Inovalon ONE® Platform Selected by Cardinal Health

Rhea-AI Summary

Inovalon (Nasdaq: INOV) announced a five-year partnership with Cardinal Health (NYSE: CAH) to implement ScriptMed® Cloud for its durable medical equipment (DME) and medical supplies business. The DME market is projected to grow from $49 billion in 2019 to over $79 billion by 2027 due to the increasing elderly and chronically ill population. This collaboration aims to enhance operational efficiency and patient care quality while adapting to complex healthcare needs.

Positive

• Partnership with Cardinal Health to implement ScriptMed® Cloud.
• DME market growth projected from $49 billion in 2019 to over $79 billion by 2027.
• ScriptMed® Cloud enhances operational efficiency and patient care quality.

Negative

• None.

BOWIE, Md., June 16, 2020 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced a five-year engagement with Cardinal Health, Inc. (NYSE: CAH), a global integrated healthcare services and products company, to provide a configuration of Inovalon’s ScriptMed^® Cloud. The platform will be used to support Cardinal Health’s durable medical equipment (DME) and medical supplies business, which works to provide superior care in the home.

DME, a sub-segment within the pharmacy marketplace, is a uniquely high-value segment of the health care ecosystem that is of increasing importance to payers, pharmaceutical companies, and patients alike. As the number of elderly, chronically ill, and patients with complex care conditions continues to rise in the United States, the DME marketplace is projected to grow from $49 billion in 2019 to more than $79 billion by 2027. The need to support increasingly complex and patient-specific care protocols while focusing on cost efficiency is a meaningful pressure for this rapidly growing market segment. Through the implementation of ScriptMed^® Cloud, a software-as-a-service (SaaS) cloud offering configured to optimize the unique servicing needs of DME products through the pharmacy benefit, 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 both in quality of care and operating expense efficiency in large scale.

“As the cost of medication, services and devices required for patient treatment plans in the pharmacy segment continues to expand, the sophistication of the technologies needed to achieve meaningful and differentiated results for patients is also increasing,” said Matt Brow, president and general manager of the pharmacy, life sciences and advisory business units at Inovalon. “We are very pleased to bring the capabilities of ScriptMed^® Cloud to bear with an industry leader such as Cardinal Health to empower better patient outcomes and economics.”

“Cardinal Health is investing in the digital forefront of technologies to deliver high-quality care to our customers,” said Ryan Schorr, general manager of the direct-to-patient business at Cardinal Health. “Implementing the capabilities of ScriptMed^® Cloud will enable both meaningful operational efficiencies and a best-in-class experience for the patients we support.”

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.

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 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.

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 Cardinal Health?

The partnership aims to implement ScriptMed® Cloud to enhance operational efficiency and patient care in Cardinal Health's DME business.

What market is Inovalon targeting with its ScriptMed® Cloud?

Inovalon is targeting the durable medical equipment (DME) market, which is projected to grow significantly in the coming years.

What is the expected growth of the DME market?

The DME market is expected to grow from $49 billion in 2019 to over $79 billion by 2027.