Inovalon Announces Agreement with Bristol-Myers Squibb to Focus on Real World Outcomes & Value-Based Contracting Initiatives
May 19 2016 - 7:55AM
Inovalon (Nasdaq:INOV), a leading technology company providing
advanced, cloud-based analytics and data-driven intervention
platforms to the healthcare industry, today announced that it has
entered into an agreement with Bristol-Myers Squibb (NYSE:BMY), a
global BioPharma company, to bring Inovalon and Avalere’s combined
capabilities to bear on supporting real-world outcomes and
value-based contracting initiatives.
The engagement will leverage the capabilities of
Inovalon’s data platforms and Avalere’s extensive industry
experience, to support Bristol-Myers Squibb’s real-world outcomes
and value-based contracting initiatives. The application of
advanced predictive analytics modeling and large scale real-world
outcomes analyses will support consideration of value-based
contracts with innovative payers. Inovalon’s national-scale
clinical and quality outcomes platforms will allow for real-world
insight into the monitoring, reporting, administration, and
improvement of outcomes.
“Bristol-Myers Squibb is committed to bringing
transformational medicines to patients that have the potential to
address serious unmet medical needs,” said Michael Ryan, senior
vice president for value, access and payment for Bristol-Myers
Squibb. “We are pleased to be working with the combined
capabilities of Inovalon and Avalere, and believe that they will
bring us the rigorous, data driven, scientific methodology
necessary to address the challenges of outcomes-based
contracting.”
“We are very pleased to partner with an industry
leader such as Bristol-Myers Squibb to support their goal of
producing clinical and economic benefit through medicines that
improve patients’ lives,” said Keith Dunleavy, M.D., chief
executive officer of Inovalon. “We look forward to supporting
advanced insight into quality outcomes and performance, as well as
the development of sophisticated approaches to value-based
contracting.”
“As the trend toward quality and value-based
care models increases, the importance of data-driven insights has
never been more essential for success,” said Dan Mendelson,
president of Avalere Health and member of the Inovalon executive
leadership team. “Innovative payers are looking for these types of
contracts to support better patient outcomes and to lower costs,
and Bristol-Myers Squibb is leading the way in embracing a
data-driven future.”
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global
biopharmaceutical company whose mission is to discover, develop and
deliver innovative medicines that help patients prevail over
serious diseases. For more information about Bristol-Myers Squibb,
visit us at www.bms.com or follow us on LinkedIn, Twitter,
YouTube, and FaceBook.
About Inovalon
Inovalon is a leading technology company that
combines advanced, cloud-based data analytics, and
data-driven intervention platforms to achieve meaningful insight
and impact in clinical and quality outcomes, utilization, and
financial performance across the healthcare landscape. Inovalon's
unique achievement of value is delivered through the effective
progression of Turning Data into Insight, and Insight into Action®.
Large proprietary datasets, advanced integration technologies,
sophisticated predictive analytics, data-driven intervention
platforms, and deep subject matter expertise deliver a seamless,
end-to-end capability that brings the benefits of big data and
large-scale analytics to the point of care. Driven by data,
Inovalon uniquely identifies gaps in care, quality, data integrity,
and financial performance – while bringing to bear the unique
capabilities to resolve them. Providing technology that supports
hundreds of healthcare organizations in 98.2% of U.S. counties and
Puerto Rico, Inovalon's cloud-based analytical and data-driven
intervention platforms are informed by data pertaining to more than
793,000 physicians, 277,000 clinical facilities, and more than 132
million Americans. Through these capabilities, and those of its
subsidiary Avalere Health, Inc., which offers data-driven advisory
services and business intelligence to more than 200 pharmaceutical
and life sciences enterprises, Inovalon is able to drive high-value
impact, improving quality and economics for health plans, ACOs,
hospitals, physicians, consumers and pharma/life-sciences
researchers. For more information, visit www.inovalon.com.
Contact:
Inovalon
Kim E. Collins
Phone: 301-809-4000 x1473
kcollins@inovalon.com
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