TailorMed, a financial navigation technology company that helps healthcare organizations and patients remove financial barriers to care, announced in a company release, it has acquired Vivor, a financial assistance technology platform for healthcare providers and life sciences.
The company stated that 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.
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.
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.