BOWIE, Md., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading technology company providing advanced, cloud-based platforms empowering data-driven healthcare, today announced a five-year engagement with one of the nation’s largest pharmacies to provide cloud-based capabilities nationwide with the implementation of Inovalon’s platform. Under the engagement, one of the top 10 specialty pharmacies nationwide will implement ScriptMed® Cloud, the industry’s most advanced pharmacy 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 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.
ScriptMed® Cloud is a configuration of the Inovalon ONE® Platform for pharmacy organizations which leverages Inovalon’s deep data, connectivity, analytics, intervention toolsets, and business process reporting and visualization capabilities optimized for the pharmacy marketplace. The Platform’s advanced capabilities provides a SaaS solution to empower meaningful impact for pharmacy organization clients and the patients they serve by enabling greater operational flexibility, significant cost efficiencies, improved clinical and quality outcomes, and reduced cost-to-fill and time-to-therapy performance.
“We are pleased to add yet another national pharmacy industry leader, in support of their data-driven approach to elevating patient-focused specialty pharmacy care and quality,” said Sean Creehan, president and general manager of Inovalon’s pharmacy software platform business. “ScriptMed® Cloud accelerates speed-to-value by leveraging Inovalon’s innovative technology, data and connectivity to achieve an exceptional coordination of patient care and operational efficiencies.”
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.
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 Barclays U.S. Health Care Distribution & Technology, Specialty Market Model 2016 Update, January 2016.