NEW YORK–(COMMERCIAL THREAD) – TailorMed Medical Ltd., a leading patient financial navigation technology company that helps healthcare organizations and patients remove financial barriers to care, today announced that it has extended its funding cycle, bringing the overall investment to $ 25 million. New strategic investors, the American Cancer Society Impact Investment Fund, BrightEdge, the investment arm of OSF Healthcare, OSF Ventures and Citi through their Citi Impact Fund, seek to reduce medical costs through TailorMed’s platform for all treatments and patient populations. Sanara Capital, the follow-up fund of Sanara Ventures, also participated.
Founded with a personal mission to help patients and the U.S. healthcare industry meet the financial challenges of healthcare delivery, TailorMed aims to ensure that all patients, regardless of medical conditions, can afford a processing. TailorMed’s state-of-the-art platform automates the entire process of identifying patients at financial risk, matching and enrolling in financial resources such as: co-payment assistance, alternative drug programs , government grants, community and state resources, sickness assistance. specific foundations and programs that support patients with their living costs, including those that affect the social determinants of health. For patients, the platform can help reduce direct liability, eliminating downstream financial hardship and avoiding care. For healthcare organizations, TailorMed is shifting financial support from reactive correspondence or downstream collections to a proactive approach to meeting the financial needs of more patients at the point of care.
TailorMed will use the funding to further expand its reach in healthcare with innovative financial solutions. The company, which has clients in doctor’s offices, specialty clinics and healthcare systems, entered a new healthcare market in 2021, gaining adoption in pharmacies nationwide.
“TailorMed’s platform uniquely sits at the intersection of healthcare and finance and helps fill a critical gap we’ve seen in our healthcare infrastructure, particularly over the past 18 years. months, ”said Jeff Meyers, director and principal investor of Citi Impact. Funds. “We are proud to invest in TailorMed through the Citi Impact Fund and, through our partnership, to enable TailorMed to deliver new and innovative solutions that help reduce the financial burden on healthcare consumers and organizations at across the United States ”
For a growing number of Americans, chronic diseases such as diabetes, COPD, multiple sclerosis, cancer and many more are extremely costly to patients and can lead to medical debt which leads to financial hardship, poor outcomes and, in some cases, morbidity when care is avoided or delayed. A recent study found that 60% of Americans were in debt because of medical bills.
“At OSF, we have embraced innovation to address some of the biggest challenges in healthcare, including access and affordability, regardless of the patient’s condition,” said Mayank Taneja, Director of OSF Ventures Venture Investments. “As the cost of care for several chronic diseases continues to rise, TailorMed’s comprehensive platform will enable healthcare organizations to reach, fund and provide care to more patients who otherwise would not have. could not afford it and is helping navigators to be more proactive in reaching patients early in their treatment planning with their care team.
OSF Ventures is the third healthcare system-based venture capital organization to join the funding which includes UnityPoint Health Ventures and Providence Ventures, who led the round.
“Health equity is at the heart of the American Cancer Society’s mission,” said Alice L. Pomponio, CEO of BrightEdge. “Everyone should have a fair and equitable opportunity to prevent, detect, treat and survive cancer. We hope TailorMed’s approach will advance our shared mission in helping families overcome financial barriers, bridge disparities and ultimately save lives. ”
“We welcome these strategic groups to our already large group of investors,” said Srulik Dvorsky, CEO and co-founder of TailorMed. “With our continued innovation and growth, and the support of this group of forward-thinking investors, we will tackle the high cost of healthcare like no other company in the industry.”
TailorMed is a healthcare technology company founded to help patients and healthcare organizations remove financial barriers to care by making it easier for patients to cover the cost of treatment. TailorMed has helped healthcare systems, clinics and pharmacies across the United States ensure that patients can afford the care they need. Learn more at https://tailormed.co.