TailorMed’s Technology Platform Automates Financial Navigation Processes, Helps Reduce Financial Burden on Patients and Providers
New York, NY, September 8, 2021 – TailorMed, a leading financial navigation technology company that helps healthcare providers remove financial barriers to care for patients, announced that they received the Lt. Governor’s Choice Award from the Prime Health Innovation Challenge 2020. The Prime Health Innovation Challenge is supported by the Office of eHealth Innovation (OeHI), which is part of the Office of the Colorado Lt. Governor. The prestigious honor was awarded to TailorMed for its innovative technology platform, which automates financial navigation processes to reduce financial burdens on patients and providers.
Prime Health’s annual Innovation Challenge, sponsored by the Colorado Health Foundation, is a 6-month program that advances health equity, quality, access, and cost through technological innovation, aiming to improve healthcare for underserved and low-income communities in Colorado. Companies from around the world apply to compete in what is known as one of the top ranked health innovation competitions in the nation.
“I was thrilled to present TailorMed with this year’s Lt. Governor’s Choice Award as part of the Prime Health Innovation challenge,” said Lt. Governor and Director of the Office of Saving People Money on Health Care, Dianne Primavera. “I’ve dedicated my life in public service to ensuring that every Coloradan has access to high-quality, affordable health care and applaud TailorMed for their innovative approach to help reduce health care costs across our country.”
Colorado Lt. Governor Dianne Primavera heads the state’s Office of Saving People Money on Health Care which is focused on patient costs, improving transparency, lowering the price of prescription drugs, and making health care more affordable for all.
“We are honored to receive the Lt. Governor’s Choice Award and admire the work that Lt. Governor Primavera and her team are leading to make care more affordable to Coloradans,” says Srulik Dvorsky, CEO and co-founder of TailorMed. “We share in the mission of removing financial barriers to care for both patients and providers, and we look forward to partnering with organizations throughout the state of Colorado to help more patients get better access to care.”
TailorMed’s financial navigation platform automates the entire process of identifying financially at-risk patients, and matches and enrolls them in financial resources such as: co-pay assistance, replacement drug programs, government subsidies, community and state resources, assistance from disease-specific foundations, and programs that support patients with their living expenses. This helps healthcare systems proactively reduce treatment costs for more patients, improve access to care, and create revenue opportunities for that organization. TailorMed’s out-of-pocket analysis capabilities also enable staff to show patients the cost of care prior to treatment.
About TailorMed
TailorMed is a healthcare technology company founded to help patients and healthcare providers remove financial barriers to care by making it easier for patients to cover the cost of treatment. TailorMed has helped over 50 hospitals and 200 clinics across the United States to ensure that patients can afford the care that they need.
About the Prime Health Innovation Challenge
Prime Health’s mission is to advance health equity through innovation and collaboration. Through partnership and collaboration with communities, providers, payers, policy makers, and innovators, Prime Health delivers value-based, technology-driven health reform. They focus on eliminating health disparities and inequities through innovation so that all Coloradans have the opportunity to thrive and reach their fullest potential. Prime Health works to improve the equity, access, quality and cost of health care by accelerating the adoption of sustainable solutions, technologies, clinical models and partnerships. Their programs are developed with, by, and for the communities they serve and the organizations that care for them.
About the Office of eHealth Innovation
The Office of eHealth Innovation (OeHI) was formed as a direct result of a consensus between public and private stakeholders on the need for Health IT governance. In November 2015, Governor John Hickenlooper signed Executive Order 2015-008 to officially create the Governor’s Office of eHealth Innovation and the eHealth Commission, with fiscal and administrative support from the Colorado Department of Health Care Policy and Financing (HCPF) (Health First Colorado). The Office of eHealth Innovation is responsible for defining, maintaining, and evolving Colorado’s Health IT strategy concerning care coordination, data access, healthcare integration, payment reform and care delivery.
To ensure that OeHI and the eHealth Commission create a strategy that reflects the wants and needs of Coloradans, they have created Colorado’sHealth IT Roadmap, which defines strategic initiatives to close the gaps in healthcare for patients and providers, and are currently in the process of revising this guiding document under the direction of the eHealth Commission. Not only is this roadmap key to modernizing Colorado’s health care systems, it is also instrumental for identifying and reducing the redundancy of efforts between public and private spheres of the healthcare industry.
