Health tech company CoverMyMeds to lay off 815 employees

Health tech company CoverMyMeds plans to let go of 815 employees and close one of its offices, The Columbus (Ohio) Dispatch reported.

The company, which started in 2008, offers a digital platform that transmits prior authorizations between healthcare providers, payers and pharmacies. Healthcare giant McKesson Corp. bought CoverMyMeds in 2017 for $1.1 billion.

"Over the past few months, together, we took important steps to bring our expenses more in line with our revenue growth and to optimize our investments," CoverMyMeds President Kevin Kettler wrote in a staff email viewed by the news outlet. "It's become clear, however, through business planning that further action is needed for CoverMyMeds to continue on a path of long-term sustainable growth."

The company intends to shutter its Scottsdale, Ariz., support center, decrease the size of its Atlanta office, and rent out space at its Columbus headquarters, according to the March 29 story.

Copyright © 2023 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars