BOWIE, Md., April 14, 2015 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq:INOV), a leading technology company providing advanced cloud-based data analytics and data-driven intervention platforms to the healthcare industry, announced that it has entered into a new multi-year agreement with two Consumer Operated and Oriented Plans (CO-OPs): Arches Health Plan of Utah and Montana Health CO-OP (plus Idaho as Mountain Health CO-OP) to provide solutions to improve clinical and quality outcomes and financial performance for their quickly approaching 100,000 commercial Affordable Care Act (ACA) member populations.
Inovalon's cloud-based suite of integrated, data-driven solutions, including its compliance, data integration, analytics, intervention and business intelligence reporting, will enable a deeper understanding of members' health status, and improve member/provider engagement, efficiency and financial performance for the CO-OPs. These solutions drive improvements in physician insight and documentation of disease and co-morbidity diagnoses, and identification and closure of gaps in quality, care and data integrity.
"We believe everyone in Montana and Idaho deserves the financial security that comes with affordable health insurance. That's why Montanans and Idahoans came together in 2013 to create a viable alternative to traditional health insurance," said Jerry Dworak, chief executive officer at Montana Health CO-OP. "Partnering with Inovalon enables us to achieve greater efficiency, utilization and quality—reinforcing our mission and commitment to our members."
"Innovative technologies such as those provided by Inovalon, play an integral role in providing us with a competitive advantage as we deliver value-based, affordable, high quality healthcare that is accessible to all Utah residents," said Ferris Taylor, chief strategy officer of Arches Health Plan. "Inovalon's technologies enabled us to achieve data integration and integrity, plus extensive analyses, that we would have otherwise doubted possible along such short timelines. Further, their cloud-based, data-driven intervention platforms have provided us the flexibility to implement across a highly disparate geography in rapid and fiscally efficient fashion."
"As the trend toward quality-based and value-based care models increases, the combination of data-driven insights and effective platforms that enable the translation of insights into meaningful member-specific impact will be essential to realizing rapid and meaningful speed-to-value differentiation," said Keith Dunleavy, M.D., Inovalon's chief executive officer and chairman. "Arches Health Plan and Montana/Idaho Health CO-OPs are excellent examples of how Inovalon's highly data-informed, cloud-based platforms can materially benefit the market's rapidly evolving healthcare organizations – bringing a new level of speed-to-value and capability to a wide range of healthcare organizations focused on the achievement of exceptional quality and efficiency of care."
About Arches Health Plan
Arches Health Plan is a new member-governed, non-profit health insurance option for Utah residents. The company offers individuals, small businesses, and large groups lower-cost, high-quality care with a focus on developing cost transparency, increased efficiency, and 21st century member engagement with its unique member-governance structure. Plan members directly participate by electing the board of directors, have become board members and provide member input for benefit design, quality improvement, cost management, and service delivery. Arches plans are marketed through ArchesHealth.org, appointed brokers, the Federal Marketplace Exchange, and Utah's Avenue H SHOP for small businesses. For more information, visit www.archeshealth.org.
About Montana Health CO-OP
Montana Health CO-OP was formed in 2012 with federal loans from CMS, the Centers for Medicaid and Medicare Services. The CO-OP expanded into Idaho in 2013. The company has more than 44,000 combined members and as a non-profit, MHC keeps costs low, returns profits to members in the form of lower premiums, improved coverage and better quality care, and employs only 26 staff members. For more information, visit www.mhc.coop.
About Inovalon
Inovalon is a leading technology company that combines advanced cloud-based data analytics and data-driven intervention platforms to achieve meaningful insight and impact in clinical and quality outcomes, utilization, and financial performance across the healthcare landscape. Inovalon's unique achievement of value is delivered through the effective progression of Turning Data into Insight, and Insight into Action®. Large proprietary datasets, advanced integration technologies, sophisticated predictive analytics, data-driven intervention platforms, and deep subject matter expertise deliver a seamless, end-to-end capability that brings the benefits of big data and large-scale analytics to the point of care. Driven by data, Inovalon uniquely identifies gaps in care, quality, data integrity, and financial performance – while bringing to bear the unique capabilities to resolve them. Providing technology that supports hundreds of healthcare organizations in 98.2% of U.S. counties and Puerto Rico, Inovalon's cloud-based analytical and data-driven intervention platforms are informed by data pertaining to more than 754,000 physicians, 248,000 clinical facilities, and more than 120 million Americans providing a powerful solution suite that drives high-value impact, improving quality and economics for health plans, ACOs, hospitals, physicians, consumers and pharma/life-sciences researchers. For more information, visit www.inovalon.com.