BOWIE, Md., March 28, 2018 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq:INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced that it has entered into an agreement with Tenet Healthcare (NYSE:THC), a diversified healthcare services organization that includes general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities, to provide data, analytics, and technology platforms to benefit clinical quality outcomes, utilization and financial performance within the Post-Acute Care (PAC) services marketplace.
The current post-acute care marketplace is rapidly evolving as federal and state governments and private payers are changing the way they reimburse for healthcare services. Bundled payments, accountable care organizations (ACOs), and investments in home and community-based care services are only a few of the initiatives that are transforming the way that post-acute care providers engage with the broader care continuum to serve their patients.
Inovalon will deploy Vantage CPS™, a sophisticated cloud-based analytics engine, arming Tenet Healthcare with actionable insight into patient care patterns among PAC facilities. This transparency into discharge patterns, episodic spending, length of stay and readmission rates will help Tenet facilities better inform their patients about their post-acute care alternatives and better engage with post-acute resources. Advanced analytics leverage the Company’s proprietary datasets and the Medicare 100 percent Standard Analytic Files for hospitals, skilled nursing facilities, home health and hospice, inpatient rehabilitation facilities and long-term acute care hospitals from the Centers for Medicare & Medicaid Services (CMS) to track interventions across multiple settings and follow beneficiaries as they move through episodes of care enabling performance improvement on key measures such as acute care readmission rates.
“As the healthcare landscape continues to adopt models of value-based care, the sophistication of the technologies needed to achieve meaningful and differentiated results has never been more integral to success,” said Robert Wychulis, president of Inovalon. “We are pleased to support Tenet Healthcare, an innovative and value-focused company to harness the power of advanced analytics capabilities supporting data-driven, patient-specific and provider-specific interventions to drive positive outcomes.”
The Vantage solution is being made available as a modular, configurable component of the Inovalon ONE™ Platform. Following the pending acquisition of ABILITY Network, Vantage will be made available as an application within the myABILITY® software platform.
About Inovalon
Inovalon is a leading technology company providing cloud-based platforms empowering a data-driven transformation from volume-based to value-based models throughout the healthcare industry. Through the Inovalon ONE™ Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem on massive scale, aggregate and analyze data in petabyte volumes to arrive at sophisticated insights in real-time, drive impact wherever it is analytically identified best to intervene, and intuitively visualize data and information to inform business strategy and execution. Leveraging its platform, unparalleled proprietary data sets, and industry-leading subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes 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®.” Providing technology that supports a client base approaching 500 healthcare organizations, Inovalon's platforms are informed by data pertaining to more than 932,000 physicians, more than 455,000 clinical facilities, and 240 million Americans. 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 are 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 Company’s pending acquisition of ABILITY Network (ABILITY), the roll-out of any product or capability, the timing, performance characteristics and utility of any such product or capability, and the impact of any such product or capability on the healthcare industry, business strategy and plans, and objectives for future operations, are forward-looking statements. The words “believe,” “may,” “see,” “will,” “estimate,” “continue,” “anticipate,” “assume,” “intend,” “expect,” “project,” “look forward,” and similar expressions are intended to identify forward-looking statements.
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 Company’s ability to successfully complete the acquisition of ABILITY and the integration thereof; the ability to innovate new services and adapt platforms and toolsets; the successful implementation and adoption of existing and new platforms and solutions, including the Inovalon ONE™ Platform, Vantage CPS™ and the myABILITY® software platform; the possibility of technical, logistical or planning issues in connection with the Company’s deployment of the Company’s products, services and technological advancements; and the efficacy of the Company’s platforms and toolsets. Additional information is also set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 21, 2018, included under the heading Item 1A, “Risk Factors,” and in subsequent filings with the SEC. The Company is under no duty to, and disclaims 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.
Contacts:
Kim Collins
kcollins@inovalon.com
(301) 809-4000 x1473
George Price
gprice@inovalon.com
(301) 809-4000 x1190