Oncology Institute Inc Dossier
Qualitative Analysis
Business overview
The Oncology Institute, Inc. (NASDAQ: TOI) is a pioneer and leading provider of value-based community oncology services in the United States. Founded in 2007 and headquartered in Cerritos, California, the company operates over 100 clinics and affiliate locations across five states, serving a population of approximately 1.9 million patients. TOI's highly specialized model shifts cancer care from high-cost academic medical centers to community settings. The company operates through three primary segments: Specialty Pharmacy, Patient Services (which includes both capitated value-based contracts and traditional fee-for-service arrangements), and Clinical Trials and Other. By utilizing risk-bearing capitated contracts, TOI aligns financial incentives with payors to manage the total cost of oncology care while maintaining high-quality clinical outcomes.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Aggressively scaling the asset-light delegated capitation model, particularly in Florida, to manage the oncology benefit comprehensively while aligning incentives with payor partners.
Expected impact: Expected to drive capitated revenue to approximately $150 million in 2026 and increase capitation to approximately 30% of total revenue by 2028.
Expanding the proprietary specialized pharmacy (dispensary segment) to capture high-margin ancillary service revenue and increase prescription volumes and attachment rates within the clinic network.
Expected impact: Aims to grow dispensary revenue to approximately 50% of total revenue by 2028, leveraging Part D tailwinds and expanded pharmacy access.
Implementing AI-enabled initiatives and launching a proprietary provider portal to enhance operational efficiency, reduce administrative burdens, and improve provider engagement.
Expected impact: Aims to drive SG&A leverage and support margin expansion into the mid-single-digit range by 2028.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To expand TOI's geographic footprint north into Fresno, California, and California's Central Valley, adding a specialized breast and gynecological oncology practice with over 30 staff members.
Financial impact: Expanded patient services and clinical trial access in the Central Valley region.
Strategic Partnerships
Enterprise-wide expansion of their strategic partnership to integrate clinical trials into routine community oncology care across TOI's markets, streamlining study activation and accelerating patient enrollment.
Terms: TOI outsourced its clinical trials operations to Helios, allowing clinicians to focus on patient care while scaling research infrastructure.
A key value-based care partnership in Florida that managed approximately 70,000 lives at the end of 2025. The partnership is on track to expand across the state in 2026, which is expected to more than double its size.
Terms: Operates under a high PMPM (per member per month) capitated structure, contributing approximately one-third of TOI's run-rate capitated revenue at the end of 2025.
Expanded payor partnerships in Florida, adding approximately 22,000 Medicare Advantage lives in South Florida to TOI's value-based care network.
Terms: Capitated payment model based on managed Medicare Advantage lives.