TailorMed Financial Navigation Platform Helps Boosts Revenue, Patient Funding for Nationally Recognized Cancer Center
NEW YORK, Oct. 27, 2021 /PRNewswire-PRWeb/ — Automating Processes Helps Highlands Oncology Group Financially Support More Cancer Patients in Underserved Communities
TailorMed, the leading financial navigation technology company that helps healthcare organizations and patients remove financial barriers to care, today announced that their platform helped Highlands Oncology Group, a leading cancer center that’s a member of the Quality Cancer Care Alliance, increase financial assistance revenue by 17 percent. The immediate financial impact enabled the TailorMed solution to pay for itself within the first month.
As part of Highlands Oncology Group’s commitment to providing accessible care for the poor and underserved, the cancer center helps patients needing financial assistance. Prior to its initial engagement with TailorMed, Highlands Oncology Group’s patient representatives were managing an average of 800 patient enrollments per year. However, with each clinic seeing about 100 to 150 patients per day for treatment, the patient representatives had the burdensome and time-consuming task of manually identifying patients in financial need and preparing assistance applications prior to their visits. Highlands Oncology Group realized they needed a more effective approach that increased their productivity in enrolling patients into funding.
TailorMed’s platform increased Highlands Oncology Group’s impact by automating the financial processes their patient representatives were manually performing. Highlands Oncology Group could now proactively identify more patients at risk of not affording treatment using the platform’s predictive analytics, then automatically match and enroll them into co-pay assistance programs. TailorMed also provides the ability to enroll patients into 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.
“Improving financial performance and access to quality cancer care are strategic imperatives for this program,” said Jeff Hunnicutt, CEO, Highlands Oncology Group. “TailorMed helped us achieve this by accelerating our capacity to fund more patients needing financial resources. The spike in revenue generated led to TailorMed paying for itself within a month.”
Highlands Oncology Group started using TailorMed during January 2021, which is typically the peak month for financial assistance as health insurance coverage changes at that time. TailorMed’s platform enabled the patient representatives to quickly scale their efforts to meet demand. As a result, Highlands Oncology Group experienced an 18 percent increase in financial assistance revenue in January 2021 versus January 2020. In addition, the Highlands Oncology Group in the first half of 2021 increased financial assistance revenue 17 percent compared to the same period in 2020. The boost in revenue, along with no additional patient representatives hired during this time and TailorMed paying for itself in the first month, led to an increase in margins.
“We are humbled to partner with a leading cancer center like Highlands Oncology Group,” said Srulik Dvorsky, CEO and Co-founder, TailorMed. “Under Jeff Hunnicutt’s leadership, Highlands has adopted a forward-thinking, results-driven approach to making access to care a priority. TailorMed will continue partnering with pioneering organizations like Highlands to remove financial barriers to care through innovation.”
You can read the case study here:
https://tailormed.co/case/oncology-group-transforms-financial-navigation-program/
About TailorMed
TailorMed is a healthcare technology company founded to help patients and healthcare organizations remove financial barriers to care by making it easier for patients to afford the cost of treatment. TailorMed’s financial navigation platform is used by over 550 healthcare facilities nationwide including leading health systems, pharmacies and clinics. Learn more at https://tailormed.co/.
About Highlands Oncology Group
Highlands Oncology Group is a nationally recognized provider of comprehensive cancer care serving nearly 8,000 patients and their families in Northwest Arkansas. The practice’s four clinic locations offer oncology patients access to advanced treatment options, multidisciplinary cancer teams, and industry leading clinical studies. Highlands is a member of the Quality Cancer Care Alliance, the first oncology clinically integrated network in the United States and is composed of 16 practices nationwide.
Media Contact
Stacy Callahan, ASTONISH, 1 917-972-1101, stacy@astonishmediagroup.com
SOURCE TailorMed
