Since 2008, CoverMyMeds has gone from startup to 70,000 square feet of office space and its name in lights on the side of a prominent building Downtown. One of Columbus’ biggest entrepreneurial success stories, Founder Matt Scantland shares more about the rapid growth of the company that’s solving a giant problem in the healthcare industry on the latest cbuzz podcast.
CoverMyMeds addresses a problem that happens some 250 million times a year – a patient gets to the pharmacy counter and finds out their medication isn’t covered.
“It’s such a hassle to get through that process that it’s common about 50 percent of the time that the patient doesn’t get the prescription that they need,” Scantland says. “Our mission is to help patients get the drugs they need to live healthy lives by making that prior authorization process dramatically easier.”
CoverMyMeds aids in that process over a million times a month.
During the podcast Scantland shares the genesis of the idea for the business and how the issue they tackle has influenced their rapid success.
“The success of CoverMyMeds is rooted in picking a problem that when solved, everyone wins,” he says.
Doctors, pharmacists, patients – the software carries big benefits for all. It produces a network effect – as more customers join, it streamlines the process, making it easier for everybody.
Scantland also shares how CoverMyMeds developed the culture it is known for. As part of another entrepreneurial venture at Innova Partners, he and his fellow co-founders were unsure of the exact direction they wanted to take their computer-centric company, but they knew one thing.
“We did have a strong initial idea and we said, ‘Let’s create the best place for technical people to work in Columbus,'” Scantland says.
That translated into making CoverMyMeds the best place for ambitious people to work.
“What do the best people want?” Scantland asks.
The rapidly-growing company goes beyond that Silicon Valley style work environment with kegs and ping-pong tables, and makes decisions that aim to show their employees that they are the most important part of the business. It comes through in practices like letting decisions be made as close to the ground as possible.
Listen to the full podcast below as Scantland talks more about the rapidly growing business and how he got his knack for entrepreneurship at a young age.
The Columbus Chamber and CD102.5 have partnered to bring the first business-themed podcast to Columbus. During cbuzz, host and local comedian Dan Swartwout will speak with local business owners and entrepreneurs and allow them to tell their story and highlight their organization, while further inspiring the entrepreneurial spirit that is buzzing in the city.
Want to hear more? Visit columbus.org/resources/podcasts for new podcasts every other week.
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