Inovalon Certified by CMS, Receiving Fee-For-Service Medicare Data for All 50 States and the District of Columbia
In Combination with Continued Client Expansion and Connectivity, Inovalon’s MORE2 Registry® Dataset to Exceed 230 Million Patients and Nearly 30 Billion Medical Events
BOWIE, Md. – August 8, 2017 – Inovalon (NASDAQ: INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced that during the second quarter of 2017 the Company began receiving Medicare FFS data under the Centers for Medicare & Medicaid Services (CMS) Qualified Entity (QE) Program for all 50 states and the District of Columbia.
The QE Program enables organizations meeting precise requirements pertaining to performance measurement, data management, security and existing data volume to receive identified fee-for-service Medicare Parts A, B and D medical and pharmacy claims data for use in promoting value, health outcomes and performance improvement in the healthcare system. Under Inovalon’s agreement with CMS, the Company is in the process of receiving data for all Medicare fee-for-service patients back to 2009. Upon the completion of the “bring current” process, data flows will maintain the Medicare fee-for-service data on an ongoing basis. The QE Program data will be de-identified and incorporated into the Company’s proprietary, longitudinally matched, dataset, the MORE2 Registry®.
With the Company’s continued client base expansion, expanding healthcare ecosystem connectivity, addition of Medicare fee-for-service data, and growing use of point-of-care solutions leveraging the Inovalon ONE™ Platform, Inovalon’s MORE2 Registry® dataset will contain more than 230 million unique patients and nearly 30 billion medical events, representing year-over-year increases of approximately 67% and 155%, respectively, if measured as of June 30, 2017*. The Company expects to see continued strong expansion of its proprietary datasets through the remainder of 2017. In addition, at the end of the second quarter of 2017, Inovalon had direct electronic health record (EHR) connectivity with more than 108,000 providers, an increase of over 280% on a year-over-year basis. Inovalon’s proprietary datasets, along with the analytics and insights they power, and extensive connectivity represent significant differentiators for the Company in the healthcare marketplace.
“The addition of the QE Program data further deepens Inovalon’s proprietary datasets,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “The primary-source nature of these datasets allows for precise data integrity, longitudinal matching and the integration of connected sources of deep clinical data, demographic data, socioeconomic data, patient-reported data, and myriad other sources as patients move through the healthcare system during their lives. Together, these massive datasets enable not only sophisticated machine learning model training, comparative analytics, and test cohort creation for platform simulations used in product development and performance modeling, but also for direct use in provider-specific and patient-specific applications that benefit individual courses of care, quality, and utilization efficiency improvement that can meaningfully impact individual patients’ lives.”
“As quality and value-based care models continue to evolve, the importance of data-driven insights and resulting impact has never been more critical to success,” said Dan Mendelson, president of Avalere, an Inovalon company. “Leveraging the expanding MORE2 Registry® dataset, the sophisticated capabilities within the Inovalon ONE™ Platform, and Avalere’s industry leading subject matter expertise, clients are not only able to benefit from unparalleled insights and sophisticated predictive modeling, but also the ability to drive meaningful impact and change across the payer, provider, pharmaceutical and medical device landscape.”
Inovalon is a leading technology company providing cloud-based platforms empowering a data-driven transformation from volume-based to value-based models throughout the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary datasets, advanced analytics, data-driven intervention systems, and industry-leading subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon's unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Providing technology that supports nearly 500 healthcare organizations, Inovalon's platforms are informed by data pertaining to more than 858,000 physicians, 377,000 clinical facilities, and more than 230 million Americans. For more information, visit www.inovalon.com.
*As of June 30, 2017, only preliminary estimates for the MORE2 Registry® dataset counts were available due to the ongoing arrival of very high volumes of data. It is estimated that upon the completion of the processing of newly arriving data, the MORE2 Registry® dataset will contain more than 230 million unique patient counts and nearly 30 billion medical event counts, which would reflect increases of approximately 67% and 155%, respectively, compared with June 30, 2016.
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George Price (Investors)
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