TailorMed Raises $20 Million In A New Funding Led By Providence Ventures
Below is our recent interview with Srulik Dvorsky, CEO and co-founder at TailorMed:
Q: What is TailorMed?
A: TailorMed is the leading financial navigation technology company that helps patients and healthcare providers remove financial barriers to care. Through TailorMed’s technology, healthcare organizations can proactively identify patients who are at risk of not being able to afford their medical bills, and match and enroll them into the right financial resources. This helps patients get access to the care they need without worrying about how they may afford it.
Q: Any highlights on your recent announcement?
A: TailorMed recently announced a $20 million investment, led by Providence Ventures, including new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel and Discount Capital with participation from existing investors Accelmed, Sanara Ventures and Triventures.
The funding will be used to help patients remove financial barriers to care and accelerate innovation to tackle the nation’s rising cost of healthcare.
Q: Can you give us more insights into your offering?
A: TailorMed’s best-in-class technology 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.
Q: What can we expect from your company in the next 6 months? What are your plans?
A: TailorMed is constantly expanding its provider and pharmacy network and is expected to launch our platform in dozens of IDNs, pharmacies and practices across the country. In addition, we continue to increase the levels of automation and predictive analytics our platform provides to streamline processes for our customers and allow them to proactively reach more patients in need.
Q: What is the best thing about your company that people might not know about?
A: I think the best ‘secret’ is that in addition to being the leading technology platform for financial navigation, we’ve accumulated knowledge and know how of how to build an effective financial navigation and medication assistance program, and we have an amazing Solutions team that is working closely with our customers to make sure they optimize their workflow and can derive the most value from our platform to their patients and organization. The high touch approach that is led by the Solutions team is not only delivering a smooth onboarding process, but it really serves as a consultancy to the teams we work with.