Leading Health Insurer Chooses Inovalon's HIX Foundation™ Solution Independence Blue Cross Expands Inovalon Relationship to Prepare for Health Insurance Exchange Marketplace
BOWIE, Md., Jan. 17, 2013 /PRNewswire/ -- Inovalon, Inc., a leading provider of data-driven healthcare solutions, today announced Independence Blue Cross (IBC), southeastern Pennsylvania's leading health insurer, will use Inovalon's HIX Foundation™ solution to prepare for operation within the Health Insurance Exchange marketplace.
Inovalon's HIX Foundation solution provides insight into the key drivers that influence program pricing, sub-segmentation, financial projections, marketing, and overall strategy design for health plans entering state health insurance exchanges. To provide support for health plans, Inovalon applies insights garnered from an extensive clinical dataset of more than six billion medical events, together with state-specific and national experience with disease progression, risk score data accuracy, quality outcomes, and financial performance amongst Medicare, Medicaid, commercial, and uninsured proxy populations. Through a compilation of existing data analyses, predictive analytics, targeted validation sampling, and relative comparative analytics across state and national comparative cohorts, Inovalon enables plans to arrive at a deep understanding of their true risk score and quality rates within their membership base, the relevant uninsured base, and the comparative marketplace in which their exchange offering resides.
"Independence Blue Cross is focused on improving outcomes for patients, lowering health care costs, and providing high quality, affordable health care," said Dan Rachfalski, Vice President of Actuarial Services at Independence Blue Cross. "As we approach 2014, this commitment to our members extends into the exchange marketplace. We look forward to working with Inovalon as we prepare to enter the health insurance exchange marketplace."
"The arrival of Health Insurance Exchanges introduces a new level of complexity to the commercial landscape," said Dan Rizzo, Chief Innovation Officer of Inovalon. "We are highly impressed by IBC's commitment to preparing for the Health Insurance Exchange marketplace and for delivering high-quality and cost-effective options to its members."
About Independence Blue Cross
Independence Blue Cross is a leading health insurer in southeastern Pennsylvania. Nationwide, Independence Blue Cross and its affiliates provide coverage to nearly 3.1 million people. For 74 years, Independence Blue Cross has offered high-quality health care coverage tailored to meet the changing needs of members, employers, and health care professionals. Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association. Visit us at ibx.com.
About Inovalon, Inc.
Inovalon, Inc. is a leading technology-enabled healthcare solutions provider focused on the importance of healthcare data and its ability to drive dramatic, objective improvement in clinical and quality outcomes, care management and financial performance throughout the healthcare community. Proprietary healthcare datasets, aggregation and analysis capabilities, combined with a national infrastructure of leading-edge technology, clinical prowess and deep human resources, empower Inovalon's advanced generation of healthcare assessment and improvement through highly informed solutions. Driven by data, Inovalon uniquely identifies gaps in care, quality, data integrity, and financial performance -- while also bringing to bear the resources to resolve them. This differentiating combination provides a powerful capability suite, touching more than 540,000 physicians, 220,000 clinical facilities, and more than 120 million Americans, driving high‐value impact, improving the quality and economics for health plans, hospitals, physicians, patients, and researchers. Please visit www.inovalon.com for more information.
SOURCE Inovalon, Inc.