Inovalon and Homecare Homebase Announce Multi-Year Exclusive Agreement

Rhea-AI Summary

Inovalon (Nasdaq: INOV) has announced an exclusive partnership with Homecare Homebase to offer the EASE^® All-Payer application, empowering over 25% of home health providers in the U.S. This cloud-based platform enhances patient data accuracy and administrative efficiency across all payers. The EASE^® application boasts a 99% clean claims rate, benefiting providers through advanced analytics and real-time corrections for Medicare and commercial claims. This strategic move positions Inovalon as a key player in the data-driven healthcare landscape.

Positive

• Exclusive partnership with Homecare Homebase to provide EASE^® All-Payer application.
• EASE^® application increases administrative efficiency and claims accuracy for over 25% of U.S. home health providers.
• Achieves 99% or higher clean claims rate through advanced data routing and real-time eligibility integration.

Negative

• None.

Next-Generation, Cloud-Based Platform Empowers More Than 25% of Home Health Providers Nationwide with Greater Patient Data Accuracy and Administrative Efficiency Across All Payers

BOWIE, Md., June 22, 2021 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, and Homecare Homebase^SM, LLC (HCHB), the leading agency management and EMR software platform for the home health and hospice industry, today announced that HCHB would exclusively offer the EASE^® All-Payer application to their customers, representing more than 25% of the nation’s home health providers, to deliver greater administrative efficiencies and increased accuracy of payment processes.

Maintaining the highest of standards required to effectively manage data submissions and processes pertaining to delivery of clinical care, associated claims, payments and receivables from commercial payers and Medicare is extremely complex for providers. Using multiple platforms to manage the multifaceted workflow – the industry norm – is both time- and labor-intensive and can result in unnecessary staff work, patient data errors and lost revenue.

Available as a Module within the Inovalon ONE^® Platform and leveraging data-driven routing and a sophisticated analytics engine, EASE^® All-Payer is the industry’s first fully-integrated, cloud-based workflow engine that combines broad connectivity and advanced data intelligence to empower providers to efficiently manage the entire data and revenue cycle process of clinical encounter data, claims, and receivables accuracy from all commercial payers and Medicare on one integrated platform.

“Our mission is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person’s health journey. The integrated EASE^® All-Payer platform is a natural fit,” said Scott Pattillo, chief strategy officer at Homecare Homebase. “With a proven track record of success in working with Inovalon’s provider business for years, the expansion of our relationship with this industry leader was a natural progression in deploying a superior data-driven approach to empower our ability to more effectively serve the needs of our customers nationwide.”         

Statistics show that providers using Inovalon’s EASE^® All-Payer achieve a 99% or higher clean claims rate thanks to client-specific, configurable payer rules and real-time eligibility integration. The application also helps users gain operational insights and identify denial trends with advanced analytics and reporting. Within the application’s existing workflows, providers can receive and correct claims from Medicare and commercial payers, as well as receive and submit clinical documentation requests electronically directly from Medicare.

“As the clear market leader in the home health and hospice software market, we are proud to enter into an exclusive partnership with Homecare Homebase,” said Bud Meadows, president and general manager of Inovalon’s provider business. “They share our commitment to data-driven healthcare and we are honored that they have selected to offer the integrated EASE^® All-Payer platform to help their customers manage their administrative processes in the most effective and efficient manner.”

About Homecare Homebase, LLC

Homecare Homebase is a Dallas-based software leader offering hosted, cloud-based solutions to streamline operations, simplify compliance and boost clinical and financial outcomes for home-based care agencies. Our customized mobile solutions enable real-time, wireless data exchange and communication between field clinicians, physicians and office staff for better care, more accurate reporting and improved revenue cycle management. Founded by industry veterans in 1999, the company is now part of the Hearst Health network. For more information visit https://hchb.com/ or call us toll-free at 1- 866-535-HCHB (4242).

About Hearst Health

The mission of Hearst Health is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person’s health journey. Each year in the U.S., care guidance from Hearst Health reaches 85 percent of discharged patients, 205 million insured individuals, 103 million home health visits and 3.2 billion dispensed prescriptions. The Hearst Health network includes FDB (First Databank), Zynx Health, MCG, Homecare Homebase and MHK (formerly MedHOK). Hearst also holds a minority interest in the precision medicine and oncology analytics company M2Gen. Follow Hearst Health on Twitter @HearstHealth and LinkedIn @Hearst-Health.

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 customers 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.

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 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 customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 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 one million physicians, 580,000 clinical facilities, 336 million Americans, and 62 billion medical events. For more information, visit www.inovalon.com.

Contact:

Kim E. Collins
Senior Vice President, Corporate Communications
kcollins@inovalon.com
301-809-4000 x1473

Hulus Alpay
Vice President, Investor Relations
halpay@inovalon.com
301-809-4000 x1237

FAQ

What is the significance of Inovalon's partnership with Homecare Homebase for INOV stock?

The partnership enhances Inovalon's market position by providing the EASE^® All-Payer application to over 25% of home health providers, potentially increasing revenue.

How does the EASE^® All-Payer application benefit home health providers?

It improves administrative efficiency and accuracy in payment processes, contributing to a 99% clean claims rate.

When was the partnership with Homecare Homebase announced?

The partnership was announced on June 22, 2021.

What impact does the EASE^® application have on claims management?

The application streamlines claims management, enabling real-time corrections and insights into denial trends.