Partnership Tackles Patient Financial Hardships Through Technology and Education
TailorMed, a financial navigation technology company that helps patients and healthcare providers remove financial barriers to care, has partnered with NaVectis Group, a company that prepares medical providers in dealing with the complex aspects of financial navigation services in the healthcare sector. The partnership will bridge the gap in reducing financial hardship and barriers to care that exists for many heathcare providers and patients across the U.S. By utilizing TailorMed’s best-in-class financial navigation software, combined with NaVectis Group’s best practice, financial navigation training, the goal is to deliver on their aligned mission of tackling patient financial hardship through comprehensive financial navigation services.
Patients and their families face higher financial hardship today than ever before. Factors like high out-of-pocket costs, loss of employment, decreased income, and confusion about coverage options has exacerbated the psychological and practical experience known as financial toxicity. Financial navigation is a proven framework to treat financial toxicity by proactively guiding patients through the complex healthcare system and increasing access to care by reducing their financial barriers.
“We are excited to join forces with The NaVectis Group, who has been on the forefront of advocating for financial navigation programs since its inception,” said Srulik Dvorsky, CEO of TailorMed. “Our partnership will help our healthcare partners do the most for their patients to remove financial barriers to care.”
“There is a significant education gap in most healthcare settings across the U.S. as it relates to addressing and treating financial toxicity,” says Dan Sherman, founder of The NaVectis Group. “The goal of this partnership is to help hospitals and treatment centers across the U.S. implement full circle financial navigation services for their patients who experience the trauma of financial toxicity.”
The NaVectis Group offers training to healthcare providers with building robust internal financial navigation programs and provides ongoing support, supervision, and mentorship to ensure continued growth and development of financial navigation skills. NaVectis Group has established financial navigation programs across dozens of health systems in the U.S.