Inovalon

Inovalon
Inovalon Holdings, Inc.
Formerly called
 MedAssurant
Public
Traded as NASDAQ: INOV
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 President of 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]

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. ↑ "Robert Wychulis Recognition Plaque". Washington Business Journal. 20 May 2014. Retrieved May 21, 2014.
  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.
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