BOWIE, Md., July 23, 2020 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced a long-term engagement with Walmart’s Specialty Pharmacy business (NYSE: WMT) to provide cloud-based capabilities through the Inovalon ONE® Platform as part of its data-driven strategy to improve outcomes and economics for its customers.
The high-complexity and high-cost nature of specialty pharmacy stands to benefit significantly from the capabilities enabled through the Inovalon ONE® Platform. Through the implementation of ScriptMed® Cloud, a software-as-a-service (SaaS) cloud offering configured to address the unique needs of specialty pharmacy demands, the Inovalon ONE® Platform’s connectivity, supplemental clinical data, and process-specific analytics automate otherwise labor-intensive processes, pre-populate relevant clinical data, seamlessly apply appropriate care protocol analytics, and streamline operational process flows – ultimately enabling improvements in quality of care and operating expense efficiency at scale.
The Inovalon ONE® Platform will facilitate coordination of specialty medication dispensing from Walmart’s Specialty Pharmacy and available across Walmart’s extensive network of thousands of retail pharmacies, enabling Walmart in helping its customers achieve their best health, decrease prescription time-to-fill, lower costs-to-fill, and enhance key operational flexibilities and strategic insights key to very-large-scale operations.
“Our specialty pharmacy mission is to provide a flexible, dual-channel, patient-centric model that fosters positive clinical outcomes, great customer experiences, and everyday low price. Our patient approach is personalized and caring – designed to empower and inspire patients to choose healthy behaviors and live better,” said Mike Adloo, Specialty Lead health and wellness, Walmart. “Inovalon’s capabilities in the specialty pharmacy market will play an integral role in support of our mission – delivering the best possible quality outcomes and experience for our patients while lowering their costs.”
“Specialty pharmacy is a uniquely high-value segment of the healthcare ecosystem that is of increasing importance to payers, pharmaceutical companies and patients alike. The unique combination of our platform’s capabilities is highly differentiated within the marketplace, and a true thrill to bring to bear for such an industry leader as Walmart,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “Their clear focus on the customer, their experience, their outcomes, and their costs is remarkable.”
About ScriptMed® Cloud
ScriptMed® Cloud is the next generation technology for specialty patient care, empowered by the latest and most advanced capabilities of the Inovalon ONE® Platform. These advancements include increased modularity, high-speed cloud-based compute, multi-stakeholder workflows, real-time healthcare ecosystem connectivity, advanced analytics and enhanced data visualization capabilities, and leverage Inovalon’s massive datasets. ScriptMed® Cloud delivers differentiated value in the specialty market, meaningfully reducing time-to-fill, reducing costs and error rates, while empowering advanced functionality, greater flexibility, operational efficiency, and a focus on clinical and quality outcomes, delivering impactful savings and financial benefits for the specialty pharmacy marketplace and the patients who are served. ScriptMed® Cloud is a cloud native architecture provided to clients in a pure software-as-a-service (SaaS) offering model.
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, referred to as a Module, is informed by the data of billions of medical events within Inovalon’s proprietary datasets. Combinations of Modules are configured to empower highly differentiated solutions for client needs quickly and in a highly scalable fashion. The flexibility of the Platform’s modular design enables clients to integrate the Platform capabilities 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 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 datasets, 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, 22 of the top 25 global pharma companies, 19 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than 994,000 physicians, 558,000 clinical facilities, 315 million Americans, and 55 billion medical events. For more information, visit www.inovalon.com.
Kim E. Collins
Senior Vice President, Corporate Communications
Vice President, Investor Relations