A financial management platform designed for cancer patients, TailorMed, recently announced that it was able to successfully raise a sum of $20 million. The investment round received participation from various new investors, such as Almeda Ventures, Discount Capital, UnityPoint Health Ventures, and Bridges Israel. Some existing investors also shared the spotlight, for example, Sanara Ventures, Triventures, and Accelmed. However, the leader of the financing round was Providence Ventures.
After raising $20 million, the total funds raised by the company up until now add to a total of $28 million.
The co-founder and CEO of TailorMed, Srulik Dvorsky, added that the company is quite excited to be partnering up with some of the top investment firms in the country. According to him, the expertise and leadership skills possessed by the companies will provide guidance, as TailorMed reduces its financial barriers, and moves towards advancement and innovation.
The CEO went on to thank existing investors for their support and commitment towards ensuring that healthcare is improved and transformed for the better.
The platform of the financial management corporation automates the entire process of pinpointing those cancer patients, who are financially in trouble. It helps them match with the most suitable financial resources and then enrolls them in it. These financial resources are often in the form of government subsidies, replacement drug programs, co-pay assistance, state and community resources, as well as support from foundations related to the disease. There are also programs that assist patients to pay off the living expenses they are incurring.
Through TailorMed, patients are able to alleviate the financial hardships that they are facing, while reducing their out-of-pocket responsibility. This ensures that customers are able to make a shift towards an approach that is more proactive when it comes to addressing financial requirements.
A Partner from Providence Ventures, David Kereiakes, further added that no one suffering from cancer should have to choose between treatment for themselves and the financial stability of their loved ones. He expressed disdain at the statistics related to the serious financial distress of people wanting to receive care. In his opinion, these numbers are now in a crisis state.
Kereiakes commended the platform devised by TailorMed that ensures that patients no longer have to question how they are going to afford treatment for themselves, or how their family members are going to pay off their own expenses.
TailorMed was created by Adam Siton, the current CTO of the company, along with Dvorsky. As of now, 50 people in the U.S. and the State of Israel are working for the financial management organization. It has currently joined forces with over 200 clinics and 50 hospitals all across America. In addition, it has received funding for cancer patients that totals more than $500 million.
Furthermore, TailorMed has raised investment from Providence Ventures and serves the Providence Hospital Chain, as well. Being one of the biggest hospital chains in America, they have been a customer of the financial management organization since 2020.