TailorMed, a patient financial navigation platform company that matches financially at-risk patients with financial resources such as co-pay assistance, replacement drug programs, government subsidies, and other programs that support patients with their living expenses, announced its extended funding round, bringing its raise to $25 million.
Investors include the American Cancer Society’s impact investment fund, BrightEdge, OSF Ventures, Citi Impact Fund, and Sanara Capital.
TailorMed plans to use the new funds to expand its reach within the healthcare industry. The company currently works with physician practices, specialty clinics, health systems, and pharmacies.
“At OSF, we’ve embraced innovation to tackle some of the biggest challenges in healthcare, including access and affordability, regardless of the patient’s medical condition,” Mayank Taneja, OSF Ventures’ director of Venture Investments, said in a statement.
“As the cost of care for multiple chronic conditions continues to rise, TailorMed’s comprehensive platform will enable healthcare 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.”
According to TailorMed, its 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.
The platform helps reduce out-of-pocket responsibility for patients, 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.
Digital Health companies raised nearly $15 billion in the first half of 2021, according to the latest Mercom Digital Health Funding and M&A Report