The Oncology Institute of Hope and Innovation (NASDAQ: TOI) achieved $1.8 million in Medicare savings during Performance Period 3 of the Centers for Medicare & Medicaid Services' Enhancing Oncology Model through its California professional corporation, according to a company statement.

The savings equated to more than $6,400 per patient episode, representing an increase from Performance Period 2, when the company generated $1.1 million in savings, or more than $3,500 per episode.

For the second consecutive performance period, TOI earned the maximum score on avoidable emergency department visits and hospital admissions. The company attributed results to its High-Value Cancer Care program, which includes care navigation, symptom monitoring, and 24/7 symptom management.

The Enhancing Oncology Model is a voluntary total-cost-of-care model created by the CMS Innovation Center for Medicare Fee-for-Service beneficiaries receiving cancer care.

"These results demonstrate continued improvement in both savings and quality," said Yale D. Podnos, Chief Medical Officer and President of Practice. "Our model provides exceptional patient care at a lower cost while decreasing unnecessary ED and inpatient utilization."

Chief Executive Officer Dan Virnich said the performance reflects the strength of the company's value-based oncology model.

TOI operates more than 100 clinic and affiliate locations across five states and serves approximately 1.9 million patients. The company was founded in 2007 and went public on NASDAQ.