Inovalon Certified by CMS, Receiving Fee-For-Service Medicare Data for All 50 States and the District of Columbia
August 08 2017 - 7:55AM
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 during the second
quarter of 2017 the Company began receiving Medicare FFS data under
the Centers for Medicare & Medicaid Services (CMS) Qualified
Entity (QE) Program for all 50 states and the District of Columbia.
The QE Program enables organizations meeting
precise requirements pertaining to performance measurement, data
management, security and existing data volume to receive identified
fee-for-service Medicare Parts A, B and D medical and pharmacy
claims data for use in promoting value, health outcomes and
performance improvement in the healthcare system. Under Inovalon’s
agreement with CMS, the Company is in the process of receiving data
for all Medicare fee-for-service patients back to 2009. Upon the
completion of the “bring current” process, data flows will maintain
the Medicare fee-for-service data on an ongoing basis. The QE
Program data will be de-identified and incorporated into the
Company’s proprietary, longitudinally matched, dataset, the MORE2
Registry®.
With the Company’s continued client base
expansion, expanding healthcare ecosystem connectivity, addition of
Medicare fee-for-service data, and growing use of point-of-care
solutions leveraging the Inovalon ONE™ Platform, Inovalon’s MORE2
Registry® dataset will contain more than 230 million unique
patients and nearly 30 billion medical events, representing
year-over-year increases of approximately 67% and 155%,
respectively, if measured as of June 30, 2017*. The Company expects
to see continued strong expansion of its proprietary datasets
through the remainder of 2017. In addition, at the end of the
second quarter of 2017, Inovalon had direct electronic health
record (EHR) connectivity with more than 108,000 providers, an
increase of over 280% on a year-over-year basis. Inovalon’s
proprietary datasets, along with the analytics and insights they
power, and extensive connectivity represent significant
differentiators for the Company in the healthcare marketplace.
“The addition of the QE Program data further
deepens Inovalon’s proprietary datasets,” said Keith Dunleavy,
M.D., chief executive officer of Inovalon. “The primary-source
nature of these datasets allows for precise data integrity,
longitudinal matching and the integration of connected sources of
deep clinical data, demographic data, socioeconomic data,
patient-reported data, and myriad other sources as patients move
through the healthcare system during their lives. Together, these
massive datasets enable not only sophisticated machine learning
model training, comparative analytics, and test cohort creation for
platform simulations used in product development and performance
modeling, but also for direct use in provider-specific and
patient-specific applications that benefit individual courses of
care, quality, and utilization efficiency improvement that can
meaningfully impact individual patients’ lives.”
“As quality and value-based care models continue
to evolve, the importance of data-driven insights and resulting
impact has never been more critical to success,” said Dan
Mendelson, president of Avalere, an Inovalon company. “Leveraging
the expanding MORE2 Registry® dataset, the sophisticated
capabilities within the Inovalon ONE™ Platform, and Avalere’s
industry leading subject matter expertise, clients are not only
able to benefit from unparalleled insights and sophisticated
predictive modeling, but also the ability to drive meaningful
impact and change across the payer, provider, pharmaceutical and
medical device landscape.”
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. Leveraging large-scale data
interconnectivity capabilities, unparalleled proprietary datasets,
advanced analytics, data-driven intervention systems, 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 nearly 500 healthcare organizations, Inovalon's
platforms are informed by data pertaining to more than 858,000
physicians, 377,000 clinical facilities, and more than 230 million
Americans. For more information, visit www.inovalon.com.
*As of June 30, 2017, only preliminary estimates
for the MORE2 Registry® dataset counts were available due to the
ongoing arrival of very high volumes of data. It is estimated that
upon the completion of the processing of newly arriving data, the
MORE2 Registry® dataset will contain more than 230 million unique
patient counts and nearly 30 billion medical event counts, which
would reflect increases of approximately 67% and 155%,
respectively, compared with June 30, 2016.
Contacts:
Kim Collins
Phone: 301-809-4000 x1473
kcollins@inovalon.com
George Price (Investors)
Phone: 301-809-4000 x1190
gprice@inovalon.com
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