Inovalon Announces Agreement with Bristol-Myers Squibb to Focus on Real World Outcomes & Value-Based Contracting Initiatives
BOWIE, M.D. – May 19, 2016 – Inovalon (Nasdaq: INOV), a leading technology company providing advanced, cloud-based analytics and data-driven intervention platforms to the healthcare industry, today announced that it has entered into an agreement with Bristol-Myers Squibb (NYSE: BMY), a global BioPharma company, to bring Inovalon and Avalere’s combined capabilities to bear on supporting real-world outcomes and value-based contracting initiatives.
The engagement will leverage the capabilities of Inovalon’s data platforms and Avalere’s extensive industry experience, to support Bristol-Myers Squibb’s real-world outcomes and value-based contracting initiatives. The application of advanced predictive analytics modeling and large scale real-world outcomes analyses will support consideration of value-based contracts with innovative payers. Inovalon’s national-scale clinical and quality outcomes platforms will allow for real-world insight into the monitoring, reporting, administration, and improvement of outcomes.
“Bristol-Myers Squibb is committed to bringing transformational medicines to patients that have the potential to address serious unmet medical needs,” said Michael Ryan, senior vice president for value, access and payment for Bristol-Myers Squibb. “We are pleased to be working with the combined capabilities of Inovalon and Avalere, and believe that they will bring us the rigorous, data driven, scientific methodology necessary to address the challenges of outcomes-based contracting.”
“We are very pleased to partner with an industry leader such as Bristol-Myers Squibb to support their goal of producing clinical and economic benefit through medicines that improve patients’ lives,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “We look forward to supporting advanced insight into quality outcomes and performance, as well as the development of sophisticated approaches to value-based contracting.”
“As the trend toward quality and value-based care models increases, the importance of data-driven insights has never been more essential for success,” said Dan Mendelson, president of Avalere Health and member of the Inovalon executive leadership team. “Innovative payers are looking for these types of contracts to support better patient outcomes and to lower costs, and Bristol-Myers Squibb is leading the way in embracing a data-driven future.”
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at www.bms.com or follow us on LinkedIn, Twitter, YouTube, and FaceBook.
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. For more information, visit www.inovalon.com.
Kim E. Collins
Phone: 301-809-4000 x1473