Tailormed: Srulik Dvorsky and Adam Siton. Photo Shlomi Yosef
Israeli startup TailorMed is a financial navigation technology fintech company that helps patients and healthcare providers remove financial barriers to care. TailorMed has extended its round of funding, increasing its overall investment to $25 million. The new strategic investors, American Cancer Society’s impact investment fund, BrightEdge, OSF Healthcare’s corporate investment arm, OSF Ventures, and Citi via their Citi Impact Fund, seek to reduce medical costs through TailorMed’s platform across all treatments and patient populations.
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 welcome these strategic groups to our already deep bench of investors,” said Srulik Dvorsky, CEO and co-founder of TailorMed. “Through our continued innovation and growth, and the support from this band of forward-thinking investors, we’ll tackle the high cost of health care like no other company in the industry.”
“TailorMed’s platform uniquely sits at the intersection of health care and finance and is helping improve a critical gap we’ve seen in our health care infrastructure, especially over the last 18 months,” said Jeff Meyers, Director and Principal Investor at the Citi Impact Fund. “We’re proud to invest in TailorMed via the Citi Impact Fund, and through our partnership, enable TailorMed to offer new and innovative solutions that help reduce the financial burden for health care consumers and organizations across the U.S.”
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.