Digital financial health company will use funding to help patients remove financial barriers to care and accelerate innovation to tackle the nation’s rising cost of healthcare.
TailorMed Medical Ltd., a leading patient financial navigation technology company that helps healthcare patients remove financial barriers to care, today announced a $20 million investment. The financing, led by Providence Ventures, included new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel and Discount Capital with participation from existing investors Accelmed, Sanara Ventures and Triventures.
Founded with a personal mission to help patients and the US healthcare industry tackle the financial challenges of care delivery, 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.
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.”
“No one should have to make a choice between the financial stability of their family and what is sometimes life-saving treatment of their health condition. The stats around severe financial distress associated with cost of care are staggering and have reached a crisis state,” said David Kereiakes, Partner at Providence Ventures. “We recognize that TailorMed’s platform makes sure patients aren’t left questioning how they will be able to afford their care.”
In addition to its current investment, Providence has been a customer of TailorMed since 2020.
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.