MADISON, N.J., Sept. 29, 2015 /PRNewswire/ -- Quest Diagnostics
(NYSE: DGX), the world's leading provider of diagnostic information
services, and Inovalon (Nasdaq: INOV), a leading technology company
providing advanced, cloud-based data analytics and data-driven
intervention platforms to the healthcare industry, today announced
the national launch of Data Diagnostics™, a suite of hundreds of
real-time patient-specific data analyses that clinicians can order
individually, on demand at the point of care within their
existing workflow to identify and address gaps in quality,
risk, utilization and medical history insights. Unseen in
healthcare today, the solution supports the healthcare industry's
transition from volume- to value-based healthcare by providing
actionable insight to improve clinical and quality outcomes as well
as financial performance for practices, health plans, ACOs,
hospitals and other providers across the healthcare community in
real time.
The solution draws on two of the world's largest datasets of
clinical, claims, quality and laboratory data, including Quest's 20
billion clinical laboratory test results and Inovalon's clinical
datasets on more than 123 million patients. Data Diagnostics™ is
also unique for providing seamless integration within Quest's
Care360® and EHR lab ordering and connectivity platform
serving approximately half of the physicians and hospitals in
the United States. This
integration means physicians can readily order and access Data
Diagnostics™ reports within their existing clinical workflow, a
functionality that is key to bringing the power of big data to the
point of care in real time.
Powered by Inovalon's sophisticated large-scale data
interconnectivity and analytical platform, Data Diagnostics™ allow
clinicians to order advanced analytics for their patients on-demand
and, within seconds, receive results, for informed decision making
during the patient encounter. Areas of focus will include several
categories designed to assist health plans, accountable care
organizations (ACOs), hospitals, integrated healthcare delivery
systems, provider organizations, and individual physicians to
achieve strong clinical and quality outcomes, utilization
efficiency, and overall financial performance.
"Quest and Inovalon share a commitment to empower insights
leading to actions that create healthier lives," said Steve Rusckowski, president and CEO, Quest
Diagnostics. "This solution is a game-changer for healthcare. Our
collaboration with Inovalon also demonstrates how we are executing
on our long-term strategy to generate value and differentiation
from our data assets as well as our national scale and information
technology."
"Physicians, hospitals, health plans, and the myriad of
integrated healthcare delivery systems are all eager to deliver
high quality care while staying simultaneously vigilant to
financial factors", said Keith
Dunleavy, M.D., CEO of Inovalon. "The challenge has been the
integration and aggregation of data, and the ability to analyze the
implications and deliver the findings where and when they are
needed in real time. Translating petabytes of data into actionable
insights on demand is enabling clinicians to treat their patients
more effectively at the point of care, achieve more meaningful
impact within less time, gain insights otherwise potentially
unknown to the treating clinician, assess gaps in care to achieve
incentive quality metrics, and avoid waste. This isn't simply a new
approach to managing health data, it's a major paradigm shift that
will further the transformation of healthcare as we know it."
As the healthcare industry transitions from consumption and
volume to quality-based and value-based care, virtually every
segment of the U.S. healthcare system, including health plans,
hospitals, government programs, shared-risk organizations, ACOs,
integrated care delivery systems, physicians, pharmaceutical and
life sciences companies, is now under pressures to deliver high
quality care while being simultaneously vigilant of financial
performance. Driven by legislation within the Medicare
Modernization Act, Affordable Care Act, many state Medicaid
initiatives, and the U.S. Department of Health & Human Services
(HHS) goal of achieving 90% of all Medicare fee-for-service
payments to quality and value by 2018, factors of quality, disease
severity-based payments, and utilization-based payment models are
driving more than 50% of all payments across the healthcare system
today with greater percentages pressuring healthcare delivery
systems imminently.
Under a five-year, exclusive, collaboration agreement between
Inovalon and Quest Diagnostics, Data Diagnostics™ will be available
starting in the fourth quarter of 2015 with revenue split evenly
between Quest and Inovalon. Additional terms were not
disclosed.
About Data Diagnostics™
Data Diagnostics™ allow clinicians to request analysis on
specific patients on demand, and receive the answer back within
seconds. Hundreds of Data Diagnostics™ are organized into
categories with examples below:
- Quality-Related: Quality-Related Data Diagnostics™ allow
clinicians to gain on-demand insight into patient's historical,
current, or predicted clinical and quality status under models such
as NCQA HEDIS®, Medicare Advantage 5-Star Quality bonus
programs, managed Medicaid quality incentive programs such as
New York's QARR program, the
Affordable Care Act's commercial Quality Reporting System (QRS),
and Accountable Care Organization (ACO) quality performance hurdles
for shared savings, and a multitude of other quality performance
programs that now are used to measure quality and dictate billions
of dollars of annual incentive bonuses. The results of
quality-related Data Diagnostics™ inform clinicians on precise
quality measure status and provide insight to facilitate
improvements to quality measurements for the patient.
- Historical Data-Related: Historical Data-Related Data
Diagnostics™ allow clinicians to gain on-demand insight into
historical disease progression, laboratory results, medication
adherence, cardiac tests, vaccination histories, surgical
procedures, and other factors, which can materially aid in the
clinician's evaluation of the acutely ill and previously unknown
patient, new patient intakes, specialty consultations, and other
valuable patient assessments. The results of Historical
Data-Related Data Diagnostics™ can save significant amounts of
encounter time, improve the targeted nature of exams, save lives
when patients are unable to provide data accurately or are
previously unknown to a physician or emergency department, and save
costs by avoiding unnecessary duplicative evaluations or
tests.
- Risk Score-Related: Risk Score-Related Data Diagnostics™ allow
clinicians to gain on-demand insight into historical risk score
status, progression, diagnosis contributors and predicted future
progression across all major risk score models, including Medicare
Advantage, state-specific managed Medicaid, commercial Affordable
Care Act, and Accountable Care Organization (ACO) models. The
results of Risk Score-Related Data Diagnostics™ provide insight to
support the achievement of patient risk score accuracy, supporting
accurate disease burden documentation of unaddressed or worsening
conditions, and appropriate reimbursement accuracy.
- Waste Avoidance-Related: Waste Avoidance-Related Data
Diagnostics™ allow clinicians to gain on-demand insight into
factors impacting care costs, such as medication prescription
formulary alternatives, back imaging, head imaging, and acute care
utilization. The results of Waste Avoidance-Related Data
Diagnostics™ provide insight into the how unnecessary duplication
of tests can be avoided, less expensive formulary alternatives can
be identified, and high-cost patient behaviors can be
addressed.
- Eligibility-Related: Eligibility-Related Data Diagnostics™
allow clinicians to gain on-demand insight into patient eligibility
for payment and/or support programs related to care, support,
rehabilitation and more. The results of Eligibility-Related Data
Diagnostics™ provide insight for clinicians, administrators and
patients to determine payer eligibility (e.g. Medicaid eligibility
status), state-specific program eligibility (e.g. NY DSRIP), and
patient-specific support eligibility (e.g. a local Diabetes Support
Program or Cystic Fibrosis Home Care Nurse Support Program).
In addition, organizations participating with the Data
Diagnostics™ platform can request custom analytics to be developed
for clinicians to order on demand, receiving responses back in real
time directly within their existing clinical workflow. Examples
include custom formulary optimization analyses, custom quality and
care measures, amongst others. For more information about Data
Diagnostics™ visit www.datadiagnostics.com.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve
health outcomes. Derived from the world's largest database of
clinical lab results, our diagnostic insights reveal new avenues to
identify and treat disease, inspire healthy behaviors and improve
health care management. Quest annually serves one in three
adult Americans and half the physicians and hospitals
in the United States, and our 45,000 employees understand
that, in the right hands and with the right context, our diagnostic
insights can inspire actions that transform
lives. www.QuestDiagnostics.com.
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 769,000
physicians, 261,000 clinical facilities, and more than 123 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. Data Diagnostics™ is the
intellectual property of Inovalon. For more information, visit
www.inovalon.com.
Contacts:
Inovalon
Kim E. Collins (Media &
Investors): 301-809-4000 x1473
Quest Diagnostics
Wendy Bost (Media): 973-520-2800
Dan Haemmerle (Investors): 973-520-2900
Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking statements within the meaning of, and intended to
be covered by the safe harbor provisions of, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this press release other than statements of historical
fact, including but not limited to statements regarding the
expected timing of the roll-out of Data Diagnostics™, the timing,
performance characteristics and utility of Data Diagnostics™, and
the impact of Data Diagnostics™ on the healthcare industry, are
forward-looking statements. The words "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements have been based
largely on current expectations and projections about future events
regarding Data Diagnostics™. These forward-looking statements are
subject to a number of risks, uncertainties, and assumptions, which
could cause the future events discussed in this press release not
to occur and could cause actual results to differ materially and
adversely from those anticipated or implied in the forward-looking
statements. These risks, uncertainties, and assumptions include,
among others, the successful development and implementation, sales,
adoption, market penetration, and scalability and of Data
Diagnostics™. Inovalon and Quest are under no duty to, and
disclaim any obligation to, update any of these forward-looking
statements after the date of this press release or conform these
statements to actual results or revised expectations, except as
required by law.
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SOURCE Quest Diagnostics