New Day is uniquely positioned to advance solutions for Michigan families that will prevent financial toxicity from becoming a reality. New Day uses a technology platform called TailorMed to access the resources needed to alleviate the financial burden of cancer on patients. The software proactively identifies patients with the highest financial risk, offers personalized funding opportunities and can even enroll patients to qualifying programs. TailorMed is not only for those in immediate financial crisis, but is designed to pro-actively equip all newly diagnosed patients with options to minimize financial burden.
- 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.
Financial Navigation Services Application: CLICK HERE to download the TailorMed application. The application should be completed by the patient and their hospital social worker and mailed to New Day.