TailorMed announces $20 million investment
The company currently works with more than 50 hospitals and 200 clinics throughout America
“No one should have to make a choice between the financial stability of their family and what is sometimes life-saving treatment of their health condition. The stats around severe financial distress associated with cost of care are staggering and have reached a crisis state,” said David Kereiakes, Partner at Providence Ventures. “We recognize that TailorMed’s platform makes sure patients aren’t left questioning how they will be able to afford their care.”In the U.S, a growing number of Americans suffer a severe financial burden following a new diagnosis or unexpected visit to a doctor. Chronic conditions, such as cancers, diabetes, or MS, can create unmanageable hospital and medical bills that could result in avoiding necessary care altogether. A recent Journal of Clinical Oncology study showed that even among patients with commercial or public insurance, 16% were found to quit their treatment plans because they could not afford life-saving chemotherapy drugs, and patients with higher co-payments were 42% more likely to skip treatment. TailorMed was founded by Dvorsky and Adam Siton, who serves as its CTO. Currently, the company employs around 50 people in Israel and the U.S. It currently works with more than 50 hospitals and 200 clinics throughout America and has obtained funding for patients totaling over $500 million. In addition to Providence Ventures' investment, the Providence Hospital chain, one of the largest American hospital chains, has been a customer of the company since 2020.