Digital financial health company is joined by strategic investors Citi, OSF Ventures, and American Cancer Society’s impact investment fund, BrightEdge
TailorMed Medical Ltd., a leading patient financial navigation technology company that helps health care organizations and patients remove financial barriers to care, today announced it has extended its round of funding, increasing the 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. Sanara Capital, Sanara Ventures’ follow-on fund, also participated.
“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.”
Founded with a personal mission to help patients and the US health care industry tackle the financial challenges of care delivery, TailorMed is focused on ensuring all patients across all medical conditions can afford treatment. TailorMed’s best-in-class 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, the platform can help reduce out-of-pocket responsibility, eliminating downstream financial hardships and avoidance of care. For health organizations, TailorMed shifts financial assistance from reactive matching or downstream collections to a proactive approach of addressing financial needs for more patients at the point of care.
TailorMed will use the funding to further expand its reach across health care with innovative financial solutions. The company, with clients in physician practices, specialty clinics and health systems, crossed over into a new health care market in 2021, gaining adoption in pharmacies nationwide.
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“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.”
For a growing number of Americans, chronic conditions such as diabetes, COPD, multiple sclerosis, cancer, and many more are extremely expensive for patients and could result in medical debt that leads to financial distress, poor outcomes and, in some cases, morbidity when care is avoided or deferred. A recent study found that 60% of Americans have been in debt due to medical bills.
“At OSF, we’ve embraced innovation to tackle some of the biggest challenges in health care, including access and affordability, regardless of the patient’s medical condition,” said Mayank Taneja, OSF Ventures’ director of Venture Investments. “As the cost of care for multiple chronic conditions continues to rise, TailorMed’s comprehensive platform will enable health care organizations to reach, fund and provide care for more patients who otherwise would not have been able to afford it and helps navigators be more proactive in reaching patients at the start of their treatment planning with their care team.”
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OSF Ventures is the third health system-based venture organization to join the financing that includes UnityPoint Health Ventures and Providence Ventures, who led the round.
“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 health care like no other company in the industry.”
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