Inovalon Engaged to Support Health Insurance Exchange Marketplace Health Plans In 44 States Leading Analytics Technology Company Selected by Health Plans Across the Nation to Improve Quality Outcomes and Financial Performance in ACA Expansion
BOWIE, Md., April 23, 2014 /PRNewswire/ -- Inovalon, Inc., a leading technology company providing advanced cloud-based analytics and data-driven solutions to the healthcare industry, today announced that it has been selected to provide its commercial Health Insurance Exchange (HIX) Marketplace solutions for leading national and regional health plans across 44 states. Inovalon will support Qualified Health Plans (QHPs) on a wide array of member disease and comorbidity data accuracy analytics, data-driven member and provider intervention initiatives, Edge Server data submissions processes, and business intelligence.
Inovalon's HIX Marketplace solutions address key challenges facing health plans in the areas of retrospective and prospective risk adjustment insight and accuracy, point-of-care decision-support tools, electronic health record interoperability, Edge Server data submission technologies, business intelligence, financial reporting, and medical record data audit support. Inovalon applies these capabilities in a highly integrated approach to the burgeoning needs of QHPs on and off exchanges – from the largest national healthcare organizations to smaller, localized health plans.
With the recent announcement by the United States Department of Health and Human Services that more than 8 million consumers have enrolled on the federal exchanges, coupled with the tens of millions of consumers with small-employer groups and individuals with ACA-compliant health benefit policies, the increased focus on disease and comorbidity data accuracy, quality improvement, regulatory oversight, member engagement and provider collaboration have never been more critical to health plans' success. Further, the ability to efficiently integrate, process, and interconnect the benefits of big data with the point of care is playing an integral role in QHP initiatives. Applying these capabilities in near-real time enables healthcare organizations to not only measure and report on critical factors such as risk score, quality, utilization, and compliance, but effectively apply resources, improve, and succeed in these critical areas.
Inovalon's solutions enable health plans to achieve synergies through advanced analytics and data-driven technology platforms supporting provider network care delivery. Physicians benefit from patient-specific data and analytics in Inovalon's web-enabled secure decision-support platform, ePASS®, and direct integration into their electronic health record (EHR) workflow. Further, members benefit from their physician assessments being highly informed and outreaches from their health plan being meaningfully knowledgeable of their unique needs. Additionally, health plan members gain convenient access to care through Inovalon's strategic relationships with retail pharmacy clinics such as Healthcare Clinics at select Walgreens .
"Regardless of the size or geographic footprint of a health plan, advancements in data aggregation, compute power, and integrated connectivity is changing the delivery of healthcare," said Dan Rizzo, Chief Innovation Officer of Inovalon. "Through the innovations of advanced cloud-based analytics and informed intervention capabilities, Inovalon's national and regional partners are able to better serve their members within the commercial Health Insurance Exchange Marketplace. Inovalon is proud to work closely with payers from across the nation to help improve both quality of care and financial performance across the commercial healthcare landscape."
About Inovalon, Inc.
Inovalon is a leading technology company that combines advanced cloud-based data analytics with highly targeted interventions to achieve meaningful 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, and deep subject matter expertise deliver a seamless, end-to-end platform of technology and nationwide operations that bring 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 also bringing to bear the unique capabilities to resolve them. Touching more than 540,000 physicians, 220,000 clinical facilities, and more than 140 million Americans, this differentiating combination provides a powerful solution suite that drives high-value impact, improving quality and economics for health plans, ACOs, hospitals, physicians, patients, and researchers. For more information visit www.inovalon.com.
SOURCE Inovalon, Inc.