TailorMed Strengthens Nation’s Largest Network of Patients, Providers, Pharmacies, and Life Science Companies with Support from Ballad Ventures, Inception Health, and University Hospitals Ventures
NEW YORK--(BUSINESS WIRE)--Dec 19, 2022--
TailorMed, a leading financial navigation technology company that helps healthcare organizations remove financial barriers to care, today announced support from Ballad Ventures, Inception Health, and University Hospitals (UH) Ventures. The three leading organizations will expand and strengthen the TailorMed network, the nation’s largest network of patients, providers, pharmacies, life science companies, and other partners dedicated to improving healthcare affordability. They join a syndicate of prominent health systems that partner with TailorMed and advance its mission to help patients and healthcare entities tackle the financial challenges of care delivery.
Affordability is a top concern for patients and the healthcare industry alike, as cost barriers continue to discourage patients from seeking and adhering to necessary and life-saving medical care. Many people who obtain the required care experience financial hardship, including medical debt, which has a direct correlation to worsened social determinants of health and healthcare outcomes. For providers, this leads to heightened rates of uncompensated care and bad debt. In these critical times for both patients and providers, it’s encouraging that forward-thinking health systems are joining the fight to solve this serious challenge.
Together, these leading health systems, along with current clients and investors, are partnering with TailorMed to enact significant and lasting change. Financial assistance is operationally complex and time-consuming for healthcare organizations. Without the aid of technology, it is difficult to adequately identify and serve a growing population of financially at-risk patients. There are thousands of resources available, each with unique qualifying criteria and enrollment processes. TailorMed’s comprehensive technology suite empowers healthcare organizations, and the patients they serve, to proactively secure all available assistance opportunities, at scale. The TailorMed platform intelligently matches patients to relevant opportunities across 6,000 resources and streamlines ongoing program management. This innovative, tech-driven approach enables network constituents to drastically improve the patient financial experience, as well as their own financial health.
“It’s fitting for Ballad Ventures to join forces with TailorMed; after all, we are the venture capital arm of a health system that has wholly committed itself to addressing social determinants of health within our patients and within our community – and healthcare affordability and access are crucial to that,” said John Perez, Managing Director of Ballad Ventures. “Ballad Ventures seeks to discover and advance innovative ideas and promote patient-centric care, and we are honored to support TailorMed in their initiative to put patients first by committing to breaking down barriers to care, making delivery more efficient, and reducing the total cost of treatment.”
“As a strategic investor, Inception Health looks to invest in digital health startups that are driven to solve big problems in healthcare,” said Kelly Stevenson, Senior Manager at Inception Health. “Our investment portfolio is built around companies that directly support the Froedtert & the Medical College of Wisconsin health network’s staff, clinicians, and patients. TailorMed’s solution offers an innovative technology platform that superpowers healthcare staff, ultimately allowing more patients to be matched with financial assistance programs in an effort to remove barriers to care.”
“University Hospitals is already seeing the impact to our hospital and our patients through our customer relationship with TailorMed,” said Matthew Zenker, Senior Portfolio Manager at University Hospitals Ventures. “We are proud to invest alongside so many like-minded institutions in a company that is making healthcare more accessible and affordable for all.”
“Through technology, data, and analytics, the healthcare industry has the opportunity to proactively scale affordability across all – and in some cases, previously overlooked – patient populations and medical conditions,” said Srulik Dvorsky, CEO and Co-Founder of TailorMed. “The company is encouraged to see substantial momentum with distinguished healthcare entities – including Ballad Ventures, Inception Health, and UH Ventures – joining in the company’s mission alongside influential partners – including Providence Ventures, UnityPoint Health Ventures, and OSF Ventures – to move mountains for patients and healthcare entities alike.”
Ballad Ventures, Inception Health, and UH Ventures are part of the AVIA Venture Network, a group of forward-thinking health systems using capital to fund the most impactful solutions and generate outsized returns.
To learn more about the TailorMed platform and how it can support your healthcare organization and patients, visit tailormed.co/platform.
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.
About Ballad Ventures
Ballad Ventures is a venture capital platform focused on investing in innovative ideas that transform healthcare experience, cost, access and outcomes for the better. As the venture capital arm of Ballad Health – an integrated community health improvement organization serving 29 counties of the Appalachian Highlands in Northeast Tennessee, Southwest Virginia, Northwest North Carolina and Southeast Kentucky – we seek opportunities that drive the mission, vision and strategic initiatives of the organization, such as leading in the adoption of value-based payments, addressing health-related social needs, funding clinical and health systems research and committing to long-term investments in strong children and families.
About Inception Health
Inception Health’s mission is to improve individual health status through the use of digital technology. As the hub for digital health for the Froedtert & the Medical College of Wisconsin health network, Inception Health brings together the best aspects of traditional accelerators, an “outside-in” mindset, and resources to rapidly test and scale digital health solutions. The Inception Health Investment Fund makes strategic investments in early-stage digital health companies that help solve real problems for our staff, clinicians and our community.
About UH Ventures
UH Ventures is the innovation and commercialization arm of University Hospitals (UH), a comprehensive health system with annual revenues in excess of $5.0 billion, 21 hospitals (including 5 joint ventures), more than 50 health centers and outpatient facilities, and over 200 physician offices located throughout 16 counties. UH’s goal is to be the most trusted health care partner in Northeast Ohio and UH Ventures furthers this objective by shaping new products, services, experiences, and companies that improve the lives of patients and caregivers. UH Ventures seeks to be a dynamic living laboratory where both clinical and product insights can help accelerate emerging technologies tackling health care’s most pressing problems. For more information, visit https://ventures.uhhospitals.org. Follow UH Ventures on LinkedIn.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221219005140/en/
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: GENERAL HEALTH FINANCE HOSPITALS HEALTH PROFESSIONAL SERVICES
Copyright Business Wire 2022.
PUB: 12/19/2022 09:00 AM/DISC: 12/19/2022 09:02 AM