Leading Health Plan Expands Use of Inovalon Platform to Add Automated Clinical Data Extraction and Natural Language Processing Toolsets
BOWIE, Md., Nov. 14, 2018 (GLOBE NEWSWIRE) — Inovalon (Nasdaq: INOV), a leading technology company providing advanced, cloud-based platforms empowering data-driven healthcare, today announced Virginia Premier has entered into an engagement to activate Inovalon’s Clinical Data Extraction as a Service (CDEaaS™) and Natural Language Processing as a Service (NLPaaS™) toolsets within the Inovalon ONE® Platform. Implementation of these solutions will empower Virginia Premier to automate the identification, collection, and analysis of clinical data found within electronic health records (EHRs) at large scale to support improved clinical quality, risk score accuracy and financial performance.
Inovalon’s Clinical Data Extraction as a Service (CDEaaS™) solution facilitates data exchange with over 150,000 providers connected to the Inovalon ONE® Platform today and delivers digital patient records 10 times faster and at a cost up to 70 percent less than traditional, manual retrieval. Data retrieved through the CDEaaS™ solution will play an integral role in supporting Virginia Premier’s quality measurement, reporting and improvement initiatives and financial performance by streamlining and enabling greater flexibility within the medical record retrieval process and delivering more comprehensive results through a leveraging of data targeting algorithms powered by analysis of Inovalon’s massive propriety dataset, the MORE2 Registry®, which includes over 40 billion medical events.
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.
“We have been impressed by Virginia Premier’s commitment to leveraging innovative technologies in order to provide its members with the highest level of service and quality care while also focusing on the efficiency and effectiveness of programs,” said Robert Wychulis, president of Inovalon. “The achievement of fully automated clinical data aggregation and unstructured data analysis is a significant advancement for those needing to apply medical record data to reach their corporate, regulatory, clinical, research, and economic goals.”
“Virginia Premier is committed to superior quality for our members, support for our providers, and the achievement of strong financial performance as we do so,” said Dr. John Johnson, Chief Medical Officer of Virginia Premier. “The analytics and data-driven platform provided by Inovalon are a key part of this strategy. We value our relationship with Inovalon as we continue to partner together, advancing our mission and leadership in the marketplace.”
About Virginia Premier
Virginia Premier’s mission is to inspire healthy living within the communities we serve with a focus on those in need. We do this through innovation, strategic partnerships, industry-leading health care and the power of VCU Health. Formed in 1995 as a Medicaid HMO, Virginia Premier is the first and only university-based, nonprofit managed care organization in the Commonwealth, now serving roughly 220,000 members statewide. In addition to its Medicaid and Medicare plans, Virginia Premier provides third-party administrative services and runs the Virginia Premier Neighborhood Health Center in Roanoke. It is a wholly owned subsidiary of VCU Health System. For more information, visit VirginiaPremier.com.
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.
Contacts:
Kim E. Collins
Phone: 301-809-4000 x1473
kcollins@inovalon.com
George Price (Investors)
Phone: 301-809-4000 x1190
gprice@inovalon.com