Inovalon
| Company type | Private |
|---|---|
| Industry | Healthcare technology, Cloud computing |
| Predecessor | MedAssurant |
| Founded | 1998 in Maryland, United States |
| Founder | Keith Dunleavy, MD |
| Fate | Acquired by Nordic Capital and Insight Partners (November 2021) |
| Headquarters | Bowie , United States |
Area served | Healthcare sector (United States) |
Key people | Keith Dunleavy (CEO) |
| Products | Cloud-based healthcare analytics platforms, SaaS solutions |
| Parent | Nordic Capital and Insight Partners |
Inovalon is a U.S.-based technology firm specializing in cloud solutions tailored for the healthcare sector.
History
Originating in Maryland in 1998 under the name MedAssurant and founded by Keith Dunleavy, MD, the company adopted the name Inovalon in June 2012. It submitted its initial public offering registration to the SEC on December 30, 2014, and commenced trading on the NASDAQ stock exchange under the symbol "INOV" on April 12, 2015. In November 2021, Inovalon transitioned to a privately held company after being acquired by Nordic Capital and Insight Partners.
In August 2023, CEO Keith Dunleavy was honored with induction into the Dartmouth Entrepreneur Hall of Fame.
Partnerships and acquisitions
In 2012, Inovalon collaborated with healthcare researchers to examine Hospital Readmission Rates within Medicare Advantage Plans compared to fee-for-service (FFS) models. The results were published in The American Journal of Managed Care.
The following year, Inovalon joined forces with Walgreens and electronic health record (EHR) providers including Allscripts, Greenway, and NeoDeck to embed analytics directly into point-of-care platforms. Additionally, in 2013, the company studied socioeconomic determinants impacting quality metrics among dual-eligible Medicare Advantage populations, sharing insights with Congressional members in 2014.
In 2014, Inovalon deepened its collaboration with Walgreens by deploying the "ePASS" patient assessment tool across Walgreens clinics.
May 2015 saw Inovalon publish findings that social and demographic variables significantly affect health outcomes and plan performance for dual-eligible individuals.
On September 1, 2015, Inovalon enhanced its advisory portfolio by acquiring Avalere Health for $140 million. Avalere supports pharmaceutical companies, managed care organizations, and healthcare providers, counting 13 of the top 15 pharma firms among its clients, thereby extending Inovalon's industry footprint.
In September 2016, Inovalon purchased Creehan Holding Co., Inc., parent company of Creehan & Company—a provider of specialty pharmacy SaaS solutions—in a transaction valued at $130 million that finalized on October 1, 2016.
In January 2017, Inovalon entered a partnership with Boehringer Ingelheim Pharmaceuticals Inc. to advance outcomes-based contracting for diabetes treatments alongside Eli Lilly and Company.
On September 12, 2017, UnitedHealthcare committed to adopting the Inovalon ONE™ platform. Later that month, Inovalon collaborated with Daiichi Sankyo, Inc. to create outcomes-based agreements focused on opioid pain management therapies.
In March 2018, Inovalon acquired Minneapolis-based ABILITY Network for $1.2 billion, significantly broadening its cloud-based SaaS healthcare technology portfolio. The deal was completed on April 2, 2018.
By June 2018, Inovalon initiated a five-year partnership with AllianceRx Walgreens Prime—Walgreens’ specialty and home delivery pharmacy joint venture—to advance specialty pharmacy technology solutions.
In June 2020, a five-year agreement was established with Cardinal Health whereby Inovalon would provide a tailored version of its ScriptMed® Cloud platform aimed at supporting durable medical equipment and supplies.
July 2020 marked the start of a collaboration with Walmart’s Specialty Pharmacy division to offer cloud-enabled services through the Inovalon ONE® Platform designed to enhance both clinical outcomes and cost efficiency for Walmart customers.