BOWIE, Md., Nov. 28, 2018 (GLOBE NEWSWIRE) -- 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.”
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.
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.
1 Barclay’s U.S. Health Care Distribution & Technology, Specialty Market Model 2016 Update, January 2016.