MADISON, N.J. and BOWIE, M.D. – Feb. 24, 2016 – Quest Diagnostics (NYSE: DGX) and Inovalon (Nasdaq: INOV), today announced they will showcase Data Diagnostics™, real-time analytics at the point of care, at HIMSS16, furthering the national roll-out of the solution. Based on one of healthcare’s largest datasets and integrated with nearly 600 electronic health record (EHR) platforms, Data Diagnostics provides patient-specific analyses that help the physician align clinical management with quality, utilization, risk, and financial performance goals, supporting value-based healthcare. Data Diagnostics is part of the new Quanum™ brand of Quest Diagnostics healthcare information technology solutions.
Since the announcement of the Quest and Inovalon collaboration in late 2015, Data Diagnostics has already gained interest with accountable care organizations (ACOs), health plans and provider networks and begun implementation activities. During HIMSS16, the two companies will demonstrate the solution live at their booths, Quest (Booth 2754) and Inovalon (Booth 1817), as well as during a HIMSS education session, “The Power of Real-Time Analytics at the Point of Care,” with company executives on Wednesday, March 2, at 2:30 pm PT.
“Data Diagnostics brings big data insight to the clinician-patient interaction, fostering the delivery of value-based care,” said Lidia Fonseca, senior vice president and chief information officer, Quest Diagnostics. “It funnels billions of data points into digestible, actionable insight about quality and other metrics that the physician can access on a laptop or mobile device via one of hundreds of EHR platforms supported by Quest. There is really nothing else like it in healthcare, and we are excited to showcase this groundbreaking solution at HIMSS.”
“Today physicians, hospitals, health plans, and the myriad of integrated healthcare delivery systems are being held to the achievement of certain quality standards and value-based shared risk arrangements, yet they have very limited, if any, insight into timely patient-specific gaps in quality, risk and utilization at the point of care — where it is needed most,” said Keith Dunleavy, M.D., CEO of Inovalon. “Data Diagnostics was designed to address that challenge. The sophisticated but simple to use platform not only has the ability to integrate and aggregate vast amounts of data, but also to analyze this data at tremendous speeds across hundreds of critical performance measures, enabling physicians to better assess gaps in care, help improve outcomes and achieve incentive quality metrics in real-time. This is a game changer for healthcare.”
Data Diagnostics: Making Value-Based Care a Reality
Data Diagnostics offers patient-specific data analyses that can be ordered individually on-demand by clinicians at the point of care within their existing workflow prior to or during a patient consult. Each report identifies specific actions the physician may take to improve the patient’s care according to quality, risk, utilization and other metrics and criteria on which financial payment for health services are increasingly determined under value-based reimbursement models. Examples include identifying a patient who is overdue to receive guideline-recommended cancer screening, has a heightened risk of disease progression or is receiving redundant testing and other unnecessary services. Comprehensive medical histories for first time patients and emergency care, among other analyses, are also available on demand in real time.
Last year, the U.S. Department of Health & Human Services set the unprecedented goal of aligning 90% of all Medicare fee-for-service payments to quality and value by 2018. This action, along with similar initiatives implemented by state governments, health systems, ACOs and private and public health plans, are pressuring all health care entities and providers to transition from traditional fee-for-service reimbursement to models of payment based on achievement of measures associated with favorable outcomes and cost savings.
“Health providers are eager to access actionable information and functional technology to deliver value-based care, but coming up short,” said David Freeman, general manager, Information Ventures, Quest Diagnostics. “Data Diagnostics delivers on the potential of big data and technology to improve efficiencies and quality in healthcare during a time when value-based reimbursement is rapidly replacing fee for service models.”
Uses one of healthcare’s largest data sets, for well informed decisions
Data Diagnostics draws on one of the world’s largest sets of clinical, claims, quality and lab data, based on Quest’s 20 billion clinical laboratory test results and Inovalon’s clinical datasets on about 127 million patients. Powered by Inovalon’s sophisticated large-scale data interconnectivity and analytical platform, the solution uses automated technologies to collect, analyze and deliver data in a secure format.
“Much of the power of Data Diagnostics lies not just in the richness of the massive Quest and Inovalon data sets but in how Inovalon’s analytics engine turns billions of data points into a highly readable report for a specific need,” said Jason Rose, chief strategic development officer for Inovalon.
Integrated with nearly 600 EHR platforms, for uniquely broad access
Using other analytics tools, physicians typically must toggle between an EHR and a separate portal. This lack of integration with existing clinical workflows is cited by top research groups, including HIMSS Analytics and Chilmark Research, as a major impediment to the adoption of analytics by physicians.
Data Diagnostics is integrated with Care360, Quest’s lab ordering connectivity platform, along with the nearly 600 EHR platforms it currently supports. Largely through this platform, Quest provides clinical lab testing ordering and reporting to approximately half of the physicians and hospitals in the United States.
“Data Diagnostics surmounts the lack of workflow and EHR integration that hinders the use of other analytics solutions,” Ms. Fonseca said. “Where else can a provider, health system or payer gain access to analytics that integrate seamlessly with hundreds of EHR platforms and which half the physicians and hospitals in their network have immediate access to? The physician can order a Data Diagnostic analysis the same way they order a lab test from Quest. It’s really that simple.”
For more information, visit http://www.QuestDiagnostics.com/HIMSS16
Quest and Inovalon Executives to Bring the Power of Real-Time Analytics to Life During Speaking Session on March 2nd at HIMSS16
Quest and Inovalon experts will host a session titled, “The Power of Real-Time Analytics at the Point of Care” on Wednesday, March 2 at 2:30 pm PT on Level 1 in the Galileo 1001 Room of the Sands Expo and Convention Center. During the session Dr. Dunleavy and Ms. Fonseca will describe the Data Diagnostics solution; a demo will also be provided for attendees.
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 45,000 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 98.2% 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 777,000 physicians, 266,000 clinical facilities, and more than 127 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.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of, and intended to be covered by the safe harbor provisions of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including but not limited to statements regarding the expected timing of the roll-out of Data Diagnostics™, the timing, performance characteristics and utility of Data Diagnostics™, and the impact of Data Diagnostics™ on the healthcare industry, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements have been based largely on current expectations and projections about future events regarding Data Diagnostics™. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, which could cause the future events discussed in this press release not to occur and could cause actual results to differ materially and adversely from those anticipated or implied in the forward-looking statements. These risks, uncertainties, and assumptions include, among others, the successful development and implementation, sales, adoption, market penetration, and scalability and of Data Diagnostics™. Inovalon and Quest are under no duty to, and disclaim any obligation to, update any of these forward-looking statements after the date of this press release or conform these statements to actual results or revised expectations, except as required by law.
Kim E. Collins (Media & Investors): 301-809-4000 x1473
Wendy Bost (Media): 973-520-2800
Dan Haemmerle (Investors): 973-520-2900