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TPG/Cencora Transaction: What It Means for Practices and OneOncology’s Growth

OneOncology’s $2.1 billion transaction announced in April 2023, less than five years after the company’s founding, was immensely validating for the recognition of the value proposition that our company provides to partner practices and that community oncology brings to the healthcare ecosystem.

Multiple large private equity firms and Fortune 50 companies engaged in rigorous financial, operational, and clinical diligence over the course of a six-month transaction process with their conviction in the uniqueness of OneOncology’s model, culture, and practice partners increasing at each turn.

Ultimately, our physician-led Board of Managers and management team elected the partners and structure that we believed best positioned our platform for long-term growth and further investments in our physicians. OneOncology continues as an independent, physician-led company, now and in the future, but with the added perspectives, industry knowledge, and growth ambitions of TPG and Cencora.

Impact to OneOncology Practices

TPG and Cencora will continue to push the envelope on making OneOncology the preeminent cancer care delivery platform. Since the transaction, OneOncology has added to its scope of services including centralized IT and Revenue Cycle Management (RCM) support, expanded precision medicine and pathway offerings, and considerable investments in clinical research and new real-world evidence solutions. While many of these investments require capital expenditures in the short term, our investors recognize the long-term benefits of dramatically improving the value we provide to practices year-over-year.

Looking ahead, you can expect OneOncology to build the largest community-based research offering, drive technology innovation to provide clinical decision support to our providers at the point of care, and deliver growing financial uplift to our partner practices.

Impact to OneOncology’s Growth Trajectory

Our new investors not only bring incremental capital, but also renewed expectations for OneOncology’s growth. Recently, we have managed to grow approximately 40 percent year-over-year in physicians, platform revenue, and earnings. Typically, this growth rate slows as a company matures, but TPG and Cencora are looking to further accelerate how OneOncology grows. We will do this through three avenues:

  • Continuing to differentiate our platform to attract leading independent oncology groups and hospital-based providers to OneOncology.
  • Further investing in organic growth within our practices. While our physician recruiting, development, and operational resources are already driving industry-leading growth, we plan to further this through investments in new sites, service line expansion, and local market volume growth through clinical differentiation and physician liaison efforts. Bearing the upfront expense and capital investment for this growth at the OneOncology level enables our physician groups to strengthen their practices for the long term. This both improves patient access and lowers cost by combatting hospital consolidation.
  • Developing new business lines, such as clinical research services and real-world data and evidence offerings. Unlike other companies where these are the sole earnings drivers, OneOncology is investing in these areas to further improve the clinical care and efficiency of our practices. This includes identifying patients for clinical trials, driving quality improvement projects for genomic testing and appropriate precision treatment, and providing our physicians with opportunities to leverage OneOncology’s robust data and analytics platform to publish real-world evidence findings.
OneOncology’s transaction is truly an inflection point for our company’s growth and capabilities that is evidenced by the investments we are making and the renewed energy among our management team and physician partners. This energy will fuel the value that we will create for our practices, our patients, and the broader oncology community over the coming years.