who held the same role at McKesson-owned US Oncology, and
• Chief Development and Marketing Officer Robin Shah of Flatiron