NEW YORK– TailorMed, a leading financial navigation platform that helps healthcare organizations and patients remove financial barriers to care, today announced it has acquired Vivor, a financial assistance technology platform for healthcare providers and life sciences. Joining forces will accelerate development of innovative solutions and expand market reach to help reduce the cost of treatment for more patients, while improving the financial performance of healthcare organizations. This comes at a time when rising out-of-pocket costs have led to $140 billion in medical debt and hospitals incurring $41 billion in uncompensated care.
“Both organizations started their journeys with the shared mission of tackling the financial challenges of healthcare,” said Srulik Dvorsky, CEO and co-founder of TailorMed. “With increasing urgency to proactively address rising treatment costs, now is the right time to come together. With our unmatched commitment, platform, and network, we’ll lead the way in removing financial barriers to care across the country like no other company can.”
The combined companies create the largest network of provider, pharmacy, and life sciences companies in the market, helping reach more patients in financial need. In partnership with 900 healthcare facilities, the companies together have secured over $1 billion in funding for patients, from over 5,000 funding programs covering more than 1,000 specific chronic conditions, such as multiple sclerosis, diabetes, COPD, and cancer.
“Joining forces with TailorMed unlocks the opportunity to make a bigger impact for patients,” said Ian Manners, CEO and co-founder of Vivor. “As we grow together, we will create more innovative solutions for our combined network. This will enable us to reach more patients throughout their treatment journey.” Mr. Manners will join TailorMed’s executive team, taking on the role of Chief Strategy Officer and Head of Life Sciences.
TailorMed’s platform automates the entire process of proactively identifying financially at-risk patients, matching and enrolling 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 – including those affecting social determinants of health.
In connection with the acquisition, TailorMed has opened an office in Portland, OR. This creates a West Coast presence to complement TailorMed’s headquarters in New York, NY and its R&D center in Israel.
