Data Diagnostics Healthcare Technology Wins Two Gold Honors for Innovation in the 2016 Golden Bridge Awards
Healthcare analytics technology from Quest Diagnostics and Inovalon supports adoption of value-based care
MADISON, N.J. – June 27, 2016 – Quest Diagnostics (NYSE: DGX) and Inovalon (NASDAQ: INOV), today announced that Data Diagnostics™, a point-of-care health analytics technology, has won two gold medals at the 2016 Golden Bridge Awards. The solution earned gold in the categories of New Product, Service, Upgrade, or Innovation of the Year and Innovations in Technology. The annual Golden Bridge Awards are an industry and peer recognition program honoring the world’s best products, services and companies.
Data Diagnostics is a suite of patient-specific analytical reports (or “diagnostics”) that physicians order within their existing workflow at the point of care. Reports are delivered to physicians, often within seconds, through Quest’s Care360® lab ordering platform or Quest’s connectivity with nearly 600 EHR platforms. Data Diagnostics reports help to identify gaps in care to help enhance the patient encounter and improve clinical quality outcomes, utilization efficiency and financial performance critical to payers, health systems, ACOs and patients.
Data Diagnostics reports are generated using Inovalon’s large-scale data interconnectivity and big data analytical platform. Analysis is performed in real time on data from the participating organization as well as data from Quest’s 20 billion clinical laboratory test results and Inovalon’s clinical datasets on more than 132 million patients, two of the world's largest datasets of clinical, claims, quality and laboratory data. As a result, the physician is able to take actions during the consult based on insights generated from highly comprehensive, current medical information about the patient within their existing clinical workflow, a functionality that is key to bringing the power of big data to the point of care in real time.
Data Diagnostics is the result of a collaboration formed by Quest Diagnostics and Inovalon to help providers, payers and patients achieve better healthcare outcomes and financial performance under value-based care models. A recent study commissioned by the two companies found that physicians and health plan executives believe complexity and lack of access to patient data hinders the adoption of value-based care.
"Data Diagnostics is specifically designed to help providers and health plans more quickly adopt value-based care models," said Lidia L. Fonseca, senior vice president and chief information officer, Quest Diagnostics. “It achieves this goal by giving physicians access to up-to-date information on the quality and other metrics that apply to the individual patient during the patient consult. With these insights, physicians are positioned to deliver better care while also helping to improve financial performance.”
“We’ve created a game changer for healthcare,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “Data Diagnostics embodies innovation and sophistication and symbolizes a seismic shift for physicians, health plans and health systems. This solution ensures that vast amounts of data will no longer be contained in silos, but transformed into actionable insights in real time, on-demand that will help physicians achieve the best quality care for their patients.”
The 8th Annual 2016 Golden Bridge Awards are an annual industry and peer recognition program honoring achievements and contributions of organizations and businesses around the world. The awards will be presented Sept. 12, 2016, in San Francisco.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 44,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.
Inovalon is a leading technology company that combines advanced, cloud-based data analytics, and data-driven intervention platforms to achieve meaningful insight and impact in clinical and quality outcomes, utilization, and financial performance across the healthcare landscape. Inovalon's unique achievement of value is delivered through the effective progression of Turning Data into Insight, and Insight into Action®. Large proprietary datasets, advanced integration technologies, sophisticated predictive analytics, data-driven intervention platforms, and deep subject matter expertise deliver a seamless, end-to-end capability that brings the benefits of big data and large-scale analytics to the point of care. Driven by data, Inovalon uniquely identifies gaps in care, quality, data integrity, and financial performance – while bringing to bear the unique capabilities to resolve them. Providing technology that supports hundreds of healthcare organizations in 98.2% of U.S. counties and Puerto Rico, Inovalon's cloud-based analytical and data-driven intervention platforms are informed by data pertaining to more than 793,000 physicians, 277,000 clinical facilities, and more than 132 million Americans. Through these capabilities, and those of its subsidiary Avalere Health, Inc., which offers data-driven advisory services and business intelligence to more than 200 pharmaceutical and life sciences enterprises, Inovalon is able to drive high-value impact, improving quality and economics for health plans, ACOs, hospitals, physicians, consumers and pharma/life-sciences researchers. Data Diagnostics™ is a trademark of Inovalon, and the system and processes generally described herein are proprietary to Inovalon as the sole owner of the intellectual property. For more information, visit www.inovalon.com or www.datadiagnostics.com.
Kim E. Collins (Media): 301-809-4000 x1473
George Price (Investors): 301-809-4000 x1190
Christine Williamson, Greenough (Media): 617-275-6528 or firstname.lastname@example.org
Wendy Bost, Quest Diagnostics (Media): 973-520-2800
Shawn Bevec, Quest Diagnostics (Investors): 973-520-2900
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of, and intended to be covered by the safe harbor provisions of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including but not limited to statements regarding the expected timing of the roll-out of Data Diagnostics™, the timing, performance characteristics and utility of Data Diagnostics™, and the impact of Data Diagnostics™ on the healthcare industry, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements have been based largely on current expectations and projections about future events regarding Data Diagnostics™. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, which could cause the future events discussed in this press release not to occur and could cause actual results to differ materially and adversely from those anticipated or implied in the forward-looking statements. These risks, uncertainties, and assumptions include, among others, the successful development and implementation, sales, adoption, market penetration, and scalability and of Data Diagnostics™. Inovalon and Quest are under no duty to, and disclaim any obligation to, update any of these forward-looking statements after the date of this press release or conform these statements to actual results or revised expectations, except as required by law.