Boca Raton health care technology company Modernizing Medicine is partnering with an Ohio company to simplify the process of approving prescription of medications.
Modernizing Medicine develops and sells to physicians groups a cloud-based electronic health record software created with the help of practicing doctors.
By working with CoverMyMeds, Modernizing Medicine will bring the formulary management process called electronic prior authorization to the 7,500 health care providers that use its electronic health record system.
Prior authorization is a process used to request coverage of a specific medication for a specific patient. Typically, the physician prescribing the medication requests authorization from a “payer,” such as the health plan, which will then determine whether it will pay for the medication. Historically, prior authorization was handled via telephone, fax or special web portals.
By some estimates, more than 100 million prescriptions are abandoned each year due to the complexity of the approval process. CoverMyMeds, on the other hand, works to streamline the approval with an online solutions platform that today is used by 73 percent of electronic health record vendors, such as ModMed.
“As a practicing physician, I understand the time consuming and expensive frustration of the back and forth pre-approval process for certain medications,” said ModMed co-founder Dr. Michael Sherling. “CoverMyMeds will help solve a pain point for providers and their patients – patients should receive the right medications in a timely manner, and physicians and their staff can save valuable time.”