The Oncology Institute Reaches $9.5M Total Saved to Medicare While Exceeding Quality Benchmarks

Rhea-AI Summary

The Oncology Institute of Hope and Innovation (NASDAQ: TOI) announced substantial achievements in the latest Oncology Care Model (OCM) performance period, saving Medicare nearly $9.5M since 2016 and exceeding target savings by $5.3M. The value-based oncology group showcased above-average quality performance, equating to savings of nearly $4,000 per patient episode. With over 80 employed clinicians and expanding services, TOI emphasizes better oncological outcomes while reducing costs for cancer patients across the U.S.

Positive

• Saved Medicare approximately $9.5M overall since the start of OCM in 2016.
• Exceeding target savings by $5.3M.
• Demonstrated above-average quality performance in the latest reporting period.
• Savings of nearly $4,000 per patient episode.

Negative

• None.

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.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of The Oncology Institute and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of The Oncology Institute. These forward-looking statements are subject to a number of risks and uncertainties, including the outcome of judicial and administrative proceedings to which The Oncology Institute may become a party or governmental investigations to which The Oncology Institute may become subject that could interrupt or limit The Oncology Institute’s operations, result in adverse judgments, settlements or fines and create negative publicity; changes in The Oncology Institute’s clients’ preferences, prospects and the competitive conditions prevailing in the healthcare sector; the risk that any required regulatory approvals could adversely affect the company; failure to continue to meet stock exchange listing standards; the impact of COVID-19 on the company’s business; those factors discussed in the documents of TOI filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that The Oncology Institute presently does not know or that The Oncology Institute currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect The Oncology Institute’s expectations, plans or forecasts of future events and views as of the date of this press release. The Oncology Institute anticipates that subsequent events and developments will cause The Oncology Institute’s assessments to change. The Oncology Institute does not undertake any obligation to update any of these forward-looking statements. These forward-looking statements should not be relied upon as representing The Oncology Institute’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts
Media
The Oncology Institute
Julie Korinke
juliekorinke@theoncologyinstitute.com
(562) 735-3226 x 88806

Revive
Michael Petrone
mpetrone@reviveagency.com
(615) 760-4542

Investors
Solebury Trout
Maria Lycouris
mlycouris@soleburytrout.com

FAQ

What were the savings reported by The Oncology Institute in the 2022 OCM performance period?

The Oncology Institute reported savings of nearly $9.5M overall since 2016, with about $4,000 saved per patient episode in the most recent period.

How does The Oncology Institute's performance compare to Medicare's savings targets?

The Oncology Institute exceeded Medicare's savings targets by $5.3M during the OCM program.

What is the significance of The Oncology Institute's results in the latest OCM performance period?

The results affirm The Oncology Institute's ability to deliver high-quality care while reducing costs for cancer patients.