CoverMyMeds

2 Miranova Place building, which formerly housed CoverMyMeds' Columbus offices

CoverMyMeds is an American healthcare technology company that specializes in electronic prior authorization solutions. Founded in 2008 by Matt Scantland and Sam Rajan, the company has its headquarters in Columbus, Ohio. CoverMyMeds' primary mission is to help patients get the medication they need to live healthy lives by streamlining the medication prescription approval process between healthcare providers, pharmacists, and insurance companies.

History

CoverMyMeds was established with the goal of addressing the challenges and delays associated with the prior authorization process in the healthcare industry. Prior authorization is a requirement that a healthcare provider obtains approval from a patient's health insurance plan before prescribing a specific medication. This process was traditionally manual, time-consuming, and often a significant barrier to patient care.

In 2008, recognizing the inefficiency of the existing system, Scantland and Rajan developed a software solution that automates the prior authorization process, thereby reducing wait times for medications and improving the overall efficiency of healthcare delivery. The company quickly gained traction within the healthcare industry due to its innovative approach and the tangible benefits it offered to all stakeholders involved in the prescription process.

Growth and Expansion

Over the years, CoverMyMeds has experienced significant growth. It has expanded its services beyond just prior authorization to include a suite of solutions designed to address various challenges in the medication access and adherence landscape. These solutions encompass electronic prior authorization (ePA), patient assistance programs, and medication therapy management, among others.

In 2017, CoverMyMeds was acquired by McKesson Corporation, a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology, and specialty care. This acquisition has allowed CoverMyMeds to further scale its operations and enhance its offerings, leveraging McKesson's extensive resources and network within the healthcare industry.

Services

CoverMyMeds provides a range of services aimed at simplifying the medication access process. These include:

• Electronic Prior Authorization (ePA): Automates the prior authorization process, making it faster and more efficient for healthcare providers to get approval for medications.
• Patient Assistance Programs (PAP): Helps patients access medication through various assistance programs when they cannot afford them.
• Medication Therapy Management (MTM): Offers tools and services designed to ensure that medications are used effectively to achieve the desired outcomes.

Impact

The impact of CoverMyMeds on the healthcare industry has been significant. By automating and streamlining the prior authorization process, the company has helped reduce prescription abandonment, improved patient access to necessary medications, and enhanced the overall efficiency of healthcare delivery. Its solutions have been widely adopted across the United States, serving thousands of healthcare providers and millions of patients.

Future Directions

Looking forward, CoverMyMeds is focused on continuing to innovate and expand its services to address the evolving needs of the healthcare industry. With the backing of McKesson and a commitment to improving patient care, the company is well-positioned to continue playing a pivotal role in transforming healthcare processes and outcomes.