Israeli startup TailorMed is a financial navigation technology fintech company that helps patients and healthcare providers remove financial barriers to care. The company just raised $20 million in an investment round led by Providence Ventures. Other participants in the round included new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel, and Discount Capital, as well as existing investors Accelmed, Sanara Ventures, and Triventures. It brings the total funding to $28 million.
The new investment comes just a few weeks after the company launched its TailorMed Complete. The new service offers financial navigation experts to help healthcare organizations cost effectively secure funding for patients at risk of not affording care, while increasing revenue opportunities. Providers will be able to scale their financial navigation staffing, whether they’re understaffed, need to maximize opportunities at busy times or hire an entire team.
Founded in 2016, TailorMed boasts that it makes it easier for patients to secure financial resources by expanding access through telehealth. Patients can securely and privately engage financial navigators by phone or video, including during select off-business hours. Along with the capabilities of TailorMed’s platform, team members can serve and enroll more patients in financial resource programs.
“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 to 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.”
According to a recent study cited by TailorMed, 50% of adults are concerned that a major health event could lead to bankruptcy. The TailorMed Complete team delivers a high-touch approach for helping patients challenged with affording high-cost medical treatment. The team helps navigate patients through the distressing complexities of health insurance and enrolls them in the right financial resources, such as: co-pay assistance, replacement drug programs, government subsidies, community and state resources, assistance from disease-specific foundations, programs that support patients with their living expenses, and also provides insurance optimization for patients.