TailorMed adds $5 million, American Cancer Society to funding round
OSF Healthcare’s corporate investment arm, OSF Ventures, and Citi via their Citi Impact Fund also joined the round that reached $25 million
Israeli startup TailorMed Medical, which has developed patient financial navigation technology that helps health care organizations and patients, announced on Wednesday that it has extended its round of funding, increasing the overall investment by $5 million to $25 million. New strategic investors include the American Cancer Society’s impact investment fund, BrightEdge, OSF Healthcare’s corporate investment arm, OSF Ventures, and Citi via their Citi Impact Fund. Sanara Capital, Sanara Ventures’ follow-on fund, also participated.
TailorMed’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. 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.
TailorMed CEO Srulik Dvorsky. Photo: Shlomi Yosef
“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.
“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.”