• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

  • COVID-19
  • Opinion
  • Health IT
    • Behavioral Health
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Patient Engagement
    • Population Health Management
    • Revenue Cycle Management
    • Social Determinants of Health
  • Digital Health
    • Artificial Intelligence
    • Blockchain
    • Mobile Health
    • Precision Medicine
    • Telehealth
    • Wearables
  • Startups
  • M&A
  • Value-based Care
    • Accountable Care (ACOs)
    • Medicare Advantage
  • Life Sciences
  • Research

TailorMed Nabs $20M for Patient Financial Navigation Platform, Backed by Providence Ventures

by Fred Pennic 06/07/2021 Leave a Comment

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print
TailorMed Nabs $20M for Patient Financial Navigation Platform, Backed by Providence Ventures

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.”

  • LinkedIn
  • Twitter
  • Facebook
  • Email
  • Print

Tagged With: Patient Financial Experience, Providence Ventures, Revenue Cycle Management

Get in-depth healthcare technology analysis and commentary delivered straight to your email weekly

Reader Interactions

Primary Sidebar

Subscribe to HIT Consultant

Latest insightful articles delivered straight to your inbox weekly.

Submit a Tip or Pitch

Knowledge Hub

 How Top Health Plans Use AI to Save Money and Work Smarter How Top Health Plans Use AI to Save Money and Work Smarter

 How to Build Hybrid Care Models Around Remote Patient Monitoring How to Build Hybrid Care Models Around Remote Patient Monitoring

Trending

Nearly Half Of Consumers Report Their Healing has Been Directly Impacted by Difficulty Paying Medical Bills

Consumers Cite Healthcare Affordability as Biggest Concern to Paying Medical Bills

Mayo Clinic, GE HealthCare, Partner on Medical Imaging and Theranostics Innovation

Roundups: 16 Recent Strategic Digital Health Partnerships

How Telehealth Can Combat Clinician Burnout

How Telehealth Can Combat Clinician Burnout

Q/A: DocStation CEO Shares How AI Will Help Pharmacies Use the DIR Fee Changes to Their Advantage

Q/A: DocStation CEO Shares How AI Will Help Pharmacies Use the DIR Fee Changes to Their Advantage

Debunking Myths About Virtual Care to Drive Health Equity

Debunking 3 Myths About Virtual Care to Drive Health Equity

Provider AI Strategy Moves From The IT Dept. To The C-Suite

Notable Launches ChatGPT-Like Assistant for Patients

Notable Launches ChatGPT-Like Assistant for Patients

Intermountain to Replace Cerner with Epic Enterprise EHR by 2025

Intermountain to Replace Cerner with Epic Enterprise EHR by 2025

M&A: PE Firm Acquires NextGen Healthcare EHR for $1.8B

M&A: NextGen Healthcare EHR Acquired by PE Firm for $1.8B

UPMC to Replace Oracle Cerner with Epic Enterprise EHR by 2026

UPMC to Replace Oracle Cerner with Epic Enterprise EHR by 2026

Secondary Sidebar

Footer

Company

  • About Us
  • Advertise with Us
  • Reprints and Permissions
  • 2023 Editorial Calendar
  • Submit An Op-Ed
  • Contact
  • Subscribe

Editorial Coverage

  • Opinion
  • Health IT
    • Care Coordination
    • EMR/EHR
    • Interoperability
    • Population Health Management
    • Revenue Cycle Management
  • Digital Health
    • Artificial Intelligence
    • Blockchain Tech
    • Precision Medicine
    • Telehealth
    • Wearables
  • Startups
  • Value-Based Care
    • Accountable Care
    • Medicare Advantage

Connect

Subscribe to HIT Consultant Media

Latest insightful articles delivered straight to your inbox weekly

Copyright © 2023. HIT Consultant Media. All Rights Reserved. Privacy Policy |