TailorMed Completes a $8M Series A Round to Further Expand Financial Navigation System for Patients and Health Systems in the United States
Accelmed Joins Triventures and Sanara Ventures, In The Round To Accelerate Technological Development And Market Penetration
TailorMed, a leader in healthcare financial navigation, announced an additional $2M investment by Accelmed – completing their A Round at $8M. Triventures led the round with further participation from Sanara Ventures. Previous investors in the Israel-based healthcare company include Phillips and Teva Pharmaceuticals. TailorMed leverages technology to improve the financial performance of healthcare providers and reduce the financial hardship for patients-thus reinventing financial navigation. TailorMed will use funds from this round to accelerate technological development and market penetration in the U.S.
TailorMed offers a unique value proposition in healthcare – improving the financial performance of healthcare providers (e.g., hospitals, oncology centers, and healthcare systems) while reducing economic hardships for patients. The company uses a Saas model algorithm to create a unique cost profile of each patient. The platform streamlines treatment costs and identifies savings along the patient journey – thus providing efficient, real-time financial solutions for both patients and providers.
Srulik Drovsky and Adam Siton founded TailorMed in 2017 with the mission to help others get better access to care and to enable healthcare providers to provide better care to those in need. For Srulik, the goal is personal, having seen and helped many of his closest relatives struggle with a cancer diagnosis, treatment, and the complex financial hardships associated. Srulik brings more than ten years in the medical device industry, most recently serving as the Vice President of R&D and Operations for Brainsgate – a company that develops a device for treatment of stroke. Adam also brings more than ten years of software development and R&D leadership experience, from both cybersecurity and B2C mobile applications.
“We are pleased to welcome Accelmed to the current round of financing. The increase in funding will enable the expansion of technological developments and accelerate the expansion of health systems in the United States. TailorMed is leading the way in developing technology that revolutionizes how millions of patients and thousands of hospitals manage the economic aspects of treatments.”
Srulik Dvorsky, CEO, and Co-Founder of TailorMed
According to a recent study published in the American Journal of Medicine, cancer patients are 2.65 times more likely to file for bankruptcy than those without cancer, and bankruptcy puts them at a higher risk for early death, according to research. In 2014, $87.8 billion was spent on cancer- comprising a significant share of total U.S. medical costs- which are projected to continue rising at an average rate of 5.6 percent within the next decade. According to a recent survey of cancer patients, approximately 1 in 10 reported that they had declined the recommended treatment for their illness due to high costs. Given these challenges, financial navigation is a necessary tool for affording patients treatment and allowing hospitals to provide for their patients without suffering significant losses.
“TailorMed has demonstrated that it meets a unique market need with advanced technology and a deep understanding of the United States healthcare system. TailorMed is an excellent example of our focus-young companies with groundbreaking technologies that appeal to large markets and expand our entry into the Digital Health field,” said Amir Blatt, a partner in Accelmed.