Carrum Health and The Oncology Institute Partner on Breast Cancer Treatment Model
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The partnership between The Oncology Institute (TOI) and Carrum Health represents a strategic move within the healthcare industry towards value-based care models. This shift is notable for its potential to reduce healthcare costs while maintaining or improving the quality of care. From a financial perspective, the bundled payment approach can lead to more predictable healthcare costs for employers, which could be reflected in lower insurance premiums or reduced out-of-pocket expenses for employees. Moreover, by securing a broader patient base through the Carrum Health network, TOI may see an increase in revenue stability and potential market share growth within the Las Vegas region.
However, the financial implications of this model depend on TOI's ability to manage treatment costs effectively under the bundled payment structure. Success in this area could serve as a benchmark for the industry, potentially influencing stock valuations of companies involved in value-based care initiatives. Conversely, if costs exceed the pre-negotiated rates, TOI could face financial pressures, which would be a concern for stakeholders.
From a medical standpoint, the collaboration between TOI and Carrum Health is significant for its emphasis on patient-centric, evidence-based care. The focus on non-metastatic breast cancer patients suggests a targeted approach to treatment, which is often associated with better outcomes. The comprehensive two-year treatment package, including chemotherapy, office visits and symptom management, reflects an integrated care model that is designed to streamline the patient experience.
This approach could lead to improved patient satisfaction and outcomes, which are critical factors in the success of value-based care programs. However, it is essential to monitor the quality of care provided under this model to ensure that the cost savings do not come at the expense of treatment efficacy or patient well-being. The long-term impact on patient health and the overall success rates of treatments will be key metrics in evaluating the effectiveness of this partnership.
Examining the broader market implications, the partnership between TOI and Carrum Health reflects a growing trend towards value-based care in the healthcare industry. As patients and employers increasingly demand cost transparency and accountability, providers that can deliver high-quality care at competitive prices are likely to gain a competitive advantage. The entry of TOI into Carrum's Centers of Excellence network indicates a rigorous vetting process and a commitment to these principles.
Market research indicates that value-based care programs can lead to an enhanced reputation for participating providers, potentially attracting more patients and partnerships. The planned expansion into additional markets suggests a scalable model that could disrupt traditional fee-for-service systems. If successful, this could lead to a ripple effect, prompting other healthcare providers to adopt similar models, thereby reshaping the competitive landscape.
Value-based care program offers Las Vegas patients access to high quality cancer care while reducing costs for employers
SAN FRANCISCO and LAS VEGAS, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Today, The Oncology Institute (TOI), one of the largest value-based oncology practices in the country, announced its partnership with Carrum Health. This collaboration aims to provide high-quality, cost-effective breast cancer care to patients in TOI’s Las Vegas, Nevada market, with plans for further expansion into additional markets in the coming year. Through employers, Carrum Health will offer patients a comprehensive bundled package for breast cancer care, covering two years treatment, including chemotherapy, office visits, and symptom management through TOI.
The partnership will focus on patients with non-metastatic breast cancer patients in Las Vegas. TOI will expand its patient base by having access to the Carrum Health network. TOI joins Carrum’s rigorously vetted Centers of Excellence network, comprising high-value providers who have invested in patient-centric, evidence-based care nationwide. Carrum Health offers employer clients pre-negotiated access to this network at pre-negotiated bundled prices, so members can benefit from high-quality care with the help of dedicated care navigators, without having to worry about cost and administrative burdens.
Dr. Daniel Virnich, CEO of The Oncology Institute (TOI), shared his commitment to this venture, stating, “We are deeply committed to providing high quality oncology care to breast cancer patients, in partnership with Carrum Health. This bundled solution is the first of its kind for TOI, and we are committed to delivering world-class care in the community for the patients that we will serve.”
"Community oncology providers play a key role in expanding access to high-value cancer care for our members in their local area," said Sach Jain, CEO and Founder of Carrum Health. "The Oncology Institute offers high quality, compassionate care for individuals navigating the challenges of cancer. Collaborating with them is a key step in our commitment to delivering optimal patient outcomes and relieving financial burdens."
About The Oncology Institute
Founded in 2007, The Oncology Institute, Inc. (TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of more than 1.8 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With 110+ employed clinicians and over 70 clinic locations and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.
About Carrum Health
Carrum Health is changing how we pay for and deliver care. We offer self-insured employers a value-based Centers of Excellence (COE) solution that connects their members with a rigorously vetted network of surgical and cancer care providers. Carrum’s upfront all-inclusive bundled pricing, award-winning technology, and dedicated care navigation team help lower costs for both members and employers while delivering a superior member experience. Carrum reduces unnecessary procedures by as much as
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