New Day’s approach to Cancer-Related Financial Toxicity includes three key components to both serve and solve this multi-faceted problem:
- Financial Assistance: New Day provides financial assistance directly to creditors for critical living expenses such as mortgage/rent, utilities, insurance, transportation, grocery, fuel, and childcare.
- Emotional Support: New Day has a professional counselor on staff and offers families counseling and resources for emotional support.
- Financial Navigation: We assess financial burden and point families to resources that help them optimize insurance plans and minimize out-of-pocket costs for medical care and prescriptions.
Financial Navigation using TailorMed
New Day is uniquely positioned to advance solutions for Michigan families that will prevent financial toxicity from becoming a reality. We educate and prepare families before they hit critical breaking points. New Day uses TailorMed, a comprehensive software solution that automates financial navigation from end to end. Using this tool, we can help patients navigate the complicated and confusing world of health benefits, including:
- Insurance benefit investigation and optimization: New Day uses TailorMed to check patient’s health plans for up-to-date benefit status and for unused or under-utilized benefit eligibility. Dynamic analysis of patient’s benefits will identify opportunities of benefit maximization, enrollment to additional coverage, or replacement to a more cost-effective health plan. The analysis will project the potential value for patients and providers.
- Out-of-pocket projections: Using this software, we are able to project out-of-pocket costs for complex episodes of care based on the patient’s insurance benefits, treatment plan and provider rates. The out-of-pocket estimation provides transparency for patients, and will ideally lead to lower out-of-pocket expenses with an increased level of care.
- Cost optimization: Personalized analysis, identification and enrollment of patients’ to financial assistance programs, government plans and insurance optimization opportunities. Full coverage of every financial navigation opportunity available, including: pharma copay, free/replacement drugs, local and nationwide foundations, and state and federal government plans.
View our latest Impact Report HERE.