TailorMed announces $20 million investment
The company currently works with more than 50 hospitals and 200 clinics throughout America
“We are excited to partner with these leading investment firms,” said Srulik Dvorsky, CEO and co-founder of TailorMed. “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 to transforming healthcare.”
TailorMed’s platform automates the process of spotting financially at-risk cancer patients and then 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. Patients can alleviate their financial hardships and reduce out-of-pocket responsibility, while health system customers can shift towards a more proactive approach in addressing the financial needs at the point of 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.”
In the U.S, a growing number of Americans suffer a severe financial burden following a new diagnosis or unexpected visit to a doctor. Chronic conditions, such as cancers, diabetes, or MS, can create unmanageable hospital and medical bills that could result in avoiding necessary care altogether. A recent Journal of Clinical Oncology study showed that even among patients with commercial or public insurance, 16% were found to quit their treatment plans because they could not afford life-saving chemotherapy drugs, and patients with higher co-payments were 42% more likely to skip treatment.
TailorMed was founded by Dvorsky and Adam Siton, who serves as its CTO. Currently, the company employs around 50 people in Israel and the U.S. It currently works with more than 50 hospitals and 200 clinics throughout America and has obtained funding for patients totaling over $500 million. In addition to Providence Ventures' investment, the Providence Hospital chain, one of the largest American hospital chains, has been a customer of the company since 2020.