“The only way forward is together.” –Unknown
2022 was another year of remarkable progress for TailorMed. As we reflect on the past 12 months, we’re proud to have strengthened our network, expanded our team, and deepened our commitment to “move mountains for patients.”
Here’s a look back at some of our top achievements of the past year:
We Expanded—and Enhanced—Our Network
The challenge of healthcare affordability has far-reaching implications for patients and the health system alike. Our network-driven, tech-powered approach offers a comprehensive solution by uniting all impacted parties with the same goal: to ensure all patients across all medical conditions can afford care.
This year, we expanded our network—already the nation’s largest—with the addition of new, meaningful clients in the pharmacy, life science, and provider spaces. We also deepened our relationships with existing clients, several of whom expanded their usage of TailorMed to additional sites of care.
Today, our solutions have been implemented across more than 500 hospitals, 1,000-plus clinics, nearly 600 pharmacies, 5 life science companies, and 65 brands. Our network now includes more than 133,000 physicians and over 13.5 million patients, who account for more than 87 million prescriptions.
In addition, three leading organizations—Inception Health, Ballad Ventures, and UH Ventures—joined the syndicate of prominent health systems who support our work. We’re grateful for their shared vision and commitment.
We’ve Secured Nearly $3 Billion in Patient Funding
Patients are at the heart of everything we do. Rising healthcare costs coupled with high inflation have placed a greater strain on patients’ finances than ever before.
Using our best-in-class platform, healthcare organizations in our network have bolstered their efforts to connect patients with vital cost-saving opportunities. Our reach now spans more than 6,000 assistance programs, covering more than 1,000 chronic conditions. In 2022, we secured about $1.75 billion in patient funding–from resources ranging from drugmaker copay assistance to charitable funds. This brings the cumulative value of patient funding we’ve secured since our founding to over $2.9 billion.
These funds not only benefit patients, but the entire network. When patients have the resources to afford care, providers improve treatment adherence and outcomes, while reducing uncompensated care and bad debt. Pharmacies lower rates of prescription abandonment, improve patient experiences, and boost financial performance. We’re proud to create value across the care continuum.
We Focused on Empowering Patients
The era of consumerism is upon us—and patients want healthcare to mirror the efficient, “one-click” experiences they’ve come to expect from other service sectors. With the help of technology, patients are now taking a more active role in their healthcare journeys, from digital appointment booking to online payment.
To meet this growing demand, we’re empowering patients to secure financial assistance for their prescriptions. We can’t wait to share more details in 2023!
We Grew Our Team
We owe our success as a company to the strength of our people. Whether working on our R&D, product, financial navigation, operations, or commercial teams, our staff members contribute unique skills and perspectives. Yet we are united in our mission to improve affordability for the patients and healthcare organizations we serve.
This year, we proudly welcomed 35 new team members to the TailorMed family. Our staff now numbers 94 … and counting. We’re thankful for the team’s talent, hard work, and dedication—and we look forward to our continued progress, together.
We Spread the Word
In 2022, we were honored to speak at several healthcare industry events to raise awareness about the challenges of affordability—and how to address them.
At Asembia, a major conference for specialty pharmacy professionals, our CEO Srulik Dvorsky spoke alongside Walgreens’s Sarah Freedman. Together, they highlighted how specialty pharmacies can leverage technology to help financially vulnerable patients access the medications they need—and reduce rates of prescription abandonment.
Later in the year, our Director of Financial Navigation Clara Lambert and Chief Commercial Officer Vince King led a panel discussion at the Healthcare Advocate Summit. The panel featured three of our valued partners, Christi Miller of Bon Secours Mercy Health, Tanya Suter of Mary Bird Perkins Cancer Center, and Tewona Carter of Advocate Aurora Health. The panelists shared how they built a business case and implemented their highly successful, technology-supported financial navigation programs.
We appreciated these opportunities to educate, connect, and inspire. Stay tuned for more in the year ahead!
We Were Recognized as a Health-Tech Leader
For the third year in a row, we were recognized by the UCSF Digital Health Awards. We were quarterfinalists in 2020 and 2021, but this year, we advanced to the final round as a best-in-class company in the Patient Cost Savings category. The Digital Health Awards honor outstanding health technologies and innovations dramatically transforming healthcare, so we were honored to have been selected as a finalist from hundreds of companies.
Moving Mountains in the New Year, Together
We’re proud of what we’ve accomplished in 2022. And yet, we know there’s so much work to be done. A recent survey showed that a whopping 72 million Americans feel less prepared to pay for routine or unexpected healthcare than they did last year. At the same time, healthcare organizations are still struggling to recover financially from the pandemic. In fact, over half of hospitals are slated to finish the year with negative margins, making 2022 one of the worst financial years in decades.
These unprecedented challenges only strengthen our resolve to remove financial barriers to care—wherever a prescription is written or dispensed. As we enter 2023, we are determined to bring our network constituents an innovative, holistic solution to healthcare’s affordability crisis.
We won’t solve these obstacles overnight, but by building on our successes, we know we can make an even bigger difference in the year ahead.
Let’s make our vision of affordable care a reality—in the new year and beyond.