BOWIE, Md. – January 13, 2020 – Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced the launch of the newest Inovalon ONE® Platform offering, Inovalon’s Healthcare Data Lake, a cloud-based solution that empowers healthcare organizations to unlock the value of their own data assets with a five-year contract with a leading health plan in support of more than four million members, executed in December 2019.
The Inovalon Healthcare Data Lake solution provides clients with an industry-leading single-source-of-truth “superset” of data that aids clients in supporting advanced reporting, analytics initiatives, and other use cases that benefit from best practices data architecture, data comprehensiveness, and data hygiene, while also eliminating costs of traditional enterprise warehouse solutions and healthcare organization processes suffering from incomplete, untimely, or erroneous data.
Core to the Inovalon Healthcare Data Lake solution is the aggregation and normalization of a client’s existing data assets, often from widely disparate systems and in widely disparate formats. To these myriad data, Inovalon applies more than a 1,000 data integrity analyses that have been trained from the ingestion of the 48 billion medical events within Inovalon’s MORE2 Registry® dataset. These data integrity analyses algorithms help to identify and resolve errors within the core data. Inovalon then applies its Clinical Data Extraction as a Service (CDEaaS™) capabilities to locate and ingest supplemental clinical data from Electronic Health Records (EHRs). Following this, Inovalon applies its Natural Language Processing as a Service (NLPaaS™) capabilities to convert non-structured data into structured data.
The aggregated datasets are then further enriched with Inovalon’s data and analytical resources providing social determinants of health data, relative clinical quality data, relative outcome performance data, and other data and analytical derivatives. All the while, Inovalon’s algorithms designed for assuring accurate longitudinal linking and matching maintain patient-level integrity of data element assignment. Data is integrated, processed, and available in real-time so that authorized users within the healthcare organizations can have access to the resulting superset of data to benefit their goals more quickly than the costly disparate or batch-processes data environments often found within larger healthcare organizations today.
The design of the Inovalon Healthcare Data Lake solution allows clients to realize the power of their own data while also being augmented by the industry’s largest healthcare dataset, the MORE2 Registry®, and advanced analytical capabilities of the Inovalon ONE® Platform. Through the combination of easy access to an organization’s own internal data and nation-scale comparative data, together with analytics able to be applied in real-time across the combination of datasets, clients gain a superior ability to inform their initiatives, deliver leading quality and economics, and differentiate themselves within the marketplace.
“As we expand the capabilities available within the Inovalon ONE® Platform, we do so for the purpose of supporting the expanding needs and ambitions of our clients,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “We are both excited and proud to bring to the marketplace this newest solution that achieves a data environment that unlocks the power of our clients’ data, helping them to achieve their own goals of improving clinical quality, costs, and market differentiation.”
The Inovalon ONE® Platform is an integrated cloud-based platform of nearly 100 individual proprietary technology toolsets and deep data assets able to be rapidly configured to empower the operationalization of large-scale, data-driven healthcare initiatives. Each proprietary technology toolset, referred to as a Module, is informed by the data of billions of medical events within Inovalon’s proprietary datasets. Combinations of Modules are configured to empower highly differentiated solutions for client needs quickly and in a highly scalable fashion. The flexibility of the Platform’s modular design enables clients to integrate the Platform capabilities with their own internal capabilities or other third-party solutions. The Platform brings to the marketplace a highly extensible, national-scale capability to interconnect with the healthcare ecosystem on a massive scale, aggregate and analyze data in petabyte volumes, arrive at sophisticated insights in real time, and drive meaningful impact wherever it is analytically identified best to intervene and intuitively visualize data and information to inform business strategy and execution.
Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its Platform, unparalleled proprietary datasets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, 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®.” Supporting thousands of clients, including 24 of the top 25 U.S. health plans, 22 of the top 25 global pharma companies, 19 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than 980,000 physicians, 546,000 clinical facilities, 287 million Americans, and 48 billion medical events. For more information, visit www.inovalon.com.
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