Many patients do not fill their prescriptions due to cost. TailorMed is a software platform that connects patients to possible sources of financial assistance.
Getting a prescription is one thing, filling it is another. And a large percentage — the proportion varies depending on the price of the drug — of patients do not fill their prescriptions, mainly because of the cost.
Sarah Freedman, Senior Director of Specialty Pharmacy Operations, and Srulik Dvorsky, CEO of TailorMed, discussed the issue of “prescription abandonment” during a session today at the 2022 Asembia Specialty Pharmacy Summit in Las Vegas.
TailorMed is described as a financial navigation company. Founded in 2018 by Dvorsky, the company’s platform uses information about the patient and their prescriptions, then links it to financial assistance programs of various types, such as drug coupons and government assistance programs. . Dvorsky said the platform now includes about 5,000 programs that could help patients with the financial aspects of their healthcare. He said the company had attracted $35 million in investment. In November, the company acquired Viver, another financial browsing technology company.
TailorMed signed a contract with Walgreens in June 2021. Dvorsky said the company’s software is used in 350 of the company’s specialty pharmacies.
Freedman said identifying patient financial assistance is an important, but time-consuming process for pharmacists. She said TailorMed’s technology should free up time for pharmacists to care for patients.
Freedman said her background was as a retail pharmacist. “I would rather talk to them (patients) about their co-pay assistance and explain to them than spend time on the phone, activating cards.
A byproduct of the technology is patient empowerment, Freedman said.
“It’s really important for a patient to be a managing partner in their own healthcare,” she said. “Having that autonomy, that control, means so much when you have a disease that takes over your life. Being able to make decisions for yourself and feeling educated and empowered is really important – and it does.