TailorMed collaborates with AllianceRx Walgreens Prime to reduce patient costs

Israeli company TailorMed, which has developed a financial navigation technology platform that helps healthcare organizations remove financial barriers to care, has announced that it will be collaborating with AllianceRx Walgreens Prime – one of the U.S.’s largest specialty and home delivery pharmacies. TailorMed’s platform will help the organization reduce the burden of specialty therapies for eligible patients by streamlining the process of connecting them with financial resources.

A recent study by the Kaiser Family Foundation revealed that nearly one-third of patients didn’t take their medication as prescribed due to the cost. AllianceRx Walgreens Prime will leverage TailorMed’s platform to quickly identify financial assistance programs for patients at risk of not affording the specialty medications needed to treat their chronic condition or rare disease. The specialty pharmacy will have access to over 5,000 programs updated in real-time. These financial resources include co-pay assistance, manufacturer voucher and bridge programs, government subsidies, community and state resources, assistance from disease-specific foundations, and SDOH (social determinants of health) programs.

“We are excited to leverage TailorMed’s technology to help lower specialty prescription costs for our patients,” said Lisa Mymo, vice president, Pharma and Financial Services at AllianceRx Walgreens Prime. “By improving access to these vital, yet expensive therapies, our patients are more likely to adhere to treatment and better manage their rare disease or chronic conditions.”

TailorMed’s platform automates the process of proactively identifying financially at-risk patients prior to treatment, then matching and enrolling them in financial resources. For patients, the platform can help reduce out-of-pocket responsibility, eliminate downstream financial hardships, and help reduce prescription abandonment. For healthcare organizations, TailorMed transforms patient financial assistance into a proactive approach of addressing financial needs at the point of care, helping improve financial performance.

“We are thrilled to be working with AllianceRx Walgreens Prime, a forward-thinking organization that puts its patients at the center of everything they do,” said Srulik Dvorsky, co-founder and CEO of TailorMed. “Our collaboration with AllianceRx Walgreens Prime is aligned with our commitment to removing financial barriers for patients across the continuum of care, from provider offices to pharmacies and more.”

TailorMed announced last month that it had raised $20 million in an investment round led by Providence Ventures. Other participants in the round included new investors UnityPoint Health Ventures, Almeda Ventures, Bridges Israel, and Discount Capital, as well as existing investors Accelmed, Sanara Ventures, and Triventures. It brings the total funding to $28 million.