Oncology Institute Business Summary

The Oncology Institute, Inc. (TOI) operates as the largest value-based community oncology group in the United States, managing a network of over 100 clinics across California, Florida, Oregon, Nevada, and Arizona. The company generates revenue through a diversified model comprising three primary segments: Patient Services, which utilizes both fee-for-service and high-margin capitated (risk-based) payment arrangements; a high-growth Dispensary and retail pharmacy business; and a Clinical Trials division. As of early 2026, TOI is aggressively transitioning toward an asset-light delegated capitation model, projecting fiscal year 2026 revenue between $630 million and $650 million with a strategic target of reaching 30% capitation and 50% dispensary revenue mix by 2028. Within the competitive landscape, TOI distinguishes itself from traditional academic centers and community peers like American Oncology Network (AONC), OneOncology, and Florida Cancer Specialists (FCS) by assuming full financial risk for the total cost of cancer care, positioning itself as a cost-efficient alternative for Medicare Advantage and commercial payors. Founded in 2007 by Dr. Richy Agajanian, the company is currently led by Chief Executive Officer Dr. Daniel Virnich, a former DaVita executive who has overseen TOI’s expansion into a multi-state public entity. The senior leadership team includes Chief Financial Officer Rob Carter, Chief Medical Officer Dr. Yale Podnos, and recently promoted Chief Information Officer Rakesh Panda, who spearheads the firm’s AI-enabled operational initiatives. Administrative and clinical strategy is further supported by Chief Administrative Officer Kristin England and Chief Clinical Officer Dr. Jeffrey Langsam. The Board of Directors is chaired by Anne McGeorge, a veteran of Grant Thornton’s healthcare practice, and includes notable members such as RadNet CFO Mark Stolper and Vice Chairman Brad Hively. TOI remains backed by prominent institutional investors, including Deerfield Management and Havencrest Capital, following its 2021 public debut via a business combination with DFP Healthcare Acquisitions Corp.