Careers at Inovalon
Inovalon seeks to provide clients within the healthcare industry with reliable and exhaustive data analytics and integration solutions, with a view to increasing efficiency and effectiveness in the healthcare sector.
Inovalon traces its roots back to 1998 and the organisation by Dr. Keith Dunleavy (“Dunleavy”) of several medical data companies under the name MedAssurant. The Company sought to improve healthcare processes and performance by analysing claims and lab data, and advising healthcare providers on how best to utilize these datasets.
The Company grew significantly over the course of around ten years, making a number of strategic acquisitions and growing its network of clinicians and statisticians.
In 2012 the Company changed its name to Inovalon, following which it launched a number of partnerships with high-profile names in the retail pharmacy sector such as Walgreens and Allscripts. Inovalon continued to expand, growing its client base, and in 2015 listed on the NASDAQ, raising a reported $600 million in its initial public offering.
The Company now provides services primarily through its cloud-based analytics platform. Inovalon has a current market capitalisation of $1.67 billion.
Benefits at Inovalon
Business model of Inovalon
Inovalon provides a range of analytics and technology solutions targeted at a range of customer segments. The Company divides its principal customers into the following segments, primarily within the healthcare industry:
- Healthcare Providers, comprising hospitals, clinics, and specialist care facilities;
- Pharmaceutical Companies, comprising developers, manufacturers, and distributors of pharmaceutical products, and life sciences companies;
- Medical Device Companies, comprising manufacturers and suppliers of medical devices;
- Medical Diagnostics Providers, comprising providers of medical diagnostic solutions
- Consumers and Patients, comprising members of the general consumer populations across all demographics.
According to its website, just one of Inovalon’s clients accounted for more than 10% of the Company’s revenue in 2015. This client was not named.
Inovalon appears principally to serve customers in its native US, which comprises its core market. The Company does not appear to have any significant international operations.
Inovalon provides value to its clients in the following ways:
- The quality of its analytics offerings, with the Company offering its clients state-of-the-art data analytics solutions that can be tailored to suit the needs of each individual client, and include a range of sophisticated tools;
- Its proprietary technologies and products, with the Company utilising a range of proprietary technologies and intellectual properties in the delivery and development of its platform offerings, including extensive proprietary datasets;
- Its commitment to innovation, with the Company committed to seeking new and innovative solutions in the medial analytics field, dedicating substantial resources each year to research and development activities;
- Its data integration capabilities, with the Company’s platform able to process and integrate data from a wide range of sources and across multiple channels, in order to provide clients with an exhaustive analysis of relevant data; and
- Its network of industry experts, with the Company consulting with a broad network of industry experts across the US, in order to improve gaps in care, quality, documentation, and assessment.
Inovalon operates a website at www.inovalon.com, through which it provides information on its platform, solutions, and target customers. The Company’s online platform is a cloud-based offering, which can be accessed at www.epass.inovalon.com. This platform allows customers to access a range of data analytics tools and resources from any internet-connected browser, either on desktop or mobile. While the Company’s software offering is cloud-based, the Company does not appear to operate an online sales channel.
Inovalon’s sales are made primarily through the Company’s in-house direct sales force, which operate out of the Company’s network of offices. The Company’s sales personnel deal directly with clients. Inovalon additionally operates its own research facilities, through which it develops its software platform, technologies, and service offerings.
Despite offering a cloud-based platform and having an online presence, Inovalon does not operate an online self-service sales channel.
Instead, sales are made through the Company’s direct sales force, the members of which consult closely with clients in order to ensure that they are provided with solutions that fit their individual needs and circumstances. The Company principally provides solutions under time and materials, fixed-price, or retainer based contracts. The Company seeks to establish long-term client relationships where possible, with a view to securing recurring business.
Inovalon provides ongoing support to its clients, principally through dedicated account management teams, who are familiar with the details of individual clients and are thus able to provide personalised assistance. Potential and existing customers are also able to make more general enquiries by contacting the Company over the phone. Additionally, Inovalon offers a range of online resources to its customers free of charge through its website, including webinars, reports, and blog posts.
Inovalon provides information through its website on various industry events that it will be attending, allowing customers the opportunity to interact with the Company in person. The Company also operates several social media accounts – including with Twitter, YouTube, Facebook, and LinkedIn – through which it can provide company updates and interact with clients directly.
Inovalon is a technology company and analytics provider. It operates a cloud-based platform, through which it combines advanced data analytics and data-driven intervention tools to provide sophisticated data integration and processing services clients within the healthcare sector.
These customers principally comprise health plans, hospitals, physicians, patients, pharmaceutical companies, and life science researchers. Inovalon utilises a range of proprietary technologies, tools, datasets, and other intellectual properties to offer state-of-the-art integration and predictive analytics tools, as well as using a national network of industry experts to supplement and enhance its data findings.
The Company's data analytics and intervention platforms consist of four primary components: data integration, advanced analytics, intervention platforms, and business processing.
Inovalon works in close conjunction with a network of partner organisations and companies, seeking to provide its clients with reliable and effective solutions. These partners can be organised broadly into the following categories:
- Supplier and Vendor Partners, comprising suppliers of services, tool, and equipment that are utilised across the Company’s operations in support of its provision of detail analytics and integration services;
- Healthcare Partners, comprising healthcare organisations, healthcare technology companies, and health benefits providers with which the Company shares data and resources in order to provide clients with more robust solutions;
- Technology Partners, comprising software developers and systems integrators with which the Company collaborates on developing its cloud-based service offering; and
- Strategic and Alliance Partners, comprising various market leading companies across multiple sectors, with which the Company works on a range of joint projects, including marketing and branding.
Inovalon has launched a number of partnerships in recent years. This includes a strategic data partnership with health benefits company Anthem Inc, a partnership with global pharmaceutical company Boehringer Ingelheim to develop a diabetes product, and an integration partnership with healthcare services company Athenahealth Inc.
Inovalon’s key resources are its technologies and intellectual properties, its online platform and software, its IT and communications infrastructure, its network of partners and industry experts, its sales and support channels, and its personnel.
Inovalon states that its success depends on its ability to protect its intellectual property rights, with the Company utilizing a range of proprietary technologies in its products. The Company is reported to primarily use unpatented, proprietary technology, which is protected by confidentiality agreements with employees and contractors.
Searches of records published by the US Patent and Trademark Office identified no patent applications filed in the name of Inovalon, either as applicant or as assignee.
Inovalon owns and or leases a number of properties in the US. This comprises its network of offices and research facilities.
Inovalon incurs costs in relation to the development of its technologies and solutions, the development of its online platform, the maintenance of its IT and communications infrastructure, the operation of its sales and support channels, the implementation of marketing campaigns, the procurement of services, the management of its partnerships, and the retention of its personnel.
In 2015 Inovalon recorded total operating expenses in the amount of $320.82 million. This comprised cost of revenue in the amount of $146.14 million, sales and marketing expenses in the amount of $14.68 million, research and development costs in the amount of 22.33 million, and general and administrative expenses in the amount of $115.03 million.
Inovalon generates revenue through the provision of data analytics and data integration solutions to clients within the healthcare and pharmaceutical sectors through its cloud-based platform, as well the provision of advisory services. The Company derives its revenue under sales and service contracts, including time and materials, fixed-price, or retainer based contracts.
In 2015 Inovalon recorded revenue for the year in the amount of $437.27 million, up considerably on the $361.54 million recorded by the Company in 2014.
info: Dunleavy has served as Chief Executive Officer at Inovalon since its establishment, prior to which he led the organisation of the Company’s predecessor companies in 1998. He has served as Chairman of the Board of Directors at Inovalon the creation of the Board in 2006, and served additionally as the Company’s President until 2014. Dunleavy is responsible for the overall execution of the Company’s business plan and strategic relationships. Dunleavy also serves as a director on the Dartmouth Medical School Board of Overseers, hand as authored or co-authored a number of scientific journal articles and proprietary research papers. Dunleavy is a medical doctor, having earned his doctorate in Medicine from Harvard Medical School. Prior to founding Inovalon and its predecessor companies, Dunleavy practiced internal medicine.
info: Christopher serves as Chief Financial Officer, Chief Operating Officer, and Treasurer of Inovalon. He is responsible for managing and overseeing the implementation, service delivery, performance and reporting of all of the Company’s developed product and solution groups. Greiner first joined Inovalon in 2013 as Chief Product officer. Greiner is an experienced finance executive. He worked for a number of years at IBM, taking on a range of finance roles in the US and overseas, including in Australia, India, China, Hong Kong, Taiwan, and Singapore. He rose through the company’s ranks to lead its global services business in China, before being appointed combined Chief Operating Officer and Chief Financial Officer of IBM's Business Analytics division in 1999. Prior to joining Inovalon, Greiner served for a year as Vice President at Computer Sciences Corporation, where he was responsible for financial management of the company's commercial portfolio.
info: Joseph has served as a Chief Technology Officer at Inovalon since joining the Company in 2013. In this role, he is responsible for the oversight of all design, maintenance, security, connectivity, operations, and support of all technology requirements within the Company. Rostock as formerly a long-serving employee of Verizon Communications Inc, where he numerous roles of increasing responsibility from 1986 to 2011. This included a spell as Senior Fellow, a position reserved for executives with technology expertise and broad management and leadership skills. Prior to joining Inovalon, Rostock served for around two years as Vice President and Chief Technologist at The Alliance for Telecommunications Industry Solutions.
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