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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...
...Tools developed by CoverMyMeds cut the request submissions process by at least 70 percent to five minutes. The company will use its investment from investment the arm of venture developer JumpStart Inc. to refine its product and begin to integrate it with doctor, pharmacy and insurer work flows...

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