OncoHealth, the leading oncology-focused digital health company, announced receiving strategic investments from Arsenal Capital Partners and McKesson Corporation. Arsenal Capital Partners is a private equity firm specializing in building transformational healthcare businesses. The investments will eventually support OncoHealth's innovation and delivery of oncology-specific digital health solutions for cancer patients. In this venture, Arsenal will acquire a majority stake in the company.
Over the last three years, OncoHealth has experienced tremendous growth in the parameters such as:
- 600% rise in customer base
- 45% rise in revenue year over year
- Recruitment of key leaders across the company
- Addition of three new oncology-specific solutions to its product portfolio
Since 2017, the FDA has authorized more than 285 new cancer indications, giving cancer patients more treatment options. However, it has also increased the complexity and cost of care. Due to this, the demand for oncology services is expected to skyrocket as the population ages and cancer survival rates improve.
"Arsenal is focused on assisting in developing businesses that address healthcare's most pressing challenges. OncoHealth is removing administrative burdens for health plans and providers, facilitating stakeholder alignment, and improving the patient experience by combining data, digital technology, and clinical expertise."
In this instance, John DiGiovanni, an Arsenal Investment Partner
OncoHealth also offers patients support, ensures evidence-based care, and manages cancer-associated costs through its digital health solutions. By doing this, OncoHealth keeps track of treatment review, real-world evidence, and oncology supportive telehealth. The company collaborates with 16 health plans, 9,200 providers, and five life science partners.
McKesson CEO Brian Tyler says, "Oncology is a crucial part of our company's growth strategy, and we are deeply committed to addressing unmet needs in this space. McKesson's unrivaled oncology ecosystem accelerates the development of new therapies and improves personalized care delivery. We can deliver insights, products, and services that make the quality of care more accessible to cancer patients by combining Ontada, our oncology technology and insig