In today’s climate, the challenges of affordability are more urgent than ever. Rising healthcare costs coupled with inflation have created an unprecedented financial burden for patients and the entire healthcare ecosystem. With medical costs projected to rise by 7% in 2024, these pressures show no signs of easing.
Still, financial assistance remains underutilized—a problem TailorMed is here to solve.
After a landmark year in 2022, we’ve continued to make significant progress in 2023. Here’s a recap of our achievements during the first half of the year:
1. We Raised Awareness
This year, we’ve bolstered our efforts to remove financial barriers anywhere a prescription is written or dispensed. At the Asembia Specialty Pharmacy Summit in May, our Co-Founder and CEO Srulik Dvorsky focused on changing perceptions of financial toxicity and provided a roadmap for providers and pharmacies to maximize patient savings.
2. We Expanded Our Network
In 2023, we’ve broadened our network of healthcare organizations that share the goal of making assistance widely available. New constituents include 13 hospitals, 16 clinics, and 112 pharmacies. This represents network growth of 8 million patients. We’ve also prioritized features and functionality that will enable prescribing entities to identify more financially at-risk patients, offer a wider variety of assistance, and capture it more efficiently at scale.
3. We Partnered with Life Sciences
Expanding our stake in the life sciences, we partnered with a leading pharmaceutical company to improve patient access to lifesaving treatments. Using our Express Enroll feature, providers and pharmacies within the TailorMed network can now complete enrollments for the drug manufacturer’s oncology patient assistance program through a fully digital process, without leaving the platform. Future enhancements will also streamline enrollment in the pharmaceutical company’s copay savings program. Looking ahead, we plan to partner with other pharmaceutical leaders to reduce the friction that too often prevents patients from receiving the assistance they need.
4. We Put Patients First
During the first half of the year, we also focused on our patient engagement solution. Through a mobile experience, the solution empowers patients to secure assistance for their medications and manage a virtual copay assistance wallet. By proactively participating in the TailorMed network, healthcare consumers can take a more active role in their own financial experience. We look forward to sharing more updates on this exciting addition to our product suite!
5. We Released New Features
In addition, new product releases included our Claims Management feature, which closes the loop on end-to-end financial assistance resources and support, within a single platform. Claims Management enables navigators to easily create and update claims for approved copay assistance and provides visibility into collected dollars.
6. We Combined Tech Power with People Power
As labor challenges continue to plague the healthcare industry, we’ve also seen growing demand for our tech-enabled support service, TailorMed Complete. TailorMed Complete pairs our best-in-class platform with our expert team of financial navigators. The combination of technology and hands-on financial care enables providers to scale their financial navigation efforts, reach more patients, and lower staff burnout. TailorMed Complete is now live at additional hospitals and health systems, with further expansion planned for the second half of the year.
7. We Shared Our Values
As we advance our mission to “move mountains for patients,” we have also deepened our commitment to creating a positive company culture. In March, we released six values that speak to the sense of ownership, team spirit, and shared purpose that all employees possess. In a recent employee engagement survey, over 90% of team members agreed that they were proud to work for TailorMed and that the company’s mission makes them feel their job is important.
We’re excited by our progress during the first half of the year, thanks to the hard work and dedication of every member of our team. With the second half of year well underway, we look forward to accelerating our efforts to remove financial barriers for all.
To learn more about our momentum in 2023, read our press release.