Israeli financial navigation firm TailorMed announced last week that has extended its round of funding, increasing the overall investment to $25 million.
The new strategic investors include American Cancer Society’s impact investment fund, BrightEdge, OSF Healthcare’s corporate investment arm, OSF Ventures, and Citi via their Citi Impact Fund, which seek to reduce medical costs through TailorMed’s platform across all treatments and patient populations. Sanara Capital, Sanara Ventures’ follow-on fund, also participated in the round.
TailorMed, which crossed over into a new healthcare market in 2021, will use the funding to further expand its reach across healthcare with innovative financial solutions. TailorMed has now been adopted in pharmacies nationwide.
Founded to help patients and the US healthcare industry tackle the financial challenges of care delivery, TailorMed is focused on ensuring all patients across all medical conditions can afford treatment. The company’s platform automates the entire 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 – including those affecting social determinants of health.
For patients, this platform can help reduce responsibility out-of-pocket and eliminate financial hardships and avoidance of care. For health organizations, TailorMed shifts financial assistance to a proactive approach that addresses financial needs for more patients at point of care.
“Health equity is at the core of the American Cancer Society’s mission,” said Alice L. Pomponio, managing director of BrightEdge. “Everyone should have a fair and just opportunity to prevent, find, treat, and survive cancer. Our hope is TailorMed’s approach will advance our shared mission by helping families to overcome financial barriers, address disparities and, ultimately, save lives.”
“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 healthcare like no other company in the industry.”