CoverMyMeds and Magellan Rx Management Collaborate on Electronic Prior Authorization Program
Aug 29, 2017 | Angela Masciarelli
Online solution reduces prior authorization barrier for providers, provides faster access to therapy for patient
COLUMBUS, OH – August 29, 2017 – CoverMyMeds, a leader in electronic prior authorization (ePA) solutions, announced a collaboration with Magellan Rx Management to launch an ePA program. Magellan Rx Management, the pharmacy benefit management division of Magellan Health, understands the value of a streamlined ePA process that ensures providers can efficiently submit prior authorization (PA) requests, and patients receive faster access to required therapy. Over the course of 2017, Magellan Rx Management will continue to expand its ePA offering in a phased rollout approach to its customers.
According to the ePA National Adoption Scorecard, 96 percent of payers are committed to ePA. As a result of the partnership, the submission, review and notification process can occur electronically, further eliminating the use of paper forms, phone calls and faxes between providers and Magellan Rx Management.
Each year 185 million prescriptions require PA, and 40 percent, or 75 million prescriptions, are abandoned due to the complex process.1 Non-adherence to medication is a significant problem for the health care industry, resulting in $300 billion in annual costs through unnecessary hospitalizations.2 According to data in the ePA National Adoption Scorecard, the PA process costs providers and their staff a large number of hours each week; however, the ePA process significantly decreases the time required to submit a request and receive a determination.
“Magellan Rx Management is always looking for new ways to leverage technology-based solutions for both prescribers and members to help support timely, quality clinical decisions. This tool will make the process more efficient and benefit everyone, most importantly, the member,” said Jillian Lucas, SVP PBM Operations at Magellan RX Management.
Founded on the mission of helping patients get the medication they need to live healthy lives, CoverMyMeds is a leading ePA platform in the health care industry. The company’s software suite automates the medication PA process for more than 500 electronic health records (EHR) systems, 62,000 pharmacies, 700,000 providers and is directly integrated with most health payers in the U.S.
“Prior authorization is a necessary practice for our payer partners, and the health care industry, to ensure patients receive appropriate access to prescribed medications,” said Scott Rybak, SVP and General Manager, Payer Solutions at CoverMyMeds. “Our mission at CoverMyMeds is to streamline that process for pharmacists, providers and payers by enabling them to electronically exchange information in real time. The broad adoption of CoverMyMeds by more than 700,000 providers and 62,000 pharmacies delivers immediate value to our payer partners by generating ePA volume from day one, which reduces administrative waste and manual PA reviews.”
Magellan Rx Management’s ePA functionality is now available at no cost to providers through CoverMyMeds’ online portal and more than 500 integrated EHRs.
Magellan Rx Management is a full-service PBM that specializes in solving complex pharmacy challenges for its customers by developing and executing smart solutions that leverage industry-leading experience and technology to exceed expectations across the employer, third-party administrator, broker, managed care, government, Medicaid and Medicare Part D lines of business. As a pioneer in medical specialty pharmacy management and a leader in best-in-class formulary optimization programs, Magellan Rx Management delivers consistent, proven cost savings. As clinical experts, Magellan Rx Management delivers customized programs to address clients’ most pressing clinical challenges, drive Star Ratings improvements and engage patients and providers to deliver improved health outcomes. For more information visit www.magellanrx.com.
CoverMyMeds is a leader in electronic prior authorization (ePA) solutions, and one of the fastest growing health care technology companies in the U.S. CoverMyMeds’ software suite automates the medication prior authorization process for more than 500 electronic health records (EHR) systems, 62,000 pharmacies, 700,000 providers and most health plans and PBMs. By ensuring appropriate access to medications, the company helps its customers avoid billions of dollars each year in administrative waste and avoidable medical spending caused by prescription abandonment. Visit www.covermymeds.com for more information.
Magellan Rx Management
Colleen Flanagan Johnson