Inovalon Receives Key Patent Award for On-Demand Real-Time Patient-Specific Data Aggregation and Analysis

Rhea-AI Summary

Inovalon (NASDAQ: INOV) announced the award of U.S. Patent No. 11,011,256 for its real-time patient-specific data analysis platform.

This patent enhances Inovalon's capabilities in Data-as-a-Service and Analytics-as-a-Service, facilitating on-demand healthcare analytics.

The Inovalon ONE® Platform utilizes this technology to address challenges in healthcare data accessibility and analytics, paving the way for improved patient care and operational efficiency.

Positive

• Awarded U.S. Patent No. 11,011,256 enhances intellectual property portfolio.
• Strengthens Data-as-a-Service (DaaS) and Analytics-as-a-Service (AaaS) offerings.
• Supports real-time data access capabilities for healthcare applications.

Negative

• None.

Significant IP Award Highlighting Inovalon’s Industry-Leading Technology

BOWIE, Md., May 25, 2021 (GLOBE NEWSWIRE) -- Inovalon (NASDAQ: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that it has been awarded a significant patent for its capability to aggregate healthcare data from across the healthcare ecosystem, apply requested analytics, and make the results available on demand in real time.

U.S. Patent No. 11,011,256, for the “Systems and Method for Providing an On-Demand Real-Time Patient-Specific Data Analysis Computing Platform” adds to Inovalon’s portfolio of intellectual property protection as the Company continues to bring industry-leading innovation and capabilities to the marketplace for its customers and the individuals they serve.

The capabilities covered under this patent provide for on-demand healthcare Data-as-a-Service (DaaS) and Analytics-as-a-Service (AaaS) in real time at the patient-specific level and is one of the elements of intellectual property empowering the Inovalon DataStream^® API technology announced on September 24, 2020 (link here) and a wide array of application enhancements within the Inovalon ONE^® Platform portfolio.

Recognizing that demand for highly complex healthcare data and analytics would increasingly be requested by applications and mobile devices with limited resident data and compute capability, Inovalon began work in 2015 on the architecture needed to solve for the multiple barriers of execution inherent in healthcare.

• The first barrier being the disparate nature of healthcare data. Most people receive medical care through different affiliations (e.g., health plans, employers, and unions) and at multiple locations (e.g., physician offices, hospitals, clinics, radiology centers, laboratory centers, and pharmacies) that often change as people move to a different geography, change jobs, retire, or travel for work or leisure. Because of this, the typical person’s historical and ongoing healthcare data can reside in dozens of disparate systems (e.g., EHRs, claims systems, laboratory systems, and pharmacy systems).
• The second barrier originating from the “messy” nature of healthcare data, necessitating significant capabilities of normalization and processing of structured and non-structured data to enable the interpretation of data from thousands of differing sources – each of which have tendencies to undergo evolving shifts in both discrete data element nature and in the subjective healthcare practice nature.
• The third barrier comes from the many laws and regulations governing healthcare data access and use requiring there to be a known use or need for accessing a person’s healthcare data and a requirement to access a minimum amount needed, thus making untenable the option of overcoming the complexity of dislocated data by gathering the entirety of data in advance of any specific need.
• And the fourth barrier originates from the fact that the demand for accessing and applying patient-specific data and its analytical derivatives was expected to emanate from relatively small and mobile devices, platforms which themselves have limited data storage, compute, and bandwidth capacity.

These barriers necessitated the design of systems that would enable extremely widespread connectivity across thousands of primary data sources to overcome barriers of healthcare data’s disparate nature; employ sophisticated data integrity and analytical capability to enable data ingestion, normalization, and conversion from non-structured to structured data; provide for real-time response times thus granting the flexibility to be called upon once a patient’s need and use have been identified to assure data regulatory compliance; and provide for large scale compute and storage independent from the location of the requesting platform. Multiple Modules and micro services of the Inovalon ONE^® Platform come together to overcome these barriers, bringing to life the ability for any authorized device, application, or platform to make a specific request pertaining to a specific patient, and receive the requested data or analytical result on demand and in real time. The types of data and menu of analytical questions able to be called on demand are extensive and can be customized by Inovalon’s customers.

“We see a world where the real-time availability of data and its analysis dramatically advances the speed of discovery, diagnosis, treatment, effectiveness, access, and efficiency of healthcare everywhere,” said Keith Dunleavy, M.D., Inovalon’s chief executive officer and chairman of the board. “By bringing together the unique technologies needed to realize these transformative changes, we empower our customers to achieve their critical goals on behalf of the patients they care for. We are committed and proud to continue advancing the technologies needed to support these important goals.”

The intellectual property covered under this patent and others within Inovalon’s intellectual property portfolio support capabilities within the Inovalon ONE^® Platform.

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

FAQ

What does U.S. Patent No. 11,011,256 cover for Inovalon (INOV)?

The patent covers a system for providing on-demand real-time patient-specific data analysis, enhancing Inovalon's healthcare data services.

How does Inovalon's new patent impact its Data-as-a-Service capabilities?

The patent enhances Inovalon's ability to offer real-time analytics and data services tailored to specific patient needs.

When was Inovalon's patent awarded?

The patent was awarded on May 25, 2021.

What is the significance of the Inovalon ONE® Platform in healthcare?

The Inovalon ONE® Platform integrates numerous technology toolsets to enable large-scale, data-driven healthcare initiatives.