Among other Ohio companies, two Buckeye State startups have garnered coveted national recognition.
, a Twinsburg firm that makes it easier for patients to get their prescribed medications, and Plug Smart,
a Columbus energy solution company, both placed in the top 300 of Inc. Magazine
's 5,000 fastest-growing companies in the United States.
Inc. Magazine's rankings take into consideration factors such as annual growth, revenue increases and staff expansions over a three-year period. Coming in at 96, CoverMyMeds grew 3,567 percent over the designated time frame using the magazine's criteria, garnering $5.3 million in revenue as of 2012.
The company, which previously received funding from Cleveland entrepreneur accelerator JumpStart
, is an online service for physicians and pharmacists that provides prior authorization services and other insurance coverage for a variety of drug plans.
Web- and phone-based tools developed by CoverMyMeds automate the submission of authorization requests, a process that when done manually can be both expensive and frustrating, says principal/CEO Alan Scantland. The company does not charge pharmacies or doctors for using the service, instead putting the onus on drug manufacturers that need to expedite the sluggish authorization process if they want to increase sales.
Being ranked by Inc. in the top 100 - and eighth overall in the healthcare sector - "brings us immediate attention, and gives us a third-party voice of credibility while adding to our brand and positioning," says Scantland. "The distinction is also great for employees, who are getting some well-deserved recognition for their efforts."
Lightning-fast growth has also opened the door for additional business ventures, notes the company head. "It's wonderful," he says. "We’re very excited about making such an impact in healthcare."
Plug Smart made the list during its first year of eligibility thanks to over 1,500 percent in growth and $6.4 million in revenue from 2009 to 2012. The energy services company helps commercial, industrial, nonprofit and utility companies implement a broad range of energy solutions, from HVAC to lighting systems. Among its goals, the TechColumbus
-incubated firm seeks to aid clients in building energy efficiency projects and leveraging renewable power resources.
Getting your company's name out there when competing with industry stalwarts like Siemens, Honeywell and Trane is no mean feat, says Plug Smart president David Zehala. In addition to its overall ranking, the company finished number 17 on the list of Top 100 energy companies, and number eight in the list's top 100 Ohio companies.
"This establishes Plug Smart as a major force within the energy services sector," Zehala says. "Our teams represent the best and brightest energy engineering minds in the industry, and our success is a testament to their ability to help our clients find creative ways to implement energy projects."
portfolio company BioRx
, which enjoyed 181 percent growth over the past three years, was also listed as one of Ohio's top 100.
More than 180 Ohio companies
were included on the 2013 Inc. 5000 list, including Vertex Body Science
and US Logistics
, which clocked in at numbers 19 and 34, respectively.
By Douglas J. Guth