Strong Demand for Capabilities with 14 Health Plan Engagements Executed Over the Past 10 Weeks
BOWIE, Md., Jan. 07, 2019 (GLOBE NEWSWIRE) — Inovalon (Nasdaq: INOV), a leading technology company providing advanced, cloud-based platforms empowering data-driven healthcare, today announced that one of the nation’s largest Blue Cross Blue Shield health plans has joined the rapidly growing ranks of health plans implementing Inovalon’s Clinical Data Extraction as a Service (CDEaaS™) and Natural Language Processing as a Service (NLPaaS™) capabilities. Inovalon is seeing strong demand for the cloud-based SaaS capabilities, with 14 health plan engagements executed for the solutions over the past 10 weeks, adding to the multiple top 10 national and regional health plans already in the process of initiating use of the solutions.
Inovalon’s Clinical Data Extraction as a Service (CDEaaS™) solution facilitates data exchange directly and autonomously through Electronic Health Record (EHR) systems and Health Information Exchange (HIE) systems with nearly 200,000 providers connected to the Inovalon ONE® Platform today, and delivers digital patient records 10 times faster, with greater data accuracy and completeness, and at a cost of up to 70 percent less than traditional, manual clinical data and records retrieval. Data retrieved through the CDEaaS™ solution plays an integral role in supporting healthcare organizations’ clinical quality measurement, reporting and improvement and risk score accuracy performance initiatives by streamlining and enabling greater flexibility within the medical record data retrieval process and delivering more comprehensive results through a leveraging of advanced data targeting algorithms.
Inovalon’s Natural Language Processing as a Service (NLPaaS™) solution applies highly adaptive Natural Language Processing (NLP) and Machine Learning (ML) capabilities to identify and convert structured and unstructured data within clinical medical records into meaningful clinical insights within seconds, enabling significant improvements in clinical quality, risk score accuracy, and financial performance. As one of the only NLP vendors in the market that supports all medical record formats, Inovalon’s solution delivers substantial value to its clients at a cost up to 25 percent less than manual methods.
By combining Inovalon’s CDEaaS™ and NLPaaS™ solutions, clients can utilize analytics to identify necessary medical record data, locate and aggregate the data, and then convert the resulting structured and unstructured clinical data for analysis and application in clinical quality and financial performance improvement initiatives, all without human involvement, in massive scale, and within minutes instead of weeks.
The power of Inovalon’s NLPaaS™ solution leverages adaptive Natural Language Processing and Machine Learning that is informed by the analysis of hundreds of millions of pages of clinical medical record data maintained within Inovalon’s real-world clinical data repositories. Additionally, the data targeting algorithms utilized within the CDEaaS™ solution are powered by analysis of Inovalon’s massive propriety dataset, the MORE2 Registry®, which includes more than 40 billion medical events. The leveraging of Inovalon’s datasets to train advanced machine learning capabilities within the CDEaaS™ and NLPaaS™ solutions is an example of the growing application of Inovalon’s data assets to develop and empower highly differentiated cloud-based capabilities, which are receiving strong demand in the marketplace.
“The application of Inovalon’s CDEaaS™ and NLPaaS™ solutions enables greater quality outcomes, drives expanded financial efficiencies, and reduces the time to obtain, interpret, and analyze clinical data from weeks down to minutes while delivering superior accuracy, completeness and consistency,” said Keith Dunleavy, M.D., chief executive officer and chairman of the board of Inovalon.
“The modular nature of Inovalon’s solutions such as CDEaaS™ and NLPaaS™, and their ease of integration together with other Inovalon solutions enabled through the Inovalon ONE® Platform, is empowering greater value realization and speed-to-impact for our clients, while also expanding the differentiation and stickiness of Inovalon’s platform,” said Jason Capitel, chief operating officer of Inovalon. “We are very pleased with the strong demand we are seeing in the marketplace and the expanding capabilities of our sales team to translate Inovalon’s technology differentiation into accelerating sales velocity and closure.”
About the Inovalon ONE® Platform
The Inovalon ONE® Platform is an integrated cloud-based platform of more than 80 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 technology company providing 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 data sets, 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 19 of the top 25 U.S. health plans and 22 of the top 25 global pharma companies, Inovalon’s technology platforms and analytics are informed by data pertaining to more than 955,000 physicians, 499,000 clinical facilities, 261 million Americans, and 40 billion medical events. For more information, visit www.inovalon.com.
Contact:
Kim E. Collins
[email protected]
301-809-4000 x1473
George Price
[email protected]
301-809-4000 x1190
