NEW YORK--(BUSINESS WIRE)--TailorMed, a leading technology company offering the nation’s largest network of patients, providers, pharmacies, life science companies, and other partners dedicated to improving healthcare affordability, enters the second half of 2023 with significant growth and momentum. During the first half of the year, the company strengthened its network, expanded its reach, and further developed its best-in-class solutions that help mitigate financial hardship for patients while boosting healthcare organizations’ bottom lines.
Rising healthcare costs coupled with inflation have created an unprecedented financial burden for patients and the entire healthcare ecosystem. With medical costs projected to rise by 7% in 2024, these pressures show no signs of easing, yet financial assistance remains underutilized. TailorMed offers the most comprehensive solution on the market – including an enterprise platform, patient experience, and a tech-enabled service – that empowers all impacted parties to increase utilization of financial resources.
This year, TailorMed has bolstered its efforts to remove financial barriers anywhere a prescription is written or dispensed. At the Asembia Specialty Pharmacy Summit in May, Co-Founder and CEO Srulik Dvorsky focused on changing perceptions of financial toxicity and provided a roadmap for providers and pharmacies to maximize patient savings. To this end, the company broadened its network of healthcare organizations that share the goal of making assistance widely available. New constituents include 13 hospitals, 16 clinics, and 112 pharmacies. This represents network growth of 8 million patients. The company also prioritized features and functionality that will enable prescribing entities to identify more financially at-risk patients, offer a wider variety of assistance, and capture it more efficiently at scale.
Expanding its stake in the life sciences, TailorMed partnered with a leading pharmaceutical company to improve patient access to lifesaving treatments. Using TailorMed’s Express Enroll feature, providers and pharmacies within the TailorMed network can now complete enrollments for the drug manufacturer’s oncology patient assistance program through a fully digital process, without leaving the platform. Future enhancements will also streamline enrollment in the pharmaceutical company’s copay savings program. Looking ahead, TailorMed plans to partner with other pharmaceutical leaders to reduce the friction that too often prevents patients from receiving the assistance they need.
During the first half of the year, TailorMed also focused on its patient engagement solution, deepening the company’s status as an industry trailblazer. Through a mobile experience, the solution empowers patients to secure assistance for their medications and manage a virtual copay assistance wallet. By proactively participating in the TailorMed network, healthcare consumers can take a more active role in their own financial experience. In addition, new product releases included the company’s Claims Management feature, which closes the loop on end-to-end financial assistance resources and support, within a single platform. Claims Management enables navigators to easily create and update claims for approved copay assistance and provides visibility into collected dollars.
As labor challenges continue to plague the healthcare industry, the company has also seen growing demand for its tech-enabled service, TailorMed Complete. TailorMed Complete pairs the company’s platform with an expert team of financial navigators. The combination of technology and hands-on financial care enables providers to scale their financial navigation efforts, reach more patients, and lower staff burnout. TailorMed Complete has now been implemented at additional hospitals and health systems, with further expansion planned for the second half of the year.
Finally, as TailorMed advances its mission to “move mountains for patients,” it has also deepened its commitment to creating a positive company culture. In March, TailorMed released six values that speak to the sense of ownership, team spirit, and shared purpose that all employees possess. In a recent employee engagement survey, over 90% of team members agreed that they were proud to work for TailorMed and that the company’s mission makes them feel their job is important.
“I’m excited by our progress during the first half of the year,” said Srulik Dvorsky, Co-Founder and CEO, TailorMed. “Thanks to the hard work and dedication of every member of our team, we’ve enhanced our ability to tackle the affordability challenges impacting patients and healthcare organizations alike. I’m confident we will continue building momentum, as we accelerate our efforts to remove financial barriers for all.”
To learn more about TailorMed’s mission to improve healthcare affordability, please visit: https://tailormed.co/company/.
About TailorMed:
TailorMed offers the nation’s largest network of patients, providers, pharmacies, partners, and life science companies focused on ensuring all patients across all medical conditions can afford treatment. Driven by TailorMed's best-in-class platform, network constituents can proactively identify, match, and enroll patients in financial assistance programs to deliver a world-class patient financial experience while reducing the cost of care delivery and increasing revenues. TailorMed’s secure, web-based financial assistance solutions are deployed across more than 1,000 sites of care, including Providence Health, UnityPoint Health, Yale-New Haven Health, and Advocate Aurora Health. To learn more, go to tailormed.co.
