The CoverMyMeds team knew the answer to an unsolved problem—a problem that, to some, was a matter of life and death. The U.S. pharmaceutical sector faced a chronic issue, one that was keeping millions from receiving their medical prescriptions and costing the healthcare industry billions of dollars every year. Due to a complex, time-intensive prior authorization (PA) process, close to half of all prescriptions requiring PA were being abandoned. Matt and his team had a plan for a solution that benefitted patients, prescribers, pharmacies and insurance providers alike. They just needed to bring it to life.
CoverMyMeds’ software provides a secure, streamlined electronic solution for prescriptions requiring PA. With CoverMyMeds, requests can be completed in minutes and processed in less than a day. Weeklong timelines became a thing of the past. The industry responded on a massive scale. Today, CoverMyMeds is used by most health plans in the U.S. More than 700,000 providers and 62,000+ pharmacies help millions of patients access the medications they need to live healthy lives.
Early on, JumpStart saw the potential for CoverMyMeds to play a pivotal role for tech job creation in Ohio—the type of opportunities that inspire innovation and contribute to a healthy economy. CoverMyMeds received capital through the JumpStart Evergreen Fund and key connections to help propel their rapid growth.
“JumpStart is a fantastic partner. In our early years, they offered financial support and relationships that helped fuel the growth of our business.”
– Matt Scantland, Co-Founder & CEO, CoverMyMeds
In 2017, CoverMyMeds was acquired by McKesson Corporation for up to $1.4 billion, making them Ohio’s first “unicorn” (a startup company valued at more than $1 billion).
Since JumpStart’s initial investment of time and capital, the company has grown from a small team to nearly 700 in both Cleveland and Columbus. Today, CoverMyMeds is still growing—serving more customers, attracting more of the nation’s top talent and fostering more growth for Ohio’s tech sector.
We should expect to see more big things from CoverMyMeds. The company plans to continue to grow and make an even larger impact on its mission of helping patients—serving more customers, attracting more of the nation’s top talent and fostering more growth for Ohio’s tech sector. All while being the best place to work in Ohio.