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CoverMyMeds Gets $250K for Tools to Automate Prior Authorization

Tuesday, July 06, 2010

Excerpt of story provided by MedCity News
Written by Mary Vanac


Healthcare technology and services company CoverMyMeds LLC has received a $250,000 investment commitment from JumpStart Ventures to develop its application for automated submission of requests to cover patient prescriptions that have been rejected by insurers.

The Twinsburg, Ohio, company has developed Web- and phone-based tools that speed up and automate the submission of Prior Authorization requests to health insurance plans. Insurers require these requests and other coverage determination forms to be submitted after they reject a patient’s prescription...
 
...With the CoverMyMeds investment, JumpStart ended its fiscal year having made 13 investments — the most of any year since its 2004 inception. JumpStart Ventures invests in early-stage Northeast Ohio companies that have the potential to generate between $30 million to $50 million in revenues in five-to-seven years...

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