CoverMyMeds' platform streamlines prior authorization processes and reduces the approval time from days to mere minutes
SANTA CLARA, Calif., Oct. 5, 2020 /CNW/ -- Based on its recent analysis of the North American prior authorization (PA) solutions market, Frost & Sullivan recognizes CoverMyMeds with the 2020 North America Product Leadership Award. With its innovative electronic prior authorization (ePA) solution, physicians can submit PA requests up to three times faster than with conventional manual, phone, and fax methods. Its suite of medication access solutions seamlessly connect the healthcare network to help reduce prescription abandonment and improve time-to-therapy.
CoverMyMeds' integrated and web accessible PA platform streamlines the process for healthcare stakeholders, including providers, payers, pharmacy, and life sciences companies. Its network includes approximately 75% of electronic health records (EHRs), 96% of pharmacies, 750,000 providers, and most health plans. With its novel product, it decreases PA determination times from days to mere minutes. Through continuous innovations, it also provides real-time prescription decision support and patient empowerment solutions.
"The cumbersome, traditional prior authorization process is a clear medication access barrier with an estimated 37% of medications requiring PA being abandoned each year.1 CoverMyMeds is helping to solve this by streamlining the complex process electronically," said Pavel Zhebrouski, Best Practices Research Analyst at Frost & Sullivan. "Their platform is the most reliable in the industry, securely and electronically submitting PA requests between pharmacies, providers and health plans. By using CoverMyMeds, determination time is greatly decreased and can lead to an 80% higher dispense rate for prescriptions in some cases.2"
CoverMyMeds also presents an innovative, tech-driven approach to patient support services that streamlines patient access to specialty therapies and enables end-to-end visibility into the patient journey. Its ability to work across the entire patient journey and its business partnerships with all healthcare stakeholders makes it unique in the market. It leverages various methods such as user interviewing, focus groups, co-creation, user testing of its design concepts, quantitative studies, and design thinking methods with all stakeholders to ensure product relevance and customer value.
"As part of the McKesson Corporation, CoverMyMeds has been able to continue growing and reinventing healthcare for millions of patients who need better access to medications," noted Daniel Ruppar, Consulting Director at Frost & Sullivan. "Its responsiveness to both the industry and customer challenges allows it to create best-in-class customer value and achieve sustained leadership in the PA space."
Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid market acceptance. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
1 – CoverMyMeds Data on File, 2020
2 - CoverMyMeds data on file, based on two months of paid and rejected data from PioneerRx, 2019
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CoverMyMeds, part of McKesson's Prescription Technology Solutions, is a fast-growing healthcare technology company that has been recognized as a "Best Place to Work" by Glassdoor and a "Best Company to Work For" by FORTUNE. CoverMyMeds' solutions help patients get the medications they need to live healthy lives by seamlessly connecting the healthcare network to improve medication access; thereby increasing speed to therapy and reducing prescription abandonment. CoverMyMeds' network includes 75 percent of electronic health record systems (EHRs), 96 percent of pharmacies, 750,000 providers and most health plans and PBMs. Visit www.covermymeds.com for more information.
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SOURCE Frost & Sullivan
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