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National Health Plans Select Inovalons Integrated Platform(July 17, 2017)
BOWIE, Md., July 17, 2017 (GLOBE NEWSWIRE) -- Inovalon (NASDAQ:INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced the branding of its integrated platform, Inovalon ONE, and the signing of multiple national health plan contracts for multi-year implementations.
To manage the transition from volume-based models to value-based models and thrive in the new environment, healthcare organizations require nation-scale connectivity, massive real world datasets, advanced analytical sophistication, and the ability to drive and track impact across large populations.
For more than a decade Inovalon has been building the technology capabilities to support these needs. Leveraging design initiatives focused on modularity and cloud computing technologies, Inovalon has brought together more than 70 of its individual proprietary technology toolsets, referred to as Components, each supporting critical healthcare ecosystem functionality needs. Components have been configured into integrated sets identified as Modules, forming one, cohesive, integrated platform now referred to as ?Inovalon ONE.
Leveraging Inovalons highly differentiated scale of connectivity within the healthcare ecosystem, depth of real-world primary-source clinical datasets, sophisticated analytical capabilities, and breadth of point-of-care impact capabilities, the Companys expanded focus on modularity, cloud native architecture, real-time transactional processing, and data visualization has resulted in dramatic increases in flexibility, performance, and operational cost efficiency. Adding to the market value of the Inovalon ONE platform is Inovalons extensive client base and deep subject matter expertise, enhanced by the additions of Avalere and Creehan. This combination of capabilities is proving increasingly valuable to organizations seeking to design and implement complex multi-party value-based arrangements, and is witnessing strong interest from across the healthcare marketplace.
Demonstrating this interest in the Inovalon ONE platform, Inovalon announced today that the Company has entered into multi-year engagements with two separate national health plans. Under these agreements, Inovalon will implement its Inovalon ONE platform to empower several value-based initiatives involving approximately 15 million health plan members spanning Medicare Advantage, managed Medicaid, and commercial programs. Operationalization of these engagements will begin over the coming weeks and is expected to achieve full scale during the third quarter of 2017. Engagements such as these were contemplated in the 2017 financial guidance that Inovalon has previously provided.
?We are very pleased with the results of our efforts to integrate our capabilities into a highly flexible, cohesive platform, said Keith Dunleavy, M.D., Inovalons chief executive officer and chairman of the board. ?The span of capabilities, flexibility and scale of operational reach being brought to bear is resonating well within our historical client base as well as in new areas of opportunity within the pharmaceutical and medical device manufacturing marketplaces.
The first engagement utilizing the Components and Modules of the Inovalon ONE platform was the Value-Base Provider Platform with a top-five national health plan, previously described in the Companys earnings release of February 22, 2017. This initial Inovalon ONE platform engagement has initiated operation and is undergoing a scheduled scaling to nearly 20 million patients by year-end 2017. The new applications of the Inovalon ONETM platform announced today include approximately 15 million members which are incremental to the nearly 20 million announced in February.
In addition, the Companys pharmaceutical outcomes based contracting (OBC) offering is now being enabled through the Inovalon ONE platform with the first implementation of the offering now entering the operational phase. Similarly, the Companys post-acute care and device manufacturing outcomes management offerings are being supported by the Inovalon ONE platform.
About Inovalon ONE
Inovalon ONE is an integrated cloud-based platform of more than 70 individual proprietary technology toolsets able to be rapidly configured to empower the operationalization of large-scale value-based healthcare initiatives. Each toolset is referred to as a Component, with each supporting critical healthcare ecosystem functionality needs. Components are configured into integrated sets identified as Modules, each of which share cohesive interoperability and common data management.
Each Component empowers differentiated capabilities within the Inovalon ONE platform. Examples of Components include Inovalons big data integration engine, iPORT HD, which applies more than 1,100 data integrity analyses in real-time to enable massive-scale data ingestion streaming from thousands of disparate healthcare data sources; Inovalons predictive analytics engine, PCIS, which leverages the Companys datasets of more than 14 billion medical events to predict disease and comorbidity presence and progression in patients across more than 72,000 distinct clinical diagnoses and comorbidities; Inovalons non-structured clinical data optical character recognition (OCR) and natural language processing (NLP) engines honed on millions of medical record cases; Inovalons decision support toolset, ePASS®, which empowers clinicians to achieve significantly increased quality and value impact in the fraction of the traditional time to assess a patient; and Inovalons large-scale, real-time transactional compute engine, QSI-XL® and its sister Component QSI®, which together power more than 60 percent of the countrys clinical quality outcomes measurement and analysis processes.
Components are configured into specialized Modules to address specific areas of focus. Examples include the Connectivity & Integration Module, the Monitoring & Reporting Module, the Master Data Warehouse Module, the Predictive Analytics Module, the Patient Monitoring Module, and the Protocol Development & Management Engines Module. Other Modules focus on a range of care settings, such as the Stable Health Setting Module, Ambulatory / Outpatient Care Setting Module, Acute / Inpatient Care Setting Module, Post-Acute Care Setting Module, and the In-Home Care Setting Module.
Driving intelligence within the Inovalon ONE platform is the application of insights garnered from the Companys datasets. The MORE2 Registry® is Inovalons proprietary, primary source de-identified data warehouse consisting of data and insights from more than 14 billion medical events, 158 million patients, 856,000 physicians, and 375,000 clinical facilities ingested from thousands of healthcare ecosystem data sources. Ongoing analyses of this data informs thousands of considerations made across the Inovalon ONE platform, ranging from the normalization and validation of data ingestion and clinical outcomes comparative performance analyses, to the determination of predicted patient disease progression and clinical protocols for the achievement of goals such as improved medication compliance, clinical outcomes, and utilization savings.
Example applications of the Inovalon ONE platform are wide-ranging and highly customizable. The configuration of a number of Components within the platform, for example, can provide a client with tools that enable dramatic reductions in post-acute care costs and readmission rates. The activation of additional Components can provide the same client the ability to achieve clinical quality outcomes improvement, increases in medication adherence, or improved risk score accuracy. Other Components enable patient data aggregation, monitoring, analysis, and data visualization on massive scale, empowering, for example, highly complex, nation-scale medication and medical device value-based and outcomes-based contracting initiatives. For these same clients, EHR interconnectivity, real-time decision support, and on-demand real-time analytic Components can be activated to empower highly targeted patient-specific physician clinical encounters to drive improved outcomes for the respective medication or device. Still other Components empower large-scale collaborations between payer and provider to achieve value-based care with real-time accuracy.
The modular, Component-driven design of the Inovalon ONE platform results in it being highly extensible. Once a client is utilizing the Inovalon ONE platform, bringing to bear additional capabilities enabled by the activation of additional Components, or additional instances of the same Component in different configurations, is readily undertaken making it highly efficient for clients to undertake an expanding number and scale of initiatives quickly and efficiently without the need for additional integrations or multi-vendor coordination. Further, the flexibility of the design allows for clients to more easily utilize elements of their existing capabilities in combination with the Inovalon ONE platform, eliminating the need to make all-or-none monolithic platform decisions.
The Inovalon ONE platform is provided in a Platform-as-a-Service (PaaS) subscription engagement arrangement to support a wide range of high-impact value-based initiatives. Implementation of the platform for a specific client engagement proceeds in a three-step process described as Discovery, Configuration, and Operation. During Discovery, the determination of client goals and needs are explored, tested and validated against the Companys large-scale real-world datasets. In Configuration, the determinations garnered during Discovery are applied to relevant Components and Modules for activation of the platform. Most implementations (defined as the time required for Discovery and Configuration) require only short periods of time measured in days to weeks, with more complex implementations potentially requiring six months.
Through the Inovalon ONE platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem on massive scale, aggregate and analyze data in petabyte volumes, arrive at sophisticated insights in real-time, and drive impact wherever it is analytically identified best to intervene.
Inovalon is a leading technology company providing cloud-based platforms empowering a data-driven transformation from volume-based to value-based models throughout the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and industry-leading subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon's unique achievement of value is delivered through the effective progression of ?Turning Data into Insight, and Insight into Action®. Providing technology that supports nearly 500 healthcare organizations, Inovalon's platforms are informed by data pertaining to more than 856,000 physicians, 375,000 clinical facilities, and more than 158 million Americans. For more information, visit www.inovalon.com.
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