Savings equated to nearly $4,000 per patient episode in most recent OCM performance period
CERRITOS, Calif., April 07, 2022 (GLOBE NEWSWIRE) — The Oncology Institute of Hope and Innovation (NASDAQ: TOI), one of the largest value-based oncology groups in the United States, continues to support the advancement of oncology payment design and care delivery with successful results in the ninth period of the Centers for Medicare and Medicaid Services (CMS) pilot cancer treatment program, the Oncology Care Model (OCM). In addition to meaningful cost savings, TOI demonstrated above-average quality performance based on its aggregate score during the most recent reporting period. Since the start of the program in 2016, TOI has saved Medicare approximately $9.5M overall, exceeding target savings by $5.3M. This exceptional performance again validates TOI’s track record of achieving better outcomes for patients at lower costs.
Each year, more than 1.6 million people receive a cancer diagnosis in the United States, making cancer one of the most common and deadly diseases across the country. In 2020 alone, the U.S. spent more than $200B on cancer care. OCM is designed to improve care and lower costs through an episode-based payment model that incentivizes high-quality, coordinated care, and moves away from the traditional fee-for-service model which rewards providers for providing higher cost care.
“Since our founding in 2007, TOI has been advancing oncology care through the delivery of highly specialized, evidence-based medicine,” said Brad Hively, TOI’s chief executive officer. “TOI’s outstanding results in the most recent performance period once again demonstrate our ability to improve outcomes while simultaneously lowering costs for cancer patients. As our clinical footprint grows, we are excited to help more communities achieve the triple aim of better care, smarter spending, and healthier people.”
About The Oncology Institute
Founded in 2007, The Oncology Institute of Hope and Innovation (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 approximately 1.6 million patients including clinical trials, stem cell transplants, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With 80+ employed clinicians and more than 600 teammates in 50 clinic locations and growing, TOI is changing oncology for the better. For more information, visit www.theoncologyinstitute.com.