What You Should Know:
– TailorMed Medical Ltd., a New York City-based patient financial navigation technology company, today announced a $20 million investment led by Providence Ventures. The round included new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel and Discount Capital with participation from existing investors Accelmed, Sanara Ventures and Triventures.
– Founded in 2016, TailorMed is focused on ensuring patients get the care they need in a difficult financial environment. TailorMed’s best-in-class platform automates the process of identifying financially at-risk patients, matching and enrolling them in financial resources such as: co-pay assistance, replacement drug programs, government subsidies, community and state resources, assistance from disease-specific foundations, and programs that support patients with their living expenses.
– For patients, the platform can help reduce out-of-pocket responsibility, eliminate downstream financial hardships and avoidance of care. For its health system customers, TailorMed shifts financial assistance from reactive matching or collections to a proactive approach of addressing financial needs at the point of care.
Why It Matters
For a growing number of Americans, a serious diagnosis or unexpected trip to the ED could create a severe financial burden. Chronic conditions such as diabetes, COPD, multiple sclerosis, cancer, and many more are extremely expensive for patients and could result in unmanageable treatment costs that lead to poor outcomes and, in some cases, morbidity when care is avoided or delayed. A recent Journal of Clinical Oncology study showed that even among patients with commercial or public insurance, 16% were found to quit their treatment plans because they could not afford life-saving chemotherapy drugs, and patients with higher co-payments were 42% more likely to skip treatment. The TailorMed solution helps health systems and the patients they serve to proactively identify opportunities to reduce this financial burden and thereby expand access to care.
“We are excited to partner with these leading investment firms,” said Srulik Dvorsky, CEO and co-founder of TailorMed. “Their leadership and deep industry expertise will help guide us as we continue to innovate and reduce financial barriers to care. Also, the continued backing of our existing investors speaks to their commitment for transforming healthcare.”