Reinventing financial navigation for patients
DATE OF INITIAL INVESTMENT
SRULIK DVORSKY | ADAM SITON
Aiming to alleviate patients' financial burden TailorMed streamlines and automates healthcare financial processes - from proactively identifying patients with the highest financial risk, offering personalized funding opportunities, and enrolling them to these programs.
The financial burden of healthcare in the United States is a growing problem. Health care costs in the US have risen faster than the Consumer Price Index for most of the past 40 year. Total patients’ out-of-pocket costs have steadily increased leaving many U.S. families struggling to pay their medical bills. This is prominent especially in cancer care and other chronic diseases. The resulted ‘Financial Toxicity’ affects patients’ resilience as well as clinically relevant outcomes, like medication adherence, quality of life and survival rates.
Founded in 2017, TailorMed provides an end-to-end financial navigation solution for healthcare providers. The system integrates medical data, benefits investigation and cost predictions to identify relevant assist-programs and insurance optimization opportunities aiming to alleviate patients' financial burden as well as healthcare providers’ bad debt
TailorMed is instrumental in reducing patients’ out of pocket expenses and increasing access to medication leading to alleviated ‘financial toxicity’ to low-income patients resulting in improved clinical outcomes