Inovalon

Inovalon
Inovalon Holdings, Inc.
Formerly
 MedAssurant
Public
Traded as NASDAQ: INOV (Class A)
Russell 2000 Component
Industry Technology
Founded 1998 (1998)
Maryland, U.S.
Founder Keith Dunleavy, M.D.
Headquarters Bowie, Maryland, U.S.
Area served
Key people
Revenue
  • Increase US$ 437,271,000 (2015)
  • US$ 361,540,000 (2014)
  • US$ 295,798,000 (2013)
  • Increase US$ 66,014,000 (2015)
  • US$ 65,352,000 (2014)
  • US$ 32,718,000 (2013)
Total assets
  • Increase US$ 1,112,877,000 (2015)
  • US$ 342,569,000 (2014)
  • US$ 269,746,000 (2013)
Number of employees
 2,500
Website www.inovalon.com

Inovalon is a technology company which provides cloud-based platforms to the healthcare industry.[1]

History

The company was initially founded in 1998 in Maryland as MedAssurant by Keith Dunleavy.[1]

In 2008, the company employed 1,900 clinicians and statisticians.[2]

In June 2012, the company changed its name to Inovalon.[3]

In 2012, Inovalon partnered with industry researchers to conduct a study on Hospital Readmission Rates in Medicare Advantage Plans to track readmission rates among patients enrolled in Medicare’s private comprehensive Medicare Advantage plans, and develop initial comparisons with fee-for-service (FFS) readmission rates. The study was published in The American Journal of Managed Care.[4]

In 2013, Inovalon partnered with Walgreens and electronic health record (EHR) companies such as Allscripts,[5][6] Greenway,[7][8] and NeoDeck to integrate analytics platforms into the point of care. Inovalon also examined the association of socioeconomic status and other factors with underlying poor quality performance of dual-eligible members in Medicare Advantage plans,[9][10] releasing a study on October 28, 2014 that was presented to Congressional representatives on October 21, 2014.[11]

In 2014, Inovalon expanded its partnership with Walgreens to implement its "ePASS" patient assessment tool and technology platform in clinics at Walgreens locations. [12][13]

On May 19, 2014, the company added Robert Wychulis as President. Mr. Wychulis formerly served as the New York Medicaid health plan President at Anthem, Inc.[14]

The company publicly filed its registration statement with the Securities and Exchange Commission (SEC) on December 30, 2014 for a proposed initial public offering of its common stock and applied for listing on NASDAQ under the ticker "INOV".[15]

In May 2015, Inovalon released an analysis of dual eligible member data, which indicated that 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, a strategic advisory company providing solutions to the pharmaceutical industry, managed care companies and provider organizations.[17]

On September 29, 2015, Inovalon and Quest Diagnostics launched Data Diagnostics, a suite of real-time patient-specific data analyses.[18]

In September 2016, Inovalon announced the acquisition of Creehan Holding Co., Inc., the parent company of Creehan & Company, a provider of specialty pharmacy and specialty medications management software-as-a-service platforms. The acquisition closed on October 1, 2016.[19]

In January 2017, Inovalon announced a partnership with Boehringer Ingelheim Pharmaceuticals Inc. on behalf of Boehringer Ingelheim’s diabetes alliance with Eli Lilly and Company, to support outcomes-based contracting and improve patient care.[20]

On July 17, 2017, Inovalon launched its Inovalon ONE™ platform, an integrated, cloud-based platform of more than 80 individual and configurable proprietary technology toolsets, and announced that multiple national health plans had signed multi-year implementation contracts.

In August 2017, Inovalon announced it began receiving Medicare FFS data under the Centers for Medicare & Medicaid Services (CMS) Qualified Entity (QE) Program for all 50 states and the District of Columbia.

On September 12, 2017, Inovalon announced UnitedHealthcare had entered into an agreement to implement the Inovalon ONE™ platform. Later that month, Inovalon announced a partnership with Daiichi Sankyo, Inc. to help develop outcomes-based contracts addressing opioid pain management.

In March 2018, Inovalon announced the acquisition of Minneapolis-based ABILITY Network, a cloud-based Software-as-a-Service (SaaS) healthcare technology company, for $1.2 billion. The acquisition closed on April 2, 2018.

In June 2018, Inovalon announced a five-year engagement with AllianceRx Walgreens Prime, the combined central specialty and home delivery pharmacy formed by Walgreens and pharmacy benefit manager Prime Therapeutics LLC (Prime), to bring technology advancements to the specialty pharmacy marketplace.

References

  1. 1 2 Huslin, Anita (13 October 2008). "Health-Care Data Firm Moves to Bowie". The Washington Post. Retrieved July 15, 2013.
  2. ↑ Whalen, Jeanne (17 September 2008). "Hoffmann-LaRoche Scion Boosts Stake in MedAssurant". The Wall Street Journal Health Blog. Retrieved 13 February 2014.
  3. ↑ Selby, Shawn (June 10, 2012). "Washington area business diary for the week of June 11:Name Changes". The Washington Post. Retrieved July 15, 2013.
  4. ↑ 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.
  5. ↑ Ravindranath, Mohana (18 September 2013). "Health records company Allscripts partners with data analytics firm". The Washington Post. Retrieved 8 January 2014.
  6. ↑ Terry, Ken (19 September 2013). "Allscripts Enables EHR Customers To Send Data To Payers". InformationWeek. Retrieved 8 January 2014.
  7. ↑ Murphy, Kyle (3 December 2013). "Greenway becomes latest to form EHR-analytics partnership". EHR Intelligence. Retrieved 8 January 2014.
  8. ↑ Bresnick, Jennifer (9 December 2013). "Analytics, EHR vendors partner to bring data to point of care". HealthIT Analytics. Retrieved 8 January 2014.
  9. ↑ Gutman, James (5 December 2013). "D-SNP Group Says New Studies Show CMS Stars System Discriminates Against Them". AISHealth. Retrieved 10 January 2014.
  10. ↑ Rosenthal, Marie (1 December 2013). "Star Ratings Must Account for Dual Eligibles". Managed Healthcare Executive. Retrieved 27 January 2014.
  11. ↑ 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.
  12. ↑ "Walgreens Brings Big Data Analytics to Healthcare Clinics Through Expanded Relationship with Inovalon". Walgreens. 30 January 2014. Retrieved 30 January 2014.
  13. ↑ "Walgreens to use software to help clinicians assess patients". The Washington Post. 31 January 2014. Retrieved 31 January 2014.
  14. ↑ "Bloomberg". Bloomberg.com. Retrieved Mar 26, 2018.
  15. ↑ "Analytics-based U.S. tech firm Inovalon files for IPO". Reuters. 31 December 2014. Retrieved 1 January 2015.
  16. ↑ "Gap between dual eligible and non-dual eligible members growing". Modern Medicine Network. 2 April 2015. Retrieved 30 September 2015.
  17. ↑ "Inovalon to acquire Avalere for $140M". Healthcare IT News. 26 August 2015. Retrieved 30 September 2015.
  18. ↑ "Inovalon, Quest to Offer Health Data Analysis — Market talk". Bloomberg. 30 September 2015. Retrieved 30 September 2015.
  19. ↑ Reed, Tina (September 23, 2016). "Inovalon to acquire specialty pharmacy platform business in $130M deal". Washington Business Journal. Retrieved November 23, 2016.
  20. ↑ Mack, Heather (January 24, 2017). "Boehringer and Lilly tap Inovalon for analytics and more digital health deals". MobiHealthNews. Retrieved January 4, 2018.
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