Seattle-based Navigating Cancer, a provider of oncology patient relationship management solutions, has secured $26 million in Series D funding. Merck Global Health Innovation Fund and TT Capital Partners led the round with participation from other investors that included American Cancer Society‘s new philanthropic venture fund BrightEdge, LabCorp, ORIX Growth Capital and Rustic Canyon Partners.
SEATTLE, WA (September 17, 2019) – Navigating Cancer (NC), the leader in enabling personalized cancer care with its comprehensive oncology patient relationship management solution, announced today that it has received $26 million in Series D growth equity funding in an over-subscribed round led by the Merck Global Health Innovation Fund (GHIF) and TT Capital Partners (TTCP). The company’s end-to-end software platform, adopted by more than 1,700 cancer care providers domestically, uniquely connects providers and their patients throughout the care cycle.
Other investors in the round include BrightEdge, the American Cancer Society’s newly formed philanthropic venture fund; LabCorp®; ORIX Growth Capital; and Rustic Canyon Partners.
The funding will enable NC to accelerate innovation of its Patient Relationship Management (PRM) platform, including delivery of a more robust mobile experience for oncology patients and the development of NC’s AI-based population care capabilities. With NC’s platform, oncology practices are able to increase patient engagement, create a more responsive experience for cancer patients, and ultimately improve overall cancer care.
Forty Percent Growth Predicted in 2019
For 2019, Navigating Cancer is on pace to grow its oncology customer base by 40 percent. Accelerating adoption of NC’s unique platform is enabling more practices to succeed in delivering value-based care, a model that pays hospitals and physicians based on patient outcomes as opposed to fixed fees based on the service provided.
Navigating Cancer’s PRM platform helps providers manage patient interactions, improve the patient experience, and deliver value-based care more effectively – increasing the flow of communications between in-office visits, which, in turn, boosts patient engagement in their own care. NC’s platform also helps providers contain escalating costs. According to a study published in the Journal of Oncology Practice, two community cancer centers utilizing NC’s PRM platform generated significant cost savings due to better symptom management, while reducing emergency room visits by seven percent.
“This investment from these leading healthcare organizations really affirms the work that Navigating Cancer is doing to improve patient care and the success we’re seeing in helping oncology providers make the shift to value,” said Bill Bunker, the CEO of Navigating Cancer. “I’m excited about the innovations we’re making in areas like patient-reported outcomes and population care and the potential they have to further improve patient outcomes and satisfaction.”
“Oncologists must care for patients in an extremely complex regulatory and reimbursement environment, while managing a rapidly expanding number of therapy choices and effects across indications,” said David M. Rubin, Ph.D., Managing Director of Merck GHIF. “We’re delighted to continue our investment in this comprehensive patient care platform.”
Specifically, patients using the PRM platform can send messages to their doctor, receive reminders to take their medications, and report symptoms via a mobile app. Care providers, meanwhile, can triage patient needs; assess and manage symptoms and side effects; and streamline communications and care coordination for quicker responses.
Going forward, innovation in the PRM platform will incorporate artificial intelligence to support the assessment of patients at risk for various issues and identify proactive interventions to help improve care.
“More and more oncology practices are picking up the NC oncology platform because it’s a superb example of the heightened effectiveness created by leveraging 21st century technology in the practice of medicine,” said Bob Crutchfield, managing director of BrightEdge, the philanthropic impact fund of the American Cancer Society.
“As the dynamics of how providers, patients, and caregivers interact with one another continue to change in healthcare, Navigating Cancer’s platform represents a powerful example of technology enhancing the delivery of care and improving the overall healthcare experience,” said Tim Scallen, Principal at TT Capital Partners. “We look forward to collaborating with the management team to further extend Navigating Cancer’s platform reach and enhance the benefits it delivers to all cancer patients and providers.”
About Navigating Cancer
Navigating Cancer is the leading Patient Relationship Management technology and solutions company focused on improving the patient experience, delivering more effective care management and enabling oncology care innovation. With over 1,700 providers adopting the Navigating Care platform, it is the most broadly deployed patient management solution in oncology. The company’s products combine clinical workflows, oncology content and data insights to empower personalized care for cancer patients inside and outside of the clinic. For more information, please visit http://www.navigatingcancer.com or follow Navigating Cancer on Twitter @navcancer.
About Merck Global Health Innovation Fund (MGHIF)
Merck Global Health Innovation Fund (MGHIF) provides growth capital to emerging digital healthcare technology companies worldwide while leveraging the global research and development-based resources of Merck, known as MSD outside the USA and Canada. With a vision that data will be the currency in healthcare, MGHIF invests primarily in core areas of interest to Merck including oncology, infectious disease, diabetes, vaccines and hospital acute care. A key differentiator is the team’s unique ability to build an ecosystem among various companies with complementary capabilities, to form an integrated solution that drives market acceptance and scale. Since late 2010, Merck GHIF has made more than 50 investments, and has 25 active portfolio companies with 12 exits and five acquisitions. Merck GHIF is a $500M venture fund with its headquarters in New Jersey. www.merckghifund.com.
About TT Capital Partners
TT Capital Partners (TTCP) is a healthcare investor, collaborating with healthcare technology and services companies that have the potential to become market leaders. Leveraging the insights garnered from a unique knowledge-based platform, TTCP has invested in some of the most innovative, high-growth healthcare businesses. TTCP is part of the TripleTree healthcare merchant bank. For more information, visit TTCapitalPartners.com.
BrightEdge is the American Cancer Society’s donor-funded, philanthropic impact fund. The fund is led by a board comprised of the Society’s leaders and a management team with expertise in investment and venture capital. BrightEdge operates under a charitable fund model that invests in for-profit companies developing novel cancer-focused therapies and technologies. The fund relies on the expertise of the Society’s medical and science professionals to evaluate the mission value of its investments. The fund’s goal is to accelerate delivery of promising cancer-related solutions through capital investment, market awareness and a shared commitment to eradicate cancer. https://brightedgefund.org/.
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostic solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenues of more than $11 billion in 2018. To learn more about LabCorp, visit www.LabCorp.com, and to learn more about Covance Drug Development, visit www.Covance.com.