Inovalon (Nasdaq:INOV), a leading technology company providing
advanced, cloud-based platforms empowering data-driven healthcare,
today announced a five-year engagement with AllianceRx Walgreens
Prime to provide highly differentiated, cloud-based capabilities to
the healthcare marketplace with the implementation of the
industry’s most advanced specialty pharmacy platform. AllianceRx
Walgreens Prime is the combined central specialty and home delivery
pharmacy formed by Walgreens and pharmacy benefit manager Prime
Therapeutics LLC (Prime).
Specialty pharmacy is a uniquely high-value
segment of the healthcare ecosystem that is of increasing
importance to payers, pharmaceutical companies and patients alike.
Specialty pharmacy focuses on high-cost and high-complexity
pharmacological care. Driven by accelerating discoveries in
pharmacological treatments, the rising number of patients with
highly complex and chronic disease conditions, and the increasing
application of precision medicine, the U.S. specialty pharmacy
market has grown from approximately $98 billion in 2010 to $178
billion in 2015, and it is expected to continue to expand to an
estimated $282 billion by 20201. All segments of the healthcare
ecosystem – payers, providers, pharma, patients and the elements of
their associated care delivery matrix – rely on the capabilities of
specialty pharmacy for their own respective care, quality and
economic goals.
The high-complexity and high-cost nature of
specialty pharmacy stands to benefit significantly from the
capabilities enabled through the Inovalon ONE® Platform. The
Platform’s capabilities allow for AllianceRx Walgreens Prime to be
significantly differentiated in the marketplace, reducing
time-to-fill and costs and improving quality assurance, while
empowering advanced functionality, greater flexibility, operational
efficiency, and a focus on clinical and quality outcomes.
Referred to as ScriptMed™ Cloud, the specialty
pharmacy configuration of the Inovalon ONE® Platform leverages a
wide array of existing proprietary technology toolsets within the
Platform (known as Components) as well as a Module of eight newly
developed Components that leverage Creehan specialty pharmacy
expertise engineered in cloud native-microservice architecture. The
specialized configuration of the Inovalon ONE® Platform brings to
the marketplace significant advancements empowering a new
generation of specialty pharmacy capabilities.
Examples of features enabled through the
platform include:
- Highly sophisticated clinical protocols powered by
patient-specific data and advanced analytics
- Extensive connectivity with EHRs, HIEs, payer systems, and
provider sites to speed necessary data capture and authorization
processes
- Modular design allowing health plans and provider systems to
integrate more easily with in-house capabilities and other
third-party pharmacy solutions
- Real-time analytics and data accessibility to timely inform
clinical interactions and improve patient experience
- Simultaneous multi-stakeholder coordination enabling parallel
processes related to each unique patient’s needs, materially
accelerating time-to-fill improvements
- Real-time process coordination of patient-level and
provider-level data with elements of care management, referral
management, order fulfillment, order management, inventory
management, revenue cycle management, and relevant contract
management supporting payer and pharmaceutical manufacturer
requirements
- Highly granular business intelligence tracking and reporting to
deliver insights on system, financial, clinical, and operational
status and performance in real time
Preparation for ScriptMed™ Cloud began during
the summer of 2017, with subsequent expansions of Inovalon’s cloud
datacenters and cloud-based software design and development. Unique
to the project launch is the simultaneous support of enterprise
software during the phased delivery of cloud-based functionality.
When completed, all of the AllianceRx Walgreens Prime’s operations
will be run from the Inovalon cloud-based Platform.
“We are committed to bringing the industry’s
most advanced capabilities to the marketplace for our clients and
their patients,” said Joel Wright, chief executive officer of
AllianceRx Walgreens Prime. “With the rising focus on quality,
costs, and patient experience, we are excited about our
relationship with Inovalon and the differentiation we will bring to
the market together.”
“The application of sophisticated data-driven
capabilities in specialty pharmacy is critical not only to
operating efficiently, but also to delivering the best possible
experience and outcome for patients,” said Jim Adams, chief
information officer of AllianceRx Walgreens Prime. “Inovalon stands
out not only in their achievement of truly industry-leading
cloud-based capabilities, but also in their appreciation of the
patient and the impact that we can achieve together.”
In addition to supporting AllianceRx Walgreens
Prime’s existing portfolio of business, the engagement is also
designed as a collaboration to facilitate the identification and
joint delivery of specialty pharmacy platform services across the
marketplace. As many health plans and provider systems are
exploring ways to decrease costs, increase market differentiation,
and service their respective patients and members, AllianceRx
Walgreens Prime and Inovalon will collaborate to support these
potential clients’ needs together.
“For years we have worked together with the
specialty pharmacy marketplace to deliver solutions that achieve
both industry-leading capabilities and patient-focused care,” said
Sean Creehan, president and general manager of Inovalon’s Specialty
Pharmacy software business. “The introduction of ScriptMed™ Cloud
elevates this focus to a whole new level, adding tremendous
advancements in functionality and performance that accelerate
speed-to-value and enables the improvement of patient care, which
is at the core of our mission and why we come to work each
day.”
“There is arguably no higher impact area of
healthcare than specialty pharmacy,” said Keith Dunleavy, M.D.,
chief executive officer and chairman of the board of Inovalon. “A
core component of success in this segment is the ability to
leverage data and connectivity to achieve a superior coordination
of care experience, as well as meaningful process efficiency
improvements. We are very pleased to build upon our relationship
with AllianceRx Walgreens Prime, an innovative industry leader, to
support their data-driven approach to superior specialty pharmacy
care and quality.”
About AllianceRx Walgreens
Prime
AllianceRx Walgreens Prime (alliancerxwp.com) is
a specialty and home delivery pharmacy that strives to provide
exceptional care throughout a patient’s treatment journey with the
medications they need every day. Formed in 2017 through a
collaboration between Walgreens, one of the nation’s largest chain
drug stores, and Prime Therapeutics, a leading pharmacy benefit
manager, the company offers tools and resources for patients,
providers and health plans to deliver the optimal health outcomes.
The company is headquartered in Orlando, Fla. and its pharmacies
are accredited by several national pharmacy accreditation
services.
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®.” Providing technology that
supports a client base approaching 500 healthcare organizations,
Inovalon's platforms and analytics are informed by data pertaining
to more than 941,000 physicians, 483,000 clinical facilities, 243
million Americans, and 38 billion medical events. For more
information, visit www.inovalon.com.
Contacts:
Kim CollinsPhone: 301-809-4000
x1473
kcollins@inovalon.com
George Price (Investors)Phone: 301-809-4000
x1190gprice@inovalon.com
Adrienne Foley
(Media)612-777-6259adrienne.foley@primetherapeutics.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 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, future results of operations and financial position,
business strategy and plans, market growth, 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. Forward-looking statements in this
press release include, but are not limited to, expectations about
future business plans, prospective performance and opportunities,
strategies and business plans, and expectations regarding future
results. These forward-looking statements are subject to a number
of risks, uncertainties, and assumptions, which could cause the
future events and trends 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 continue and manage
growth; ability to grow the client base, retain and renew the
existing client base and maintain or increase the fees and activity
with existing clients; the ability to innovate new services and
adapt platforms and toolsets; the successful implementation and
adoption of new platforms and solutions; the possibility of
technical, logistical or planning issues in connection with the
Company’s investment in and successful deployment of the Company’s
products, services and technological advancements; the ability to
enter into new agreements with existing or new platforms, products
and solutions in the timeframes expected, or at all; the impact of
pending M&A activity in the managed care industry, including
potential positive or negative impact on existing contracts or the
demand for new contracts; the ability to protect the privacy of
clients’ data and prevent security breaches; the effect of
competition on the business; 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.
1 Barclay’s U.S. Health Care Distribution & Technology,
Specialty Market Model 2016 Update, January 2016.
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