Cancer based company, Oncology Analytics has raised $21M in series B funding

by anne jane in funding on 6th November 2018

Oncology Analytics, Fl-based technology, and a plantation provide its patients and providers an oncology privilege management solutions. Their services involve prior authorization services, physician education, clinical decision support, and expert peer review services. Oncology was established in 2009 and is based in Florida. Oncology Analytics mission is to formulate the favorable treatment plan, quality, and cost which are not mutually independent. It believes in doing the right thing and placing the patient in a condition to obtaining the best possible result which requires a continuous process for assessing the costs, toxicity, and the efficacy of the treatment options.

Handled by Physicians to assist over 2.5 million health premium members in  Puerto Rico and the US. Their platform which is e-Prior Authorization is updated regularly to correctly provide 6,000 oncology treatment customs and more for anti-cancer treatment overall cancer stages and types. This includes radiation therapy, targeted therapy, chemotherapy, precision medicine, and supportive care. From the past few years, United states anti-cancer drug costs became $50 billion annually, which is prompted by availability and reimbursement of new medicines. 
Oncology Analytics recognizes the complexity associated with the administration of treatment options created by the fast pace of research and new drug installations which is replacing the oncology analysis and treatments, and unfavorable effects to guarantee that all treatment suggestions give the patient the chance to obtain better results.

Funding Rounds

Oncology Analytics which is a data company focusing on the increasing cancer therapeutics business has raised $21M in series B funding. This series round is headed by Oak HC/FT with support from fresh investors McKesson Ventures and existing investors Sandbox Advantage Fund and Blue cross blue Shield Venture partners. Generally, Series B is raised by a company who has reached the point and wants to expand more customers by growing the team so the firm can serve the customers more better. To be competitive, any company needs to hire experts in different roles. It is not possible for the founder to bear all the costs. So, raising the money for competing salaries is necessary. Previously in 2016, it has also raised a series A fund at $7.5M.
Oncology Analytics declared that it is expanding its services by relocating its headquarters to Atlanta. The company’s new corporate office will be a home for more than 5,000 employees.
In a press release, the team of Oncology Analytics declared that it is planning to use this new capital for expanding its capabilities, data science, innovative digital technologies, and stimulating vital investments in data analytics.

Oncology Landscape

As there are numerous options for cancer treatments and costs which are continuing to mount, health plans, patients and providers face a common challenge while trying to decide the best course of treatment.  Recent innovation-driven environment places health plans in the awkward situation of determining how better to assess the value ratio or cost for the endless influx of emerging and current cancer treatments. As a consequence, health plans must find ways to develop scalable, in-house oncology-specific team and methods which can instantly assess treatment plans across different cancer diagnoses.

The developing oncology landscape in the united states, healthcare market has a notable consequence for patients-the people most affected by health treatments and provider choices.

Conclusion

Oncology Analytics, a startup company has raised $21M in series B. It is beneficial to the whole of Oncology department in the US. The firm is planning to use this raised funds to expand its oncology privileges management abilities and stimulate necessary investments in data science, data analytics, and creative digital health technologies. It has been figured that oncologists should need 29 hours a day to update with the findings and research of late cancer treatments which came into the market. Oncology Analytics reduces this responsibility by a combination of supported and dedicated clinical team and technology-enabled services.

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