CoverMyMeds Company Profile

Background

Overview

CoverMyMeds is a healthcare technology company founded in 2008, specializing in automating the prior authorization (PA) process to enhance medication access for patients. The company operates as a subsidiary of McKesson Corporation, a global leader in healthcare supply chain management. CoverMyMeds is headquartered in Columbus, Ohio, with additional offices in Cleveland.

Mission and Vision

The company's mission is to help people get the medicine they need to live healthier lives by streamlining the PA process, thereby reducing prescription abandonment and accelerating patient access to necessary medications.

Industry Significance

CoverMyMeds has become a leader in electronic prior authorization solutions, connecting a vast network of healthcare providers, pharmacies, and payers. Its platform integrates with over 350 electronic health record (EHR) systems and connects to more than 50,000 pharmacies and 950,000 providers, representing 96% of prescription volume.

Key Strategic Focus

Core Objectives

CoverMyMeds aims to simplify the PA process, reduce administrative burdens, and improve patient outcomes by providing efficient and accessible medication access solutions.

Areas of Specialization

The company specializes in electronic prior authorization, real-time benefit checks, and medication access solutions for pharmaceutical brands, pharmacies, providers, and payers.

Key Technologies Utilized

Electronic Prior Authorization (ePA): Automates the PA process, enabling faster approvals and reducing delays in patient access to medications.

Real-Time Benefit Check (RxBC): Provides prescribers with patient-specific prescription cost and coverage information at the point of prescribing, helping to reduce prescription abandonment.

Primary Markets Targeted

CoverMyMeds serves a broad spectrum of the healthcare industry, including pharmaceutical manufacturers, pharmacies, healthcare providers, payers, and patients across the United States.

Financials and Funding

Funding History

CoverMyMeds has raised a total of $1 million in funding.

Recent Funding Rounds

In 2014, Francisco Partners invested an undisclosed minority stake in CoverMyMeds.

Notable Investors

Francisco Partners is a notable investor in CoverMyMeds.

Utilization of Capital

The capital raised has been utilized to expand CoverMyMeds' technological infrastructure, integrate with a wide range of EHR systems, and enhance its network connectivity to improve medication access and streamline the PA process.

Pipeline Development

Key Pipeline Candidates

CoverMyMeds focuses on developing solutions that address medication access challenges, including electronic prior authorization and real-time benefit checks.

Stages of Development

The company has successfully implemented its solutions across a vast network of healthcare providers, pharmacies, and payers, indicating a mature stage of development.

Target Conditions

CoverMyMeds' solutions aim to address barriers in accessing a wide range of medications, including specialty drugs and therapies requiring prior authorization.

Anticipated Milestones

The company continues to expand its network and enhance its technological capabilities to further streamline the PA process and improve patient outcomes.

Technological Platform and Innovation

Proprietary Technologies

Electronic Prior Authorization (ePA): Automates the PA process, reducing approval times from days to minutes.

Real-Time Benefit Check (RxBC): Provides prescribers with immediate access to patient-specific prescription cost and coverage information.

Significant Scientific Methods

CoverMyMeds employs data-driven technology to accelerate innovative solutions, aiming to increase speed to therapy, reduce prescription abandonment, and support improved health outcomes.

Leadership Team

Key Executives

Nathan Mott: President of CoverMyMeds.

Matt Scantland: Co-founder and former CEO; continues leadership in sales.

Sam Rajan: Co-founder; continues leadership in sales.

Professional Backgrounds and Contributions

Nathan Mott serves as the President of CoverMyMeds, overseeing the company's strategic direction and operations. Matt Scantland and Sam Rajan, as co-founders, have been instrumental in developing and scaling the company's solutions, with Matt continuing to lead sales initiatives.

Competitor Profile

Market Insights and Dynamics

The healthcare technology sector, particularly in electronic prior authorization, is experiencing significant growth due to increasing demand for streamlined processes and improved patient access to medications.

Competitor Analysis

Surescripts: A leading competitor in the electronic health information exchange space, offering e-prescribing and health information network services.

DrFirst: Provides medication management solutions, including e-prescribing and medication history services.

DoseSpot: Offers e-prescribing solutions with a focus on user-friendly interfaces and integration capabilities.

Strategic Collaborations and Partnerships

CoverMyMeds has established partnerships with various stakeholders in the healthcare industry, including pharmaceutical manufacturers, pharmacies, healthcare providers, and payers, to enhance medication access and streamline the PA process.

Operational Insights

CoverMyMeds differentiates itself through its extensive network integration, connecting with over 350 EHR systems and more than 50,000 pharmacies, facilitating seamless electronic prior authorization processes.

Strategic Opportunities and Future Directions

The company continues to expand its network and technological capabilities, aiming to further streamline the PA process and improve patient outcomes. Recent developments include the acquisition of RxLightning, a digital platform for specialty medication access, indicating a strategic focus on enhancing medication access solutions.