CoverMyMeds
{{Short description|US healthcare software company}}
{{Infobox company
| logo = CoverMyMeds logo.svg
| logo_size = 200px
| name = CoverMyMeds
| type = Subsidiary
| owner = McKesson Corporation
| foundation = Twinsburg, Ohio, United States (2008){{cite news|url=http://www.cleveland.com/business/index.ssf/2014/12/cleveland_startup_covermymeds.html|title=Cleveland startup CoverMyMeds achieved spectacular success by doing good|last=Smith|first=Robert L.|date=December 5, 2014|newspaper=The Plain Dealer|accessdate=7 May 2016}}
| founders = Sam Rajan
Matt Scantland
| key_people = Nathan Mott, President{{cite web|title=CoverMyMeds |url=https://www.covermymeds.com/main/team/|publisher=CoverMyMeds|accessdate=7 May 2016}}
| industry = Health informatics
| products =
| revenue =
| num_employees =
| homepage = {{url|covermymeds.com}}
}}
CoverMyMeds is a healthcare software company that creates software to automate the prior authorization process used by some health insurance companies in the United States. The company was founded in 2008 and has offices in Ohio. Since early 2017, it has operated as a wholly owned subsidiary of McKesson Corporation.{{cite web|url=https://www.dispatch.com/news/20170126/covermymeds-sale-for-11-billion-touted-as-seminal-for-central-ohio|title=CoverMyMeds' sale for $1.1 billion touted as 'seminal' for central Ohio|first=Mark|last=Williams|website=The Columbus Dispatch}}
History
File:2 Miranova Place building.jpg building, which formerly housed CoverMyMeds' Columbus offices]]
CoverMyMeds was founded in 2008 by pharmacist Sam Rajan and developer Matt Scantland to create automated prior authorization software.{{cite news|last1=Ziegler|first1=Jerred|title=Q&A: CoverMyMeds' Alan Gilbert Discusses Startup Success in Ohio|url=https://weare.techohio.ohio.gov/2015/06/10/qa-covermymeds-alan-gilbert-discusses-startup-success-in-ohio-2/|accessdate=15 June 2016|work=TechOhio|date=10 June 2015}} That same year, JumpStart Ventures invested $250,000 into CoverMyMeds.{{cite news|last1=Vanac|first1=Mary|title=CoverMyMeds gets $250K for tools to automate prior authorization|url=http://medcitynews.com/2010/07/covermymeds-gets-250k-for-tools-to-automate-prior-authorization/|accessdate=8 May 2016|agency=MedCityNews|publisher=Breaking Media, Inc.|date=6 July 2010}} By 2011, CoverMyMeds had raised a total of $1 million.{{cite news|last1=Glenn|first1=Brandon|title=CoverMyMeds raises $1M for prior authorization technology|url=http://medcitynews.com/2011/05/covermymeds-raises-1m-for-prior-authorization-technology/|accessdate=8 May 2016|agency=MedCityNews|publisher=Breaking Media, Inc.|date=20 May 2011}}
In 2008, in response to a lack of space from the growing number of employees, CoverMyMeds opened a new office in Columbus, Ohio and moved most of its technical employees there.{{cite news|last1=Ghose|first1=Carrie|title=Where is CoverMyMeds based? That's complicated, but we say Columbus|url=http://www.bizjournals.com/columbus/blog/2014/12/is-covermymeds-a-columbus-based-company-yes-but-it.html|accessdate=14 June 2016|agency=Columbus Business First|date=22 December 2014}} In the years following, CoverMyMeds saw most of its growth in Columbus, benefited by tax credits offered by the state of Ohio and city of Columbus. As of 2014, 120 of CoverMyMeds' 150 employees were in Columbus. In a 2014 Columbus Business First interview with co-founder Matt Scantland, when asked which city is considered the headquarters of CoverMyMeds, Scantland stated, "Both Columbus and Twinsburg serve critical functions in our company. Relative to our daily operations, we don't really think about having a 'headquarters.'"
In 2014, Francisco Partners invested an undisclosed minority stake in CoverMyMeds.{{cite news|last1=Ghose|first1=Carrie|title=CoverMyMeds hiring as fast as it can after Francisco Partners' investment|url=http://www.bizjournals.com/columbus/blog/2014/11/covermymeds-hiring-as-fast-as-it-can-after.html|accessdate=8 May 2016|agency=Columbus Business First|publisher=American City Business Journals|date=6 November 2014}}{{cite news|last1=Suttel|first1=Scott|title=CoverMyMeds receives 'growth investment' from California-based Francisco Partners|url=http://www.crainscleveland.com/article/20141105/FREE/141109897/covermymeds-receives-growth-investment-from-california-based|accessdate=8 May 2016|agency=Crain's Cleveland Business|publisher=Crain Communications|date=5 November 2014}} That same year, CoverMyMeds was offered government tax credits in exchange for growth plans. These growth plans included creating 116 new jobs in the following years.{{cite news|last1=Williams|first1=Mark|title=Health-care tech firm CoverMyMeds offered tax credits|url=http://www.dispatch.com/content/stories/business/2014/09/29/tax-credits-offered-to-area-companies.html|accessdate=8 May 2016|agency=The Columbus Dispatch|date=30 September 2014}} During this time, CoverMyMeds moved its office in Columbus from the Arena District to a larger space in Columbus' Scioto Mile at 2 Miranova building.
In November 2014, CoverMyMeds' software was being used by 45,000 pharmacies and 260,000 prescribers. By August 2015, CoverMyMeds had over 400,000 prescribers use it, and as of June 2016, has over 500,000.{{cite web|title=About CoverMyMeds|url=https://www.covermymeds.health/about|website=CoverMyMeds|accessdate=14 June 2016|date=19 February 2013}}
In early 2016, CoverMyMeds announced they would be moving their Twinsburg office to Highland Hills, Ohio.{{cite news|last1=Soder|first1=Chuck|title=CoverMyMeds leaving Twinsburg for Highland Hills, plans to hire 25|url=http://www.crainscleveland.com/article/20160111/NEWS/160119972/covermymeds-leaving-twinsburg-for-highland-hills-plans-to-hire-25|accessdate=8 May 2016|agency=Crain's Cleveland Business|publisher=Crain Communications|date=11 January 2016}} The Highland Hills office consists of 15,000 square feet of space, and would be three times larger than the space in Twinsburg. The new space would allow CoverMyMeds to hire 25 new employees. The office opened on January 11, 2016, primarily occupied by analysts and financial employees.{{cite web|title=CoverMyMeds creating "Geeks' Paradise" in new Cleveland space|url=https://www.covermymeds.com/main/covermymeds-creating-geeks-paradise-in-new-cleveland-space/|website=CoverMyMeds|accessdate=15 June 2016|date=13 January 2016}}
In early 2017, CoverMyMeds was acquired by McKesson for $1.1 Billion.
In late 2018, CoverMyMeds announced the building and development of a new campus in Franklinton, Columbus, Ohio. The new campus is a multimillion-dollar facility designed by the architect firm, Perkins+Will's Dallas studio.{{Cite web |last=Weiker |first=Jim |title=CoverMyMeds campus prepares to open, beer taps, "back yard" and all |url=https://www.dispatch.com/story/business/2021/05/17/covermymeds-headquarters-franklinton-opening-beer-tap-back-yard/5071738001/ |access-date=2024-08-05 |website=The Columbus Dispatch |language=en-US}}
Product
CoverMyMeds' software automates the prior authorization process used by some health insurance companies in the United States, helping to save time and eliminate paperwork. Traditionally, prior authorization required phone calls and faxes between multiple parties; CoverMyMeds circumvents this by automating the process. Involved parties are able to view the status of the authorization as it progresses.
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References
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Category:Health care companies based in Ohio
Category:Health information technology companies
Category:Software companies based in Ohio
Category:Companies based in the Columbus, Ohio metropolitan area
Category:Software companies of the United States
Category:2008 establishments in Ohio
Category:Software companies established in 2008