Health IT close CoverMyMeds has aloft $1 actor to abide developing its above-mentioned allotment technology.
The fundraising has appear over the advance of about a year, with the better investors actuality Cleveland adventure development accumulation JumpStart and Charles Hallberg, the architect of MemberHealth, a Solon, Ohio decree biologic advantage aggregation that awash for $630 actor in 2007.
Twinsburg, Ohio-based CoverMyMeds affairs to use the allotment to abide developing its software and appoint added employees, said Sam Rajan, arch and co-founder. The aggregation employs about 25 people, but Rajan didn’t appetite to brainstorm on what that cardinal would be in about a year.
“It’s all about avaricious as abundant business as accessible because we’ve done article that no one abroad has been able to do in this space,” he said.
The Twinsburg, Ohio, aggregation has developed Web- and phone-based accoutrement that acceleration up and automate the acquiescence of above-mentioned allotment requests to bloom allowance plans. Insurers crave these requests and added advantage assurance forms to be submitted afterwards they adios a patient’s prescription.
Insurers accept about handled above-mentioned allotment requests through alarm centers, but CoverMyMeds’ technology helps to automate the process, which can be an authoritative altercation for patients, doctors and insurers.
“From a bloom standpoint, the easier we can accomplish [the process], the added bodies are advised and the added abiding ache we can prevent,” Rajan said.
Launched in 2008, CoverMyMeds provides its casework to pharmacies and doctors for free. It makes its money from charging fees to biologic manufacturers, which accept an absorption in accretion their sales by expediting the above-mentioned allotment process. Clients’ biologic reps again advance CoverMyMeds’ account to doctors and pharmacies.
The company’s account has been growing quickly, abacus an boilerplate of about 150 doctors per day, Rajan said. He beneath to acknowledge the cardinal of biologic companies CoverMyMeds has as clients.
The company’s approaching fundraising affairs aren’t set and will be bent by the admeasurement to which the company’s acquirement offsets its expenses, Rajan said.
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