Inovalon’s Elastic Container Technology Providing Cloud Burst Capacity On Demand
May 14 2019 - 7:55AM
Inovalon (Nasdaq: INOV), a leading provider of cloud-based
platforms empowering data-driven healthcare, today announced that
its Elastic Container Technology (ECT®) is now being utilized
by clients on demand, providing 50x speed increases for
business-critical analytical needs when requested by clients.
Inovalon’s Elastic Container Technology (ECT®)
allows for ultra-high performance allocation and orchestration of
containerized compute processes within the Inovalon ONE® Platform.
First announced by the Company on July 26, 2018, ECT® was applied
within Inovalon’s more widely used analytical platform offerings to
provide industry-leading process speeds across larger client
populations and real-time response times for transactional
applications. The introduction of ECT® has contributed to the
Company’s successful migration of clients to the cloud-based
Inovalon ONE® Platform and increasing client retention rates and
new sales.
As the value of analyses of increasing
sophistication gains recognition across the healthcare ecosystem,
the market is responding with increasing demand. The introduction
of more sophisticated versions of machine learning, artificial
intelligence, and the associated higher numbers of contributing
data elements within these analyses is driving rapidly rising
compute burdens. At the same time, analytical processes and
data-driven capabilities empowered by them are playing increasing
roles in the day-to-day operations and finances of healthcare
organizations, resulting in a desire by organizations to further
differentiate themselves through earlier awareness and higher
frequency of analytical process runs. The ability to not only
provide high-value analytics at market-leading speeds, but also
allow organizations to further accelerate these speeds when, and to
the degree desired, is significantly market differentiating for
clients and Inovalon.
In early 2019, the Company completed
architectural design and engineering updates allowing clients to
select and execute incremental speed accelerations of processing
when needed. Now directly available to clients on demand, these
burst capabilities are being selected with dramatic impact. Clients
are able to choose the capacity desired – and in turn – the speed
of processing. Only recently available to clients, the capacity
bursts have already been applied to accelerate client processes by
up to 50x speeds. Clients are invoiced for the additional cloud
node expansions required to achieve the accelerated speeds.
“The development of ECT® brought a highly
differentiated speed, resiliency and cost benefit to the Inovalon
ONE® Platform, providing a significant competitive advantage for
our clients and contributing to very strong client retention rates
and expanding sales,” said Jason Capitel, Inovalon’s Chief
Operating Officer. “Now we are able to provide our clients
with the flexibility to select even higher compute speeds on
demand. This is not only providing a tremendous tool that is
unavailable anywhere else in the marketplace, but it is also
providing the greatest example to date of our client’s thirst for
expanding analytical compute speeds and Inovalon’s ability to
translate our Platform’s technological differentiation into value
for our clients and financial performance for Inovalon.”
About the Inovalon ONE®
Platform
The Inovalon ONE® Platform is an integrated
cloud-based platform of nearly 100 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 provider of 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 24 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 972,000 physicians,
531,000 clinical facilities, 271 million Americans, and 45 billion
medical events. For more information, visit
www.inovalon.com.
Contact:
Kim E. Collins kcollins@inovalon.com301-809-4000 x1473
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