Medical financial management company TailorMed today announced the completion of a $20 million financing round led by Providence Ventures, with the participation of new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel and Discount Capital and existing investors Accelmed, Sanara Ventures and Triventures.
With offices in New York and Tel Aviv, the company was founded in 2017 by CEO Srulik Dvorsky and CTO Adam Siton. TailorMed has developed technology and systems to help patients and healthcare providers tackle the complex financial challenges of care delivery in the US and remove financial barriers to care.
TailorMed’s 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 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.
Dvorsky said, "We are excited to partner with these leading investment firms. 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."
Providence Ventures partner David Kereiakes said, "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. We recognize that TailorMed’s platform makes sure patients aren’t left questioning how they will be able to afford their care."
Published by Globes, Israel business news - en.globes.co.il - on June 7, 2021
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