Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with CoverMyMeds LLC.
Founded in 2008 by Matt Scantland and Sam Rajan, CoverMyMeds assists physicians, pharmacists and other medical professionals with completing Prior Authorization (PAs) and other insurance coverage determination forms for any drug, and almost all drug plans. Utilization of the company’s software applications permits providers to quickly process the necessary forms electronically, thus reducing excess paperwork and accelerating patient access to vital medications. CoverMyMeds provides a 100% free service to pharmacies and physicians bringing the paper-based workflow into a 21st century electronic process. CoverMyMeds has created a PA model that improves efficiency and results in lower prescription abandonment.
CoverMyMeds LLC is proposing to relocate and expand its corporate headquarters by investing approximately $1.52 million in leasehold improvements, which includes construction of new signage, stand-alone computers, furniture and fixtures. The company will enter into a long-term lease agreement on a vacant office space consisting of approximately 64,059 square feet at Two Miranova, Floors 10th - 12th, retain and relocate 69 full-time jobs from E. Chestnut Street and create 111 new full-time permanent positions with an estimated annual payroll of approximately $9.16 million in the Downtown Business District. CoverMyMeds LLC would qualify for the Columbus Downtown Office Incentive in an amount equal to fifty percent (50%) of the payroll taxes paid on the new employees or approximately $572,937.50 over a term of five (5) years. The Development Department recommends granting the Columbus Downtown Office Incentive program to CoverMyMeds LLC.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office In...
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