NEW YORK, NY – September 23, 2013 – SaaS Capital, the leading provider of alternative growth financing for SaaS businesses, announced today that it has delivered one of its largest lines-of-credit, to date, as CoverMyMeds joins the portfolio. An Ohio-based company, CoverMyMeds was recently named the 96th fastest growing company in the country and the 8th fastest growing healthcare-related company in the U.S., in the 2013 Inc. 5000 annual ranking. The funding will be used to further accelerate the breadth of its product offerings, as well as expand sales and marketing staff.
CoverMyMeds has created one of the most interconnected networks in the healthcare industry. The first solution leveraging the network is a substantially improved process for millions of patients challenged by complex prescribed medication prior authorization (PA) requirements. While these PAs are designed to provide assurance that the right medications are prescribed, they lead to high rates of prescription abandonment and patients not getting medications they desperately need. CoverMyMeds helps millions of patients get the medications they need, processing over 500,000 PAs per month through 65,000+ pharmacies, 60,000+ certified prescribers, and a growing number of the largest insurance companies in the world.
“Funding from SaaS Capital will help us expand the products we have running on our healthcare network and increase distribution,” says Ted Frank, CFO of CoverMyMeds. “The rapid, profitable growth of our business provides the company with multiple debt and equity financing options. For CoverMyMeds, the best option was to partner with SaaS Capital. Their responsiveness, unique and flexible credit structure and, most importantly, our confidence that they will grow with us as we more than double revenue each year makes them the right partner.”
“SaaS Capital is honored to partner with CoverMyMeds,” comments Todd Gardner, CEO of SaaS Capital. “They have such a great team and are truly innovating an old and cumbersome process through the application of technology, while simultaneously taking costs out of the healthcare system and promoting better care. We look forward working with them as they continue to innovate and grow.”
About SaaS Capital
Founded in 2006, SaaS Capital is the pioneer provider of debt-based growth capital for SaaS companies. By leveraging the predictable revenue streams of the SaaS business model, SaaS Capital allows companies to use debt instead of equity to fund investments in sales, marketing, and new product development. SaaS Capital’s line-of-credit approach combines more availability and longer terms, with more flexible drawdown and repayment, versus other lenders in the market. Through its partnership with DH Capital, SaaS Capital can also assist with a variety of M&A and capital raising advisory services. To learn more about SaaS Capital, visit www.saas-capital.com.
CoverMyMeds helps doctors and pharmacies submit prior authorizations and other coverage determination forms for any drug and nearly all plans. The service is 100% free for pharmacies and physicians who can access the service at CoverMyMeds.com, or through the company's ever-growing network. CoverMyMeds is a portfolio company of BioEnterprise and JumpStart Inc. For more information, call 866.452.5017, or visit www.covermymeds.com.
We looked at different financing alternatives to fund our growth including venture capital, venture debt, and commercial banks. SaaS Capital's approach allows us access to the greatest amount of capital with a line-of-credit that provides us flexibility around when we borrow and repay.
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