Israeli medtech startup TailorMed is a financial navigation technology fintech company that helps patients and healthcare providers remove financial barriers to care. TailorMed is now working with AllianceRx Walgreens Prime to help reduce patient out-of-pocket costs.
We all know what the worst thing about seeing the doctor is. We all know what the most dreaded part of any hospital visit is. It is getting the bill. And even when you have insurance, not all of the procedures performed may be covered. And then there are the co- payments. This is a nice way of saying deductible. But here is how it works.
TailorMed today announced it will collaborate with @AllianceRxWP to help connect patients nationwide needing vital, high-cost specialty medications with financial resources. #healthcare #financialbarriers https://t.co/QEL18MSWdp pic.twitter.com/ICnYot1FEL
— TailorMed (@TailorMedTweet) July 14, 2021
If you need to pay only 10% of a bill then you get charged $100 on a $1,000 bill. The insurance company is supposed to pay the other $900. But they don’t. This is because hospitals deliberately set high prices on everything, knowing that the insurance companies will negotiate with them and get the final fees they pay greatly reduced. So on that $1,000 bill, a large insurer might only end up paying $400. But you, the insured person, must still pay 10% of the full $1,000 and do not get to pay just $40, or 10% of what your insurer actually pays.
So TailorMed says that their platform will help the organization reduce the burden of specialty therapies for eligible patients1 by streamlining the process of connecting them with financial resources.
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.
AllianceRx Walgreens Prime will leverage TailorMed’s platform to identify financial assistance programs for patients at risk of not affording the specialty medications needed to treat their chronic condition or rare disease. The specialty pharmacy will have access to over 5,000 programs updated in real-time. These financial resources include co-pay assistance, manufacturer voucher and bridge programs, government subsidies, community and state resources, assistance from disease-specific foundations, and SDOH (social determinants of health) programs.
“We are thrilled to be working with AllianceRx Walgreens Prime, a forward-thinking organization that puts its patients at the center of everything they do,” said Srulik Dvorsky, co-founder and CEO of TailorMed. “Our collaboration with AllianceRx Walgreens Prime is aligned with our commitment to removing financial barriers for patients across the continuum of care, from provider offices to pharmacies and more.”
“Rising out-of-pocket costs have created financial challenges for patients and pharmacies,” said Bryan Bloom, director of TailorMed. “The work between AllianceRx Walgreens Prime and TailorMed will address this at scale, helping make specialty prescriptions affordable for patients across the country.”