New partners and record provider adoption fuel growth of nation's largest prior authorization network
Columbus, Ohio – March 2, 2016 – CoverMyMeds, the leader in electronic prior authorization (ePA), today announced two company milestones that increase the size and connectivity of its system. As a result of new partnerships and record provider adoption, CoverMyMeds is now integrated with more than 500 electronic health records (EHR) systems and has reached 500,000 provider accounts.
These EHR systems and providers join a network of approximately 47,000 pharmacies and nearly all health plans to complete prior authorization (PA) requests electronically, rather than through paper form, fax and phone methods. On average, the technology saves providers 15 minutes per PA request, and in many cases, delivers a real-time determination from the health plan.
In the last month, CoverMyMeds secured partnerships with a number of new electronic health records (EHR) systems, including a recently announced partnership with Claimat, to reach a milestone of more than 500 integrated EHRs.
One reason EHR vendors select CoverMyMeds as their integrated ePA solution is because of provider adoption among their customer base, which increases daily. In January, CoverMyMeds added 25,000 providers to the network. The company continues to add an average of 800 to 1,000 new provider accounts each business day.
Universal compatibility and faster determinations are top benefits cited by providers when asked why they use CoverMyMeds.
Universal compatibility refers to functionality that enables providers to electronically submit requests to any health plan. This capability is unique to CoverMyMeds, and critical for provider satisfaction.
Faster determinations are vital for patient medication adherence, reducing administrative time and creating cost efficiencies for health plans. CoverMyMeds facilitates real-time determinations for 25 to 65 percent of all ePA requests, depending on the plan, and according to a case study, reduces plan PA reviews by 40 percent.
According to a nurse using the system, "CoverMyMeds is awesome! Compared to printing off and faxing forms or calling into the plan, ePA offers less hassle, less wait time and faster turn around time."
"We created CoverMyMeds with the mission of getting patients the medication they need to live healthier lives," said Matt Scantland, Co-Founder of CoverMyMeds. "With adoption in some markets exceeding 60 percent of overall PA volume, we're thrilled to be making a positive impact on industry stakeholders and the more than 13 million patients we helped receive prescribed medication in 2015."
Learn more about CoverMyMeds' ePA solution by visiting booth #754 at the 2016 HIMSS Annual Conference & Exhibition (Feb. 29 – March 4, 2016 in Las Vegas) or visit www.covermymeds.com.
About CoverMyMeds
CoverMyMeds is the leader in Electronic Prior Authorization (ePA) and one of the fastest growing health care technology companies in the U.S. We help physicians, pharmacists and their staff complete ePA requests for any drug and all health insurance plans. Our technology integrates with nearly 47,000 pharmacies, more than 500 EHR systems and payers representing nearly 75 percent of U.S. prescription volume to create the most efficient ePA strategy for all participants. With more than one million PA requests submitted each month, CoverMyMeds is the only vendor using the ePA NCPDP SCRIPT Standard at scale. For information, visit www.covermymeds.com.
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