Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that clients utilizing Inovalon’s quality improvement solution suite outperformed the entire Medicare Advantage market for the seventh year in a row, realizing a positive increase of nearly 4% on a year-over-year basis in their Centers for Medicare & Medicaid Services (CMS) 2021 Star Ratings. Inovalon’s clinical quality da
BOWIE, Md., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that clients utilizing Inovalon’s quality improvement solution suite outperformed the entire Medicare Advantage market for the seventh year in a row, realizing a positive increase of nearly 4% on a year-over-year basis in their Centers for Medicare & Medicaid Services (CMS) 2021 Star Ratings.
Inovalon’s clinical quality data aggregation, advanced analytics, integrated outreach, and data visualization toolsets provide health plans with targeted patient-level insights to improve quality of care and member health outcomes. Able to integrate, aggregate, and analyze the growing volume of healthcare datasets at high speed to support improvements in clinical quality outcomes measures, the Inovalon ONE® Platform delivers the nation’s most widely used healthcare quality data analysis and improvement platform, with more than 76% of U.S. reported lives running through the Inovalon Platform in 2020.
These results reflect data released by CMS on October 9, 2020, pertaining to all Medicare Advantage and Prescription Drug Plans, which revealed that on a year-over-year basis, Star Rating scores decreased by 2.17% for the average Medicare Advantage health plan on an enrollment-weighted basis. These results also reflect adjustments CMS made to minimize the impact of the ongoing COVID-19 pandemic, allowing plans to use the higher of their 2020 or 2021 CMS Star Ratings for approximately 50% of the measures. Despite the overall market decreasing by 2.17%, clients leveraging Inovalon’s quality improvement suite realized an average increase of 3.72% in their 2021 Star Ratings. The achievement of higher Star Ratings reflects the great work of Inovalon’s health plan clients and the ability of the Inovalon ONE® Platform to rapidly deliver actionable analytical insights, empowering superior care delivery by health plans to their millions of members, and create positive, measurable economic performance impact.
“Over the past year, the challenges created by the COVID-19 pandemic combined with the rapid changes to how and where care is delivered have accelerated the need to rely upon a technology platform capable of addressing patient-specific gaps in care within the Medicare Advantage population,” said Kris Volrath, Vice President at Inovalon. “We are pleased to support and empower the continued strong performance of our clients, reflecting their adoption of industry-leading technologies and data-driven insights to achieve meaningful impact during an unprecedented year.”
About the CMS Star Ratings Program
The national Star Ratings performance program, instituted by CMS, measures and reports on a wide range of clinical and quality outcomes pertaining to members and health plans across the United States. The quality measures addressed are utilized by federal and state programs to determine quality scoring and associated incentives and penalties for such programs as CMS’ Medicare Advantage Five-Star Quality Rating System, the U.S. Department of Health and Human Services’ (HHS) Quality Ratings System (QRS) for Affordable Care Act (ACA) plans, and state-based Managed Medicaid measurement programs. Inovalon’s solutions support these programs, as well as physician-based measurement programs such as those created under the Medicare Access and CHIP Reauthorization Act’s (MACRA) Quality Payment Program, Accountable Care Organization (ACO) initiatives, and other quality outcomes-based incentive programs.
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 one million physicians, 565,000 clinical facilities, 324 million Americans, and 58 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
