Inovalon is an American technology company that provides cloud-based tools for healthcare.

History

The company was founded in 1998 in Maryland as MedAssurant by Keith Dunleavy, MD. In June 2012, the company changed its name to Inovalon. The company publicly filed its registration statement with the

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

(SEC) on December 30, 2014 for a proposed initial public offering of its common stock and applied for listing on

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

under the ticker "INOV". Inovalon went public and began trading on the NASDAQ exchange on April 12, 2015 The company's stock traded until November 2021 when the company was taken private with its acquisition by

Nordic Capital Nordic Capital private equity funds focus on investments primarily in Northern Europe. Nordic Capital invests in selective industries with a particular focus on Healthcare, Tech & Payments and Financial Services. In addition selective investments ...

and

Insight Partners Insight Partners (previously Insight Venture Partners) is an American venture capital and private equity firm based in New York City. The firm invests in growth-stage technology, software and Internet businesses. History Insight Partners was fo ...

Partnerships and acquisitions

In 2012, Inovalon partnered with industry researchers to conduct a study on

Hospital Readmission A hospital readmission is an episode when a patient who had been discharged from a hospital is admitted again within a specified time interval. Readmission rates have increasingly been used as an outcome measure in health services research and as a ...

Rates in Medicare Advantage Plans to track readmission rates among patients enrolled in Medicare’s private comprehensive Medicare Advantage plans, and develop initial comparisons with fee-for-service (FFS) readmission rates. The study was published in ''

The American Journal of Managed Care ''The American Journal of Managed Care'' is a monthly peer-reviewed medical journal published by Managed Care & Healthcare Communications. The editor-in-chief, editors-in-chief are A. Mark Fendrick and Michael E. Chernew. In 2020 it had an impact f ...

''. In 2013, Inovalon partnered with

Walgreens Walgreen Company, d/b/a Walgreens, is an American company that operates the second-largest pharmacy store chain in the United States behind CVS Health. It specializes in filling prescriptions, health and wellness products, health information, an ...

and

electronic health record An electronic health record (EHR) is the systematized collection of patient and population electronically stored health information in a digital format. These records can be shared across different health care settings. Records are shared throu ...

(EHR) companies such as

Allscripts Allscripts Healthcare Solutions, Inc. is a publicly traded American company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic health record technology. Allscripts also provides ...

, Greenway, and NeoDeck to integrate analytics platforms into the point of care. Inovalon also examined the association of socioeconomic status and other factors with underlying poor quality performance of dual-eligible members in Medicare Advantage plans, releasing a study on October 28, 2014 that was presented to Congressional representatives on October 21, 2014. In 2014, Inovalon expanded its partnership with Walgreens to implement its "ePASS" patient assessment tool and technology platform in clinics at Walgreens locations. In May 2015, Inovalon released an analysis of dual eligible member data, which indicated that social and demographic factors affect health-related outcomes and measurements for health plan performance, independent of plan characteristics. On September 1, 2015, Inovalon acquired Avalere Health, a strategic advisory company providing solutions to the pharmaceutical industry, managed care companies and provider organizations for $140 Million. The addition of Avalere, which serves 13 of the top 15 pharmaceutical companies has enabled Inovalon to expand its capabilities into an expansive adjacent market. In September 2016, Inovalon announced the acquisition of Creehan Holding Co., Inc., the parent company o
Creehan & Company
a provider of specialty pharmacy and specialty medications management software-as-a-service platforms. The acquisition closed on October 1, 2016. In January 2017, Inovalon announced a partnership with

Boehringer Ingelheim Pharmaceuticals Inc. C.H. Boehringer Sohn AG & Co. is the parent company of the Boehringer Ingelheim group, which was founded in 1885 by Albert Boehringer in Ingelheim am Rhein, Germany. As of 2018, Boehringer Ingelheim is one of the world's largest pharmaceutical ...

on behalf of Boehringer Ingelheim’s diabetes alliance with

Eli Lilly and Company Eli Lilly and Company is an American pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. Its products are sold in approximately 125 countries. The company was founded in 1876 by, and named after, Colonel ...

, to support outcomes-based contracting and improve patient care. On September 12, 2017, Inovalon announced UnitedHealthcare had entered into an agreement to implement the Inovalon ONE™ platform. Later that month, Inovalon announced a partnership with Daiichi Sankyo, Inc. to help develop outcomes-based contracts addressing opioid pain management. In March 2018, Inovalon announced the acquisition of Minneapolis-based ABILITY Network, a cloud-based Software-as-a-Service (SaaS) healthcare technology company, for $1.2 billion. The acquisition closed on April 2, 2018. In June 2018, Inovalon announced a five-year engagement with AllianceRx Walgreens Prime, the combined central specialty and home delivery pharmacy formed by Walgreens and pharmacy benefit manager Prime Therapeutics LLC (Prime), to bring technology advancements to the specialty pharmacy marketplace. In June 2020, Inovalon announced a five-year engagement with Cardinal Health, Inc., to provide a configuration of Inovalon’s ScriptMed® Cloud. The platform will be used to support Cardinal Health's durable medical equipment and medical supplies business. In July 2020, Inovalon announced an engagement with Walmart’s Specialty Pharmacy business to provide cloud-based capabilities through the Inovalon ONE® Platform to support improved outcomes and economics for its customers.

References

{{Reflist Technology companies of the United States Companies formerly listed on the Nasdaq Companies based in Prince George's County, Maryland Bowie, Maryland