CoverMyMeds to Expand Product Offering and Support for Customers Through Partnership with Prominent Investment Firm
CoverMyMeds, a leader in healthcare technology, today announced a growth investment by Francisco Partners, one of the Country’s pre-eminent technology investors.
CoverMyMeds’ software automates the medication benefit process to reduce administrative waste while maximizing patient outcomes. The Company is a leader in the industry, providing healthcare IT solutions for more than 360 EHR systems, 45,000 pharmacy locations, and payers that represent 72% of U.S. prescription volume. More than 260,000 prescribers use CoverMyMeds’ free software platform to ensure that patients receive the drugs they need to lead healthier lives. Francisco Partners, a prominent San Francisco-based technology investment firm, is investing to support CoverMyMeds’ development of expanded solutions for its broad network of constituents. In addition to expansion capital, Francisco Partners brings a rich network of professionals experienced in advising the most accomplished healthcare IT companies.
“Our mission is to arm healthcare professionals with the software tools they need to save valuable time and expedite care for patients,” said Alan Scantland, CEO of CoverMyMeds. “Our decision to work with Francisco Partners provides a spring board for the company to continue aggressive expansion of our product offerings, fuel growth, and provide best-in-class service to our customers. We’re thrilled about this partnership’s positive impact on payer and provider workflows and their patients’ lives.”
“The CoverMyMeds team has built a game-changing platform in the industry, helping healthcare providers get patients their medication and treatment faster than ever before,” said Chris Adams, a partner at Francisco Partners. “They already have an exceptional management team in place and are recognized as one of the best places to work due to their award-winning culture. Our role is to contribute expertise and funding to help accelerate the company’s already rapid growth.”
About CoverMyMeds
CoverMyMeds is a leader in the medication benefit process and one of the fastest growing healthcare information technology companies in the US. We help physicians, pharmacists, and their staff complete medication approval requests for any drug and all plans. Our technology integrates with payers, EHRs and pharmacy systems to create an efficient electronic process for all participants. For more information, visit www.covermymeds.com.
About Francisco Partners
Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm’s deep sub-sector knowledge and operational expertise can help a company realize its full potential.