BOWIE, Md., March 23, 2020 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that it has launched a telehealth configuration of the Inovalon ONE® Platform, empowering virtual data-driven visits with clinicians for clients across the country.
The implementation of telehealth capabilities within Inovalon ONE® Platform brings the power of advanced analytics and data-driven encounters to the telehealth marketplace. These remote patient encounters increase patient access, decrease costs to the healthcare ecosystem, limit risk of exposure and spread of the COVID-19 virus, and help to alleviate the burden placed on healthcare facilities such as emergency departments impacted by urgent in-person cases. Unlike other telehealth capabilities offered in the marketplace which typically begin each encounter with little or no knowledge of the patient or of potential factors contributing to a patient’s ailment or needs, Inovalon’s telehealth offering is informed by the primary source data and analytical insights of each respective patient. This insight increases the call time efficiency, effectiveness, and value impact of each engagement while also improving the patient experience.
Telehealth, the delivery of healthcare, health education, and health information services via remote technologies, is a rapidly growing segment of the healthcare ecosystem that is of increasing importance to payers, providers, and patients alike. This is especially the case considering today’s unprecedented challenge of COVID-19 facing the healthcare industry – with a shift in the patient-provider engagement dynamic that is expected to continue even following the resolution of the current crisis. Driven by the need to decrease the cost of care and increase patient access to clinicians, the U.S. telehealth addressable market is estimated to be over $30 billion.
“Telehealth has been growing in importance in the United States and around the world for some time. The arrival of the COVID-19 pandemic has dramatically accelerated the need and demand for the capability,” said Keith Dunleavy, M.D., chief executive officer and chairman of the board at Inovalon. “We are proud of the ability to bring the data-driven and analytically informed capabilities of the Inovalon ONE® Platform to this important market application and serve the dynamic needs of our clients at this vital time.”
In the setting of the COVID-19 crisis, on March 10, 2020, the Center for Medicare and Medicaid Services (CMS) released a memorandum on the Health Plan Management System (HPMS) pertaining to COVID-19 and the use of telehealth. This was furthered on March 17, 2020, under the 1135 waiver authority and the Coronavirus Preparedness and Response Supplemental Appropriations Act, whereby CMS conveyed expanded authorization for the use of telehealth and encouraged its application where possible. These changes by CMS have significantly expanded the applicability of telehealth applications at a time of high demand and importance.
Inovalon has launched its telehealth capabilities within its existing client base effective immediately and has begun the process of offering to new clients.
About the Inovalon ONE® Platform
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 is referred to as a Component, which are grouped into Modules, and informed by the data of billions of medical events within Inovalon’s proprietary datasets. Combinations of Components and Modules are configured to empower highly differentiated solutions for client needs quickly and in a highly scalable fashion. The flexibility of the modular design of the Platform enables clients to integrate the capabilities of the Platform 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.
About Inovalon
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 988,000 physicians, 552,000 clinical facilities, 314 million Americans, and 53 billion medical events. For more information, visit www.inovalon.com.
Contact:
Kim E. Collins
Senior Vice President, Corporate Communications
kcollins@inovalon.com
301-809-4000 x1473
Hulus Alpay
Vice President, Investor Relations
halpay@inovalon.com
301-809-4000 x1237