Diplomat Selects Inovalon’s Specialty Pharmacy Platform
November 28 2018 - 7:55AM
Inovalon (Nasdaq: INOV), a leading technology company providing
advanced, cloud-based platforms empowering data-driven healthcare,
today announced a multi-year deal with Diplomat (NYSE: DPLO), the
nation’s largest independent provider of specialty pharmacy
services, for Inovalon’s ScriptMed® Enterprise software platform.
Under the engagement, Diplomat will implement the enterprise
platform to support its national operations including advanced
patient care, clinical decision support, pharmacy practice
management, billing and reimbursement services, distribution, and
robust business and clinical analytics.
Specialty pharmacy is a uniquely high-value
segment of the healthcare ecosystem that is of increasing
importance to payers, pharmaceutical companies, providers 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 2020.1 All segments of the
healthcare ecosystem – payers, providers, pharma, patients – rely
on the capabilities of specialty pharmacy for their respective
care, quality, regulatory and economic goals.
ScriptMed® is the industry’s leading end-to-end
software platform specifically designed to meet the demands of
specialty pharmacy’s high-cost products, high-touch services and
complex reimbursement models where unified business processes for
referral, clinical, financial, order management and fulfillment
operations, and integrated delivery of care across multiple
dispensing venues are optimized in one platform. ScriptMed® is
available in both an enterprise architecture and the recently
announced cloud-based architecture.
This relationship is structured in a
subscription-based format that provides Diplomat the opportunity to
augment its ScriptMed® Enterprise platform with recently announced
ScriptMed® Cloud Components of the Inovalon ONE® Platform to drive
added capabilities and value to Diplomat and its recently launched
CastiaRx specialty benefit management offering.
“At Diplomat, our focus is to continually
improve patient care, drive clinical adherence and ensure patients
get the support they need throughout their continuum of care,” said
Joel Saban, president of Diplomat. “The ScriptMed® Enterprise
Platform will help us drive increased competitive differentiation
with unparalleled access to the critical data needed to enable
informed clinical decisions and support that benefit our patients
and providers and deliver a winning proposition for our client
partners.”
“We are proud to be working with Diplomat, one
of the nation’s most innovative specialty pharmacy firms,” said
Sean Creehan, president and general manager of Inovalon’s pharmacy
software platform business. “Specialty pharmacy is an increasing
focus of the healthcare marketplace, and Inovalon’s market-leading
technologies help specialty pharmacies deliver increased value,
improve economics and drive better patient outcomes through a more
informed view of the patient and closer connectivity to the care
team.”
About Diplomat
Diplomat (NYSE: DPLO) is the nation's largest
independent provider of specialty pharmacy and infusion services.
Diplomat helps people with complex and chronic health conditions in
all 50 states, partnering with payers, providers, hospitals,
manufacturers, and more. Rooted in this patient care expertise,
Diplomat also serves payers through CastiaRx, a leading specialty
benefit manager, and offers tailored solutions for healthcare
innovators through EnvoyHealth. Diplomat opened its doors in 1975
as a neighborhood pharmacy with one essential tenet: “Take good
care of patients and the rest falls into place.” Today, that
tradition continues — always focused on improving patient care. For
more information, visit diplomat.is.
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 CollinsPhone: 301-809-4000
x1473
kcollins@inovalon.com
George Price (Investors)Phone: 301-809-4000
x1190gprice@inovalon.com
1 Barclay’s U.S. Health Care Distribution & Technology,
Specialty Market Model 2016 Update, January 2016.
Diplomat Pharmacy (NYSE:DPLO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Diplomat Pharmacy (NYSE:DPLO)
Historical Stock Chart
From Sep 2023 to Sep 2024