The Oncology Institute, Inc. (TOI) Stock Analysis

The Oncology Institute (TOI) differentiates itself through its scale, value-based care model, and integrated service offerings. As of year-end 2024, TOI managed 83 clinics across five states, serving over 72,000 patients and 1.8 million value-based members—figures that surpass most independent oncology groups and position TOI as the largest value-based oncology physician group in the U.S.¹

TOI’s core advantage lies in its value-based contracts, which align incentives with payors to deliver high-quality, cost-effective care. This model contrasts with the traditional fee-for-service approach used by most rivals, such as US Oncology (McKesson) and regional hospital systems, which often lack the same scale or risk-bearing capabilities. TOI’s capitated revenue per value-based member rose from $61,341 in 2022 to $70,370 in 2023, reflecting both pricing power and operational efficiency.²

Integrated ancillary services—including in-house infusion, specialty pharmacy, and clinical trials—enable TOI to capture a greater share of patient spend and improve care coordination.³ The company’s technology platform supports standardized, evidence-based protocols, which can drive superior outcomes and lower costs.⁴

However, TOI faces challenges from labor shortages, regulatory complexity, and entrenched hospital networks. Its ability to expand into new markets and maintain physician alignment will be critical to sustaining its competitive edge.⁵⁶