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|Inovalon Holdings, Inc.|
|Traded as||NASDAQ: INOV|
|Founder||Keith Dunleavy, M.D.|
|Headquarters||Bowie, Maryland, U.S.|
Number of employees
Inovalon Holdings, Inc. is a technology company based in Bowie, Maryland. It uses cloud-based analytics and technology to help clients achieve insights that improve clinical and quality outcomes, utilization, and financial performance in the field of healthcare.
The company’s origins date back to 1998 when its predecessor companies were organized in Maryland by Keith Dunleavy.
In 2008 the company continued to grow with 1,900 clinicians and statisticians. Its process of reviewing claims and lab data, to assess patient care was used to advise health plans how to improve processes and performance. The company gained new investors during this period because of its established business model and the importance of data in the field of healthcare.
In June 2012, the company's name was changed from MedAssurant to Inovalon.
In 2012, Inovalon also expanded its reach, entering into the research arena. Inovalon researchers partnered with other industry researchers to conduct a study on Hospital Readmission Rates in Medicare Advantage Plans. The objective was to compute a benchmark for tracking readmission rates among patients enrolled in Medicare’s private comprehensive Medicare Advantage (MA) plans and to develop preliminary comparisons with the fee-for-service (FFS) readmission rates. The study was published in The American Journal of Managed Care.
In 2013, Inovalon formed partnerships with Walgreens and electronic health record (EHR) companies such as Allscripts, Greenway, and NeoDeck to integrate analytics and data-driven intervention platforms into the point of care. At the request of several leading healthcare systems, Inovalon went on to expand the study to examine the association of socioeconomic status and other factors with underlying poor quality performance of dual-eligible members in Medicare Advantage plans, releasing the largest study ever performed on such members on October 28, 2014, and presented the findings to Congressional representatives on October 21, 2014.
In 2014, Inovalon expanded its partnership with Walgreens to implement its patient assessment tool and technology platform, Electronic Patient Assessment Solution Suite (ePASS®), to support patient assessments across more than 400 Healthcare Clinic at select Walgreens locations. With the implementation, Inovalon’s analysis of more than 8.3 billion medical events brings analytic insights to Healthcare Clinic programs.
On December 30, 2014, Inovalon publicly filed its registration statement with the Securities and Exchange Commission (SEC) related to a proposed initial public offering of its common stock and has applied for listing on NASDAQ under the ticker "INOV".
On May 18, 2015, Inovalon released the largest-ever analysis of dual eligible member data, which indicated social and demographic factors affect health-related outcomes and measurements for health plan performance, independent of plan characteristics.
On September 1, 2015, Inovalon acquired Avalere Health, which offers advisory services and business intelligence solutions to the pharmaceutical industry as well as managed care companies and provider organizations.
On September 29, 2015, Inovalon and Quest Diagnostics launched Data Diagnostics, a suite of hundreds of real-time patient-specific data analyses that clinicians can order individually, on demand at the point of care within their existing workflow to identify and address gaps in quality, risk, utilization and medical history insights. Unseen in healthcare today, the solution supports the healthcare industry’s transition from volume- to value-based healthcare by providing actionable insight to improve clinical and quality outcomes as well as financial performance for practices, health plans, ACOs, hospitals and other providers across the healthcare community in real time.
On September 22, 2016, Inovalon announced the acquisition of Creehan Holding Co., Inc., the parent company of Creehan & Company, an independent provider of specialty pharmacy and specialty medications management software-as-a-service (SaaS) platforms. The acquisition closed on October 1, 2016.
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