TailorMed, a US-Israeli financial navigation firm that uses innovative software to guide patients through the healthcare industry, announced a $20 million investment on Monday led by Providence Ventures.
New investors in TailorMed include UnityPoint Health Ventures, Almeda Ventures, Bridges Israel, and Discount Capital, and existing investors include Accelmed, Sanara Ventures, and Triventures. This funding, along with the investors’ knowledge of the field, is meant to help them improve their current software and find new solutions to help patients navigate the industry.
The company said this investment will help them accomplish their goal of using technology to reduce healthcare costs and tackle logistical challenges.
“We are excited to partner with these leading investment firms,” said CEO Srulik Dvorsky, who co-founded TailorMed with Adam Siton in 2016. “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.”
Transforming healthcare may be a difficult task, but TailorMed’s automated platform is designed to make a broad impact. There are three prongs to their approach: financial navigation, financial insights, and pharmaceutical navigation. For financial navigation, the company works in a proactive way to offer personalized plans depending on a patient’s needs and financial circumstances. The company then provides financial insights to these patients using a dashboard that measures Key Performance Indicators and reports Returns On Investment. TailorMed also streamlines the pharmaceutical process based on each patient’s regular treatments.
With offices in both New York and Tel Aviv, the company’s primary focus is the U.S. healthcare industry. They hope their three-pronged approach will ultimately improve the industry by connecting patients to resources like co-pay assistance, replacement drug programs, and government subsidies. These resources can make a substantial difference financially for patients, reducing out-of-pocket costs and long-term expenses, while ensuring they receive the necessary care.
“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.”