CoverMyMeds

Last updated
CoverMyMeds
Company type Subsidiary
Industry Health informatics
Founded Twinsburg, Ohio, United States (2008) [1]
FoundersSam Rajan
Matt Scantland
Headquarters,
United States  OOjs UI icon edit-ltr-progressive.svg
Key people
Nathan Mott, President [2]
Owner McKesson Corporation
Website 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. [3]

Contents

History

2 Miranova Place building, which formerly housed CoverMyMeds' Columbus offices 2 Miranova Place building.jpg
2 Miranova Place 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. [1] [4] That same year, JumpStart Ventures invested $250,000 into CoverMyMeds. [5] By 2011, CoverMyMeds had raised a total of $1 million. [6]

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. [4] [7] 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. [7] 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.'" [7]

In 2014, Francisco Partners invested an undisclosed minority stake in CoverMyMeds. [1] [8] [9] 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. [10] 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. [8] [10]

In November 2014, CoverMyMeds' software was being used by 45,000 pharmacies and 260,000 prescribers. [9] By August 2015, CoverMyMeds had over 400,000 prescribers use it, [9] and as of June 2016, has over 500,000. [11]

In early 2016, CoverMyMeds announced they would be moving their Twinsburg office to Highland Hills, Ohio. [12] 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. [12] The office opened on January 11, 2016, primarily occupied by analysts and financial employees. [13]

In early 2017, CoverMyMeds was acquired by McKesson for $1.1 Billion. [3]

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. [14]

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. [4] 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. [4]

Related Research Articles

<span class="mw-page-title-main">Cardinal Health</span> American multinational health care services company

Cardinal Health, Inc. is an American multinational health care services company, and the 14th highest revenue generating company in the United States. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. The company also manufactures medical and surgical product, including gloves, surgical apparel, and fluid management products. In addition, it operates one of the largest networks of radiopharmacies in the U.S. Cardinal Health provides medical products to over 75 percent of hospitals in the United States.

The Longaberger Company was an American manufacturer and distributor of handcrafted maple wood baskets and other home and lifestyle products. The company opened in 1973, was acquired in 2013 by CVSL, Inc., and closed in 2018. The following year, Xcel Brands acquired the intellectual property and relaunched the brand, expanding it to include home goods such as furniture, food, jewelry and other handcrafted products.

<span class="mw-page-title-main">Dan Gilbert</span> American businessman (born 1962)

Daniel Gilbert is an American billionaire, businessman, and philanthropist. He is the co-founder and majority owner of Rocket Mortgage, founder of Rock Ventures, and owner of the National Basketball Association's Cleveland Cavaliers. Gilbert owns several sports franchises, including the American Hockey League's Cleveland Monsters, and the NBA G League's Cleveland Charge. He operates the Rocket Mortgage FieldHouse in Cleveland, Ohio, home to the Cavaliers and Monsters. As of January 2023, Forbes estimated his net worth at US$18.3 billion.

<span class="mw-page-title-main">Downtown Columbus, Ohio</span> Neighborhood in Columbus, Ohio

Downtown Columbus is the central business district of Columbus, Ohio. Downtown is centered on the intersection of Broad and High Streets, and encompasses all of the area inside the Inner Belt. Downtown is home to most of the tallest buildings in Columbus.

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company's banking subsidiary, The Huntington National Bank, operates 1047 banking offices, primarily in the Midwest: 459 in Ohio, 290 in Michigan, 80 in Minnesota, 51 in Pennsylvania, 45 in Indiana, 35 in Illinois, 32 in Colorado, 29 in West Virginia, 16 in Wisconsin and 10 in Kentucky.

<span class="mw-page-title-main">Jon Husted</span> American politician; Lieutenant Governor of Ohio (2019–present)

Jon Allen Husted is an American politician serving as the 66th lieutenant governor of Ohio, since 2019. He was previously the 53rd Ohio Secretary of State. A member of the Republican Party, he previously represented the 6th District of the Ohio Senate from 2009 to 2011 and was a member of the Ohio House of Representatives from 2001 to 2009. From 2005 to 2009, Husted served as Speaker of the Ohio House of Representatives and remains the 7th youngest person to ever become Ohio House Speaker. Husted was elected Ohio Secretary of State in 2010 and re-elected in 2014. He was a candidate in the Republican Party primary for Governor of Ohio in the 2018 election but later announced that he would instead run for lieutenant governor of Ohio as Attorney General Mike DeWine's running mate.

<span class="mw-page-title-main">Economy of Ohio</span>

The economy of Ohio nominally would be the 20th largest global economy behind Turkey and ahead of Switzerland according to The World Bank as of 2022. The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, ranking 7th in the nation behind Pennsylvania and ahead of Georgia. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.

g2o, formerly Information Control Company (ICC), formerly Information Control Corporation, is headquartered in Columbus, Ohio, United States. It is the largest Ohio-owned digital experience and technology consulting company.

<span class="mw-page-title-main">FirstMerit Corporation</span> Bank

FirstMerit Corporation was a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provided a range of banking and other financial services to consumers and businesses. Principal affiliates included: FirstMerit Bank, N.A., and FirstMerit Mortgage Corporation. It was acquired by Huntington Bancshares in August 2016.

The Ohio Bureau of Workers' Compensation provides medical and compensation benefits for work-related injuries, diseases and deaths. It was founded in 1912. With assets under management of more than $29 billion, it is the largest state-operated and second largest overall provider of workers’ compensation insurance in the United States.

<span class="mw-page-title-main">McCoy Center</span> Office in Columbus, Ohio

The McCoy Center is an office building located in Columbus, Ohio. The building was acquired by JPMorgan Chase & Co. with its 2004 merger with Bank One Corporation. Formally known as the Corporate Center Columbus, the building was renamed after the merger to honor the McCoy family, who led the Columbus-based Bank One for three generations. Inside is a gift shop, Starbucks, Which Wich?, Saladworks, recreational game room, shipping center, car rental, nurse's station, health & wellness center, one cafeteria, a bistro, multiple Chase automated teller machines, and a personal banker. The building is located off Polaris Parkway, home of the Polaris Fashion Place mall.

<span class="mw-page-title-main">Francisco Partners</span> American private equity firm

Francisco Partners Management, L.P., doing business as Francisco Partners, is an American private equity firm focused exclusively on investments in technology and technology-enabled services businesses. It was founded in August 1999 and based in San Francisco with offices in London and New York City.

The Buckeye Institute is a 501(c)(3) conservative, free-market public policy think tank. The organization, based in Columbus, Ohio, says its mission is "to advance free-market public policy in the states."

<span class="mw-page-title-main">CareSource</span> Health Insurance Provider

CareSource is a nonprofit that began as a managed health care plan serving Medicaid members in Ohio. Today, it provides public health care programs including Medicaid, Medicare, and Marketplace. The company is headquartered in Dayton, Ohio. It is the largest Medicaid plan in Ohio and is second largest in the United States.

Hattie Larlham is an American nonprofit organization that creates opportunities for more than 1,600 children and adults with intellectual and developmental disabilities in the state of Ohio. Services provided encompass medical, work training and employment, recreational, educational, and residential, catering to both children and adults.

<span class="mw-page-title-main">2011 Ohio Issue 2</span> Referendum

The Ohio Collective Bargaining Limit Repeal appeared on the November 8, 2011 general election ballot in the state of Ohio as a veto referendum. Senate Bill 5 (SB5) was repealed by Ohio voters after a campaign by firefighters, police officers and teachers against the measure, which would have limited collective bargaining for public employees in the state. The formal title of the proposal that this measure nullified is Senate Bill 5. Among other provisions, SB 5 would have prevented unions from charging fair share dues to employees who opt out. The process to place the referendum on the ballot for voters to decide was completed by supporters, as signatures were certified by the Ohio Secretary of State. The group behind the referendum effort was the political action committee We Are Ohio.

ARCOS LLC is a software company based in Columbus, Ohio, USA, that provides an automated crew callout and resource management software system for finding, assembling and tracking repair crews for electric and gas utility companies. ARCOS LLC is often referred to simply as ARCOS. ARCOS is a supplier to American utility companies. The ARCOS System is a software-as-a-service subscription. The ARCOS System is also used by power generation plants to maintain plant efficiency.

<span class="mw-page-title-main">2016 United States Senate election in Ohio</span>

The 2016 United States Senate election in Ohio was held November 8, 2016, to elect a member of the United States Senate to represent the State of Ohio, concurrently with the 2016 U.S. presidential election, as well as other elections to the United States Senate in other states and elections to the United States House of Representatives and various state and local elections. The close of registration for electors in the primary election was December 16, 2015, and the primary election took place on March 15, 2016. Incumbent Republican U.S. Senator Rob Portman faced former Democratic Governor Ted Strickland. Green Party nominee Joseph DeMare was also on the ballot along with two other independent candidates and one officially declared write-in candidate.

<span class="mw-page-title-main">Capitol Square</span> Public square in Columbus, Ohio

Capitol Square is a public square in Downtown Columbus, Ohio. The square includes the Ohio Statehouse, its 10-acre (4.0 ha) Capitol Grounds, as well as the buildings and features surrounding the square. The Capitol Grounds are surrounded to the north and west by Broad and High Streets. These are the main thoroughfares of the city since its founding. They form the city's 100 percent corner. The grounds are surrounded by 3rd Street to the east and State Street to the south. The oldest building on Capitol Square, the Ohio Statehouse, is the center of the state government and roughly in the geographic center of Capitol Square, Columbus and Ohio.

MKSK is an American planning, urban design, and landscape architecture firm. The company is headquartered in Columbus, Ohio, founded in 1990. The firm is known for its work reshaping Central Ohio, particularly downtown Columbus. MKSK is an employee-owned practice with a network of twelve metropolitan studios in Ohio, Illinois, Indiana, Kentucky, Michigan, South Carolina, Georgia, Florida, and the District of Columbia.

References

  1. 1 2 3 Smith, Robert L. (December 5, 2014). "Cleveland startup CoverMyMeds achieved spectacular success by doing good". The Plain Dealer . Retrieved 7 May 2016.
  2. "CoverMyMeds". CoverMyMeds. Retrieved 7 May 2016.
  3. 1 2 Williams, Mark. "CoverMyMeds' sale for $1.1 billion touted as 'seminal' for central Ohio". The Columbus Dispatch.
  4. 1 2 3 4 Ziegler, Jerred (10 June 2015). "Q&A: CoverMyMeds' Alan Gilbert Discusses Startup Success in Ohio". TechOhio. Retrieved 15 June 2016.
  5. Vanac, Mary (6 July 2010). "CoverMyMeds gets $250K for tools to automate prior authorization". Breaking Media, Inc. MedCityNews. Retrieved 8 May 2016.
  6. Glenn, Brandon (20 May 2011). "CoverMyMeds raises $1M for prior authorization technology". Breaking Media, Inc. MedCityNews. Retrieved 8 May 2016.
  7. 1 2 3 Ghose, Carrie (22 December 2014). "Where is CoverMyMeds based? That's complicated, but we say Columbus". Columbus Business First. Retrieved 14 June 2016.
  8. 1 2 Ghose, Carrie (6 November 2014). "CoverMyMeds hiring as fast as it can after Francisco Partners' investment". American City Business Journals. Columbus Business First. Retrieved 8 May 2016.
  9. 1 2 3 Suttel, Scott (5 November 2014). "CoverMyMeds receives 'growth investment' from California-based Francisco Partners". Crain Communications. Crain's Cleveland Business. Retrieved 8 May 2016.
  10. 1 2 Williams, Mark (30 September 2014). "Health-care tech firm CoverMyMeds offered tax credits". The Columbus Dispatch . Retrieved 8 May 2016.
  11. "About CoverMyMeds". CoverMyMeds. 19 February 2013. Retrieved 14 June 2016.
  12. 1 2 Soder, Chuck (11 January 2016). "CoverMyMeds leaving Twinsburg for Highland Hills, plans to hire 25". Crain Communications. Crain's Cleveland Business. Retrieved 8 May 2016.
  13. "CoverMyMeds creating "Geeks' Paradise" in new Cleveland space". CoverMyMeds. 13 January 2016. Retrieved 15 June 2016.
  14. Weiker, Jim. "CoverMyMeds campus prepares to open, beer taps, "back yard" and all". The Columbus Dispatch. Retrieved 2024-08-05.