Data Diagnostics Named Most Innovative Healthcare Product of the Year by 2016 Best in Biz Awards
Point-of-care healthcare analytics technology from Quest Diagnostics and Inovalon facilitates better care quality and value-based financial performance
MADISON, N.J. – December 7, 2016 – Quest Diagnostics (NYSE: DGX) and Inovalon (NASDAQ: INOV) today announced that Data Diagnostics®, a point-of-care healthcare analytics technology, has been named the Most Innovative Product of the Year for Healthcare in the Best in Biz Award annual competition, the only independent business awards that recognize companies for their business success, as judged by leading journalists and industry analysts. Data Diagnostics is a joint offering from Quest Diagnostics and Inovalon.
Data Diagnostics generates patient-specific reports, ordered at the point of care, that make it easier for busy physicians to identify and address gaps related to care, quality, risk and patient history. These gaps affect quality scores, such as HEDIS®, and risk score accuracy, which are an integral part of how payers, health systems and physicians care for patients and are compensated under value-based care models. The reports, ordered from within a physician’s existing EHR, address gaps in care that also help improve patient outcomes.
While the reports are available in seconds and are easy to read and act upon, the underlying technology and analysis is complex and unique. Reports draw from a provider’s EHR, as maintained by a health plan, health system or other organization using Data Diagnostics, as well as from Quest's 20 billion clinical laboratory test results and Inovalon's clinical datasets on 139 million patients. Analysis performed on the data then delivers, in real time, insight into possible gaps while the patient visits with the physician. Essentially, the reports match a patient’s clinical profile against hundreds of quality measures, risk adjustment criteria and other complex performance metrics, often in mere seconds, providing on-demand insight to the physician.
"Data Diagnostics allows providers to cut through the complexity of healthcare quality reporting, so they can spend more time doing what they love – caring for the patient,” said Lidia L. Fonseca, chief information officer, Quest Diagnostics. “Health plans and payers also benefit because physicians that use Data Diagnostics have the insights to deliver quality care, utilization efficiency and accurate risk scoring, all of which influence reimbursement and cost-savings as well as outcomes. And the patient benefits because she receives care and counsel based on evidence-based criteria that reflect good medical practice.”
“Inovalon is highly focused on delivering innovative technologies for the healthcare industry,” said Keith Dunleavy, M.D., CEO of Inovalon. “Data Diagnostics brings the power and benefits of transaction-based processing and advanced analytics to the healthcare ecosystem in real-time, enabling physicians to treat their patients more effectively at the point of care driving meaningful impact.”
An independent panel of 50 judges selected the winners based on their achievements and successes during the prior year. The judges represent a range of well-known industry analysts and influential journalists from outlets such as Associated Press, Forbes, Wall Street Journal, Wired and ZDNet.
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 98.7 percent 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 837,000 physicians, 354,000 clinical facilities, and more than 139 million Americans. Through these capabilities, Inovalon is able to drive high-value impact, improving quality and economics for health plans, ACOs, hospitals, physicians, consumers and pharma/life-sciences researchers. 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
Jen Heady, Greenough (Media): 617-275-6547 or firstname.lastname@example.org
Wendy Bost, Quest Diagnostics (Media): 973-520-2800
Shawn Bevec, Quest Diagnostics (Investors): 973-520-2900