BOWIE, Md. – January 14, 2020 – Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced a seven-year engagement with one of the nation’s largest pharmacies to provide cloud-based capabilities nationwide with the implementation of Inovalon’s Platform. Under the engagement, one of the nation’s top 10 specialty pharmacies will implement ScriptMed® Cloud, the industry’s most advanced pharmacy platform to support its national operations including advanced patient care, clinical decision support, pharmacy practice management, billing and reimbursement services, distribution, and robust business and clinical analytics. This contract, a pure cloud native SaaS engagement entered into during late 2019, marks the third top 10 national pharmacy to implement Inovalon’s cloud pharmacy solution.
Specialty pharmacy is a uniquely high-value segment of the healthcare ecosystem that is of increasing importance to payers, pharmaceutical companies and patients alike. Specialty pharmacy focuses on high-cost and high-complexity pharmacological care. Driven by accelerating discoveries in pharmacological treatments, the rising number of patients with highly complex and chronic disease conditions, and the increasing application of precision medicine, the U.S. specialty pharmacy market has grown from approximately $98 billion in 2010 to $178 billion in 2015, and it is expected to continue to expand to an estimated $282 billion by 2021. All segments of the healthcare ecosystem – payers, providers, pharma, patients and the elements of their associated care delivery matrix – rely on the capabilities of specialty pharmacy for their own respective care, quality and economic goals. The high-complexity and high-cost nature of specialty pharmacy stands to benefit significantly from the capabilities enabled through the Inovalon ONE® Platform.
ScriptMed® Cloud is a configuration of the Inovalon ONE® Platform for pharmacy organizations that leverages Inovalon’s deep data, connectivity, analytics, intervention toolsets, business process reporting and data visualization capabilities optimized for the pharmacy marketplace. The Platform’s advanced capabilities provides a SaaS solution to empower meaningful impact for pharmacy organization clients and the patients they serve by enabling greater operational flexibility, scalability, significant cost efficiencies, improved clinical and quality outcomes, and reduced cost-to-fill and time-to-therapy performance.
“The high-cost and high-complexity segment of the pharmacy marketplace represents a tremendous challenge to healthcare as care models become increasingly detailed and patient-specific, coordination between stakeholders becomes increasingly critical, and the costs of medications and associated treatment plans continue to expand,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “The advancements to the care, quality, operational, and economic goals of specialty pharmacies empowered by ScriptMed® Cloud are truly exciting. We are very pleased to be seeing strong market adoption and strong partnerships deepen even further as we bring to the pharmacy marketplace these important capabilities.”
ScriptMed® Cloud is the next generation technology for specialty patient care, empowered by the latest and most advanced capabilities of the Inovalon ONE® Platform. These advancements include increased modularity, high-speed cloud-based compute, multi-stakeholder workflows, real-time healthcare ecosystem connectivity, advanced analytics and enhanced data visualization capabilities, and leverage Inovalon’s massive datasets. ScriptMed® Cloud delivers differentiated value in the specialty market, meaningfully reducing time-to-fill, reducing costs and error rates, while empowering advanced functionality, greater flexibility, operational efficiency, and a focus on clinical and quality outcomes, delivering impactful savings and financial benefits for the specialty pharmacy marketplace and the patients who are served. ScriptMed® Cloud is a cloud native architecture provided to clients in a pure SaaS offering model.
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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