Inovalon
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| Inovalon Holdings, Inc. | |
Formerly called | MedAssurant |
| Public | |
| Traded as | NASDAQ: INOV |
| Industry | Technology |
| Founded | Maryland, U.S. (1998) |
| Founder | Keith Dunleavy, M.D. |
| Headquarters | Bowie, Maryland, U.S. |
Area served | |
Key people | |
| Revenue |
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| Total assets |
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Number of employees | 2,500 |
| Website |
www |
Inovalon Holdings, Inc. is a technology company based in Bowie, Maryland. It uses cloud-based analytics and technology to help clients achieve insights that improve clinical and quality outcomes, utilization, and financial performance in the field of healthcare.[1]
History
The company’s origins date back to 1998 when its predecessor companies were organized in Maryland by Dr. Keith Dunleavy.[1]
In 2008 the company continued to grow with 1,900 clinicians and statisticians. Its process of reviewing claims and lab data, to assess patient care was used to advise health plans how to improve processes and performance. The company gained new investors during this period because of its established business model and the importance of data in the field of healthcare.[2]
In June 2012, the company's name was changed from MedAssurant to Inovalon.[3]
In 2012, Inovalon also expanded its reach, entering into the research arena. Inovalon researchers partnered with other industry researchers to conduct a study on Hospital Readmission Rates in Medicare Advantage Plans. The objective was to compute a benchmark for tracking readmission rates among patients enrolled in Medicare’s private comprehensive Medicare Advantage (MA) plans and to develop preliminary comparisons with the fee-for-service (FFS) readmission rates. The study was published by The American Journal of Managed Care.[4]
In 2013, Inovalon formed partnerships with Walgreens and electronic health record (EHR) companies such as Allscripts,[5][6] Greenway,[7][8] and NeoDeck to integrate analytics and data-driven intervention platforms into the point of care. At the request of several leading healthcare systems, Inovalon went on to expand the study to examine the association of socioeconomic status and other factors with underlying poor quality performance of dual-eligible members in Medicare Advantage plans,[9][10] releasing the largest study ever performed on such members on October 28, 2014, and presented the findings to Congressional representatives on October 21, 2014.[11]
In 2014, Inovalon expanded its partnership with Walgreens to implement its patient assessment tool and technology platform, Electronic Patient Assessment Solution Suite (ePASS®), to support patient assessments across more than 400 Healthcare Clinic at select Walgreens locations. With the implementation, Inovalon’s analysis of more than 8.3 billion medical events brings analytic insights to Healthcare Clinic programs.[12][13]
On May 19, 2014, Inovalon added Robert Wychulis as President. Mr. Wychulis formerly served as President of Anthem, Inc. (formerly known as WellPoint, Inc.) health plan, HealthPlus.[14]
On December 30, 2014, Inovalon publicly filed its registration statement with the Securities and Exchange Commission (SEC) related to a proposed initial public offering of its common stock and has applied for listing on NASDAQ under the ticker "INOV".[15]
On May 18, 2015, Inovalon released the largest-ever analysis of dual eligible member data, which indicated social and demographic factors affect health-related outcomes and measurements for health plan performance, independent of plan characteristics.[16]
On September 1, 2015, Inovalon acquired Avalere Health, which offers advisory services and business intelligence solutions to the pharmaceutical industry as well as managed care companies and provider organizations.[17]
On September 29, 2015, Inovalon and Quest Diagnostics launched Data Diagnostics™, a suite of hundreds of real-time patient-specific data analyses that clinicians can order individually, on demand at the point of care within their existing workflow to identify and address gaps in quality, risk, utilization and medical history insights. Unseen in healthcare today, the solution supports the healthcare industry’s transition from volume- to value-based healthcare by providing actionable insight to improve clinical and quality outcomes as well as financial performance for practices, health plans, ACOs, hospitals and other providers across the healthcare community in real time.[18]
On September 22, 2016, Inovalon announced the acquisition of Creehan Holding Co., Inc., the parent company of Creehan & Company, an independent provider of specialty pharmacy and specialty medications management software-as-a-service (SaaS) platforms. The acquisition closed on October 1, 2016.[19]
References
- 1 2 Huslin, Anita (13 October 2008). "Health-Care Data Firm Moves to Bowie". The Washington Post. Retrieved July 15, 2013.
- ↑ Whalen, Jeanne (17 September 2008). "Hoffmann-LaRoche Scion Boosts Stake in MedAssurant". The Wall Street Journal Health Blog. Retrieved 13 February 2014.
- ↑ Selby, Shawn (June 10, 2012). "Washington area business diary for the week of June 11:Name Changes". The Washington Post. Retrieved July 15, 2013.
- ↑ Jeff Lemieux, MA; Cary Sennett, MD; Ray Wang, MS; Teresa Mulligan, MHSA; Jon Bumbaugh, MA (27 February 2012). "Hospital Readmission Rates in Medicare Advantage Plans". The American Journal of Managed Care. Retrieved 13 February 2014.
- ↑ Ravindranath, Mohana (18 September 2013). "Health records company Allscripts partners with data analytics firm". The Washington Post. Retrieved 8 January 2014.
- ↑ Terry, Ken (19 September 2013). "Allscripts Enables EHR Customers To Send Data To Payers". InformationWeek. Retrieved 8 January 2014.
- ↑ Murphy, Kyle (3 December 2013). "Greenway becomes latest to form EHR-analytics partnership". EHR Intelligence. Retrieved 8 January 2014.
- ↑ Bresnick, Jennifer (9 December 2013). "Analytics, EHR vendors partner to bring data to point of care". HealthIT Analytics. Retrieved 8 January 2014.
- ↑ Gutman, James (5 December 2013). "D-SNP Group Says New Studies Show CMS Stars System Discriminates Against Them". AISHealth. Retrieved 10 January 2014.
- ↑ Rosenthal, Marie (1 December 2013). "Star Ratings Must Account for Dual Eligibles". Managed Healthcare Executive. Retrieved 27 January 2014.
- ↑ Black, Diane (18 November 2014). "Black, Blumenauer Send Letter to CMS on Socioeconomic Status and Risk-Adjustment in Medicare Advantage". US. Congressman Black. Retrieved 4 January 2015.
- ↑ "Walgreens Brings Big Data Analytics to Healthcare Clinics Through Expanded Relationship with Inovalon". Walgreens. 30 January 2014. Retrieved 30 January 2014.
- ↑ "Walgreens to use software to help clinicians assess patients". The Washington Post. 31 January 2014. Retrieved 31 January 2014.
- ↑ "Robert Wychulis Recognition Plaque". Washington Business Journal. 20 May 2014. Retrieved May 21, 2014.
- ↑ "Analytics-based U.S. tech firm Inovalon files for IPO". Reuters. 31 December 2014. Retrieved 1 January 2015.
- ↑ "Gap between dual eligible and non-dual eligible members growing". Modern Medicine Network. 2 April 2015. Retrieved 30 September 2015.
- ↑ "Inovalon to acquire Avalere for $140M.". Healthcare IT News. 26 August 2015. Retrieved 30 September 2015.
- ↑ "Inovalon, Quest to Offer Health Data Analysis — Market talk.". Bloomberg. 30 September 2015. Retrieved 30 September 2015.
- ↑ Reed, Tina (September 23, 2016). "Inovalon to acquire specialty pharmacy platform business in $130M deal". Washington Business Journal. Retrieved November 23, 2016.