It’s no secret that America’s complicated healthcare system can cause confusion, bureaucratic nightmares, not to mention significant financial burdens on its citizens. It is technically made up of many organizations, usually healthcare providers, insurance companies, independent providers, and hospital systems that all deliver healthcare in their own way. Despite being one of the top countries in the world, it is ranked 29th in terms of access and quality of health care, which means many Americans don’t get the help they need. ‘they are not protected by private companies.
“We found that it was necessary to find ways so that patients could continue to receive the treatment they needed without going bankrupt or without affecting their clinical results, but also without relying solely on their financial capacities,” explained TailorMed co-founder and CEO Srulik Dvorsky. According to Dvorsky, even if there is external funding – usually in the form of philanthropy, government grants, or through drug companies – sometimes the patient does not even know where to look for additional or third-party help.
“We have seen that patients do not necessarily know all the resources but in addition, there are plenty of providers, whether hospitals, pharmacies, or large networks, who do not set up the necessary infrastructure to enable patients to obtain funding. ”
With that in mind, Dvorsky admitted that the TailorMed team had become “almost obsessed” when they wondered who would eventually benefit from a new service, but also who would be willing to pay for such a solution. Founded in 2016, Dvorsky and his co-founder, Adam Siton (CTO) have found a way to harness technology to improve the financial performance of healthcare providers and reduce hardship for patients. It provides a personalized projection of a person’s personal expenses and then finds appropriate cost reduction opportunities based on available assistance programs. In June 2021, the company raised $ 20 million, bringing its total funding to $ 28 million.
For the team, the United States was an obvious place to start their business. “(We) spent about a year trying to figure out what is a big enough problem that deserves to be solved with technology, and decided to do it not in Israel but in the United States due to the size of the Marlet. I think that early stage companies should build their initial product in the target market. Israel could have been that to begin with because we are small and everyone knows everyone, but we decided to try to understand the problem in the United States. And have essentially been exposed to a variety of different barriers in care, such as how patients do not necessarily have access to the care they need. ”
Today, TailorMed works with major pharmacies and provider bases such as Walgreens and UnityPoint to ensure patients can get financial help. Dvorsky reveals that TailorMed works in two main areas, generally around drug costs. First, there is the treatment of chronic conditions – like heart failure – which requires months or years of medication that patients may not adhere to if they cannot spare the change.
The second is specialized care – conditions like oncology, MS and others. “There are incredible advances in the type of treatment, or drug, that have been developed or approved in recent years… but the cost of each drug is incredibly high. It starts at tens of thousands of dollars per year and can grow into hundreds of thousands per year. No one can afford it, whether it’s a middle-income family or, in many cases, a wealthy population.
Much of what TailorMed does is based on data. Medical records, billing systems and payers are all analyzed to best meet the needs of patients, as well as the interests of pharmaceutical companies who must sell and continue to sell the drugs that sick people need. “If you have a diabetic patient who needs their insulin every month, it could cost a few hundred dollars a month. If this patient cannot pay for their treatment, then Pharma will not be able to deliver this drug to the end patient, ”he said.
Healthcare in the United States is, indeed, complicated. It seems quite foreign for countries like Israel and the UK to consider balancing rising medical costs that run into tens or hundreds of thousands of dollars each month. And while the company, which has 40 employees in Israel and 20 in the United States, still expected to someday reach the United States like many other local startups, its location as a starting point was less a dream than it was. ‘a necessity. While there are plans for expansion, Dvorsky admits he has his hands full in helping those in the free land pay for their lives.
“At the moment we have our hands full trying to solve this very complicated problem,” he said.