The Oncology Institute (TOI) is a value-based oncology company that both treats cancer patients directly and manages oncology care costs on behalf of health plans and managed care organizations. TOI's affiliated physician practices deliver medical oncology, radiation oncology, specialty pharmacy dispensing, and clinical trial access across community clinic locations in five states: California, Arizona, Nevada, Florida, and Oregon. On the risk management side, TOI contracts with Medicare Advantage plans, Medicaid managed care organizations, and commercial health plans to take financial responsibility for the oncology costs of assigned patient populations — approximately 2.0 million patients under value-based agreements as of year-end 2025. TOI generates revenue through three streams: value-based capitation contracts (fixed per-member per-month payments from payors), fee-for-service billing for physician and infusion services, and specialty pharmacy dispensing, which represented roughly 55-56% of revenue. TOI's model features a hybrid of 65 TOI-employed clinics and an MSO network of 81 independently-owned clinics, allowing TOI to manage large patient populations without owning every clinic. TOI profits on capitation contracts by managing drug formulary, steering patients to lower-cost care settings, and reducing unnecessary hospitalizations — keeping actual oncology costs below the capitation rate received. TOI's growth strategy focuses on expanding covered lives in existing markets, entering new markets via a capital-efficient full delegation model (as seen in Florida), and acquiring independent oncology practices to transition them onto its value-based platform.