Inovalon

Inovalon
Inovalon Holdings, Inc.
FormerlyMedAssurant
Company typePrivate
Nasdaq: INOV
IndustryTechnology
Founded1998; 26 years ago (1998), in Maryland, U.S.
FounderKeith Dunleavy, M.D.
Headquarters
Bowie, Maryland
,
U.S.
Area served
Key people
Keith Dunleavy, M.D. (CEO)
Revenue
  • Increase US$ 527,676,000 (2018)
  • US$ 449,358,000 (2017)
  • US$ 427,588,000 (2016)
Owner
Number of employees
2,500

Inovalon is an American technology company that provides cloud-based tools for healthcare.[1]

History

[edit]

The company was founded in 1998 in Maryland as MedAssurant by Keith Dunleavy, MD.[2] In June 2012, the company changed its name to Inovalon.[3] 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". Inovalon went public and began trading on the NASDAQ exchange on April 12, 2015[4] The company's stock traded until November 2021 when the company was taken private with its acquisition by Nordic Capital and Insight Partners.[5]

In August 2023, Inovalon's CEO Keith Dunleavy was inducted into the Dartmouth Entrepreneur Hall of Fame.[6]

Partnerships and acquisitions

[edit]

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.[7]

In 2013, Inovalon partnered with Walgreens and electronic health record (EHR) companies such as Allscripts,[8][9] Greenway,[10][11] 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,[12][13] releasing a study on October 28, 2014 that was presented to Congressional representatives on October 21, 2014.[14]

In 2014, Inovalon expanded its partnership with Walgreens to implement its "ePASS" patient assessment tool and technology platform in clinics at Walgreens locations.[15][16]

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.[17]

On September 1, 2015, Inovalon acquired Avalere Health, a strategic advisory company providing solutions to the pharmaceutical industry, managed care companies and provider organizations for $140 Million.[18] The addition of Avalere, which serves 13 of the top 15 pharmaceutical companies has enabled Inovalon to expand its capabilities into an expansive adjacent market.

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][20]

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.[21][22]

On September 12, 2017, Inovalon announced UnitedHealthcare had entered into an agreement to implement the Inovalon ONE™ platform.[23] Later that month, Inovalon announced a partnership with Daiichi Sankyo, Inc. to help develop outcomes-based contracts addressing opioid pain management.[24]

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.[25]

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. [26]

In June 2020, Inovalon announced a five-year engagement with Cardinal Health, Inc., to provide a configuration of Inovalon’s ScriptMed® Cloud. The platform will be used to support Cardinal Health's durable medical equipment and medical supplies business. [27]

In July 2020, Inovalon announced an engagement with Walmart’s Specialty Pharmacy business to provide cloud-based capabilities through the Inovalon ONE® Platform to support improved outcomes and economics for its customers. [28]

References

[edit]
  1. ^ Mendelson, Dan (24 August 2015). "Maryland Tech Company Makes 140 Deal for DC". Washington Business Journal. Archived from the original on 28 August 2015. Retrieved January 30, 2019.
  2. ^ Huslin, Anita (13 October 2008). "Health-Care Data Firm Moves to Bowie". The Washington Post. Archived from the original on July 17, 2013. Retrieved July 15, 2013.
  3. ^ Selby, Shawn (June 10, 2012). "Washington area business diary for the week of June 11:Name Changes". The Washington Post. Archived from the original on March 28, 2013. Retrieved July 15, 2013.
  4. ^ "Analytics-based U.S. tech firm Inovalon files for IPO-Reuters". PE Hub. 2014-12-31. Archived from the original on 2019-02-02. Retrieved 2019-02-01.
  5. ^ "Equity Consortium Led by Nordic Capital and Including Insight Partners Completes Acquisition of Inovalon" (Press release). GlobeNewswire. November 24, 2021.
  6. ^ "Dartmouth Announces Entrepreneurs Hall of Fame | Dartmouth". home.dartmouth.edu. 1 September 2023. Archived from the original on 2 September 2023. Retrieved 2 September 2023.
  7. ^ Jeff Lemieux, M. A.; Cary Sennett, M. D.; Ray Wang, M. S.; Teresa Mulligan, Mhsa; Jon Bumbaugh, M. A. (27 February 2012). "Hospital Readmission Rates in Medicare Advantage Plans". The American Journal of Managed Care. February 2012. 18 (2). Archived from the original on 2019-03-26. Retrieved 2019-03-26.
  8. ^ Ravindranath, Mohana (18 September 2013). "Health records company Allscripts partners with data analytics firm". The Washington Post. Archived from the original on 21 September 2013. Retrieved 8 January 2014.
  9. ^ Terry, Ken (19 September 2013). "Allscripts Enables EHR Customers To Send Data To Payers". InformationWeek. Archived from the original on 28 May 2014. Retrieved 8 January 2014.
  10. ^ Murphy, Kyle (3 December 2013). "Greenway becomes latest to form EHR-analytics partnership". EHR Intelligence. Archived from the original on 8 December 2013. Retrieved 8 January 2014.
  11. ^ Bresnick, Jennifer (9 December 2013). "Analytics, EHR vendors partner to bring data to point of care". HealthIT Analytics. Archived from the original on 9 February 2014. Retrieved 8 January 2014.
  12. ^ Gutman, James (5 December 2013). "D-SNP Group Says New Studies Show CMS Stars System Discriminates Against Them". AISHealth. Archived from the original on 16 December 2013. Retrieved 10 January 2014.
  13. ^ Rosenthal, Marie (1 December 2013). "Star Ratings Must Account for Dual Eligibles". Managed Healthcare Executive. Retrieved 27 January 2014.[permanent dead link]
  14. ^ Black, Diane (18 November 2014). "Black, Blumenauer Send Letter to CMS on Socioeconomic Status and Risk-Adjustment in Medicare Advantage". US. Congressman Black. Archived from the original on 4 January 2015. Retrieved 4 January 2015.
  15. ^ "Walgreens Brings Big Data Analytics to Healthcare Clinics Through Expanded Relationship with Inovalon". Walgreens. 30 January 2014. Archived from the original on 9 February 2014. Retrieved 30 January 2014.
  16. ^ "Walgreens to use software to help clinicians assess patients". The Washington Post. 31 January 2014. Archived from the original on 2 February 2014. Retrieved 31 January 2014.
  17. ^ "Gap between dual eligible and non-dual eligible members growing". Modern Medicine Network. 2 April 2015. Archived from the original on 5 March 2016. Retrieved 30 September 2015.
  18. ^ "Inovalon to acquire Avalere for $140M". Healthcare IT News. 26 August 2015. Archived from the original on 28 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. Archived from the original on November 24, 2016. Retrieved November 23, 2016.
  20. ^ "BRIEF-Inovalon to acquire Creehan & Company". reuters. 22 September 2016. Archived from the original on 17 May 2021. Retrieved 16 November 2020.
  21. ^ Mack, Heather (January 24, 2017). "Boehringer and Lilly tap Inovalon for analytics and more digital health deals". MobiHealthNews. Archived from the original on January 5, 2018. Retrieved January 4, 2018.
  22. ^ "BRIEF-Inovalon announces agreement with Boehringer Ingelheim to support outcome-based contracting". reuters. 23 January 2017. Archived from the original on 2024-06-12. Retrieved 16 November 2020.
  23. ^ "BRIEF-Inovalon enters into agreement with Daiichi Sankyo Inc". Reuters. 2017-09-21. Archived from the original on 2019-03-26. Retrieved 2019-03-26.
  24. ^ "BRIEF-Inovalon enters into agreement with Daiichi Sankyo Inc". reuters. 21 September 2017. Retrieved 16 November 2020.[dead link]
  25. ^ "Inovalon to buy ABILITY for $1.2 billion". Healthcare IT News. 2018-03-08. Archived from the original on 2019-03-26. Retrieved 2019-03-26.
  26. ^ "AllianceRx Walgreens Prime taps Inovalon for cloud-based specialty Rx capabilities". Drug Store News. 2018-06-26. Archived from the original on 2020-08-22. Retrieved 2020-08-24.
  27. ^ "In brief: AAHomecare reaches out on Medicaid, LUCI launches". HME News. 2020-06-19. Archived from the original on 2020-08-06. Retrieved 2020-08-24.
  28. ^ "Other news to note for July 23, 2020". BioWorld. 2020-07-23. Archived from the original on 2024-06-12. Retrieved 2020-08-24.
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