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BOWIE, Md., May 14, 2019 (GLOBE NEWSWIRE) -- Inovalon (Nasdaq: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, today announced that its Elastic Container Technology (ECT®) is now being utilized by clients on demand, providing 50x speed increases for business-critical analytical needs when requested by clients.
Inovalon’s Elastic Container Technology (ECT®) allows for ultra-high performance allocation and orchestration of containerized compute processes within the Inovalon ONE® Platform. First announced by the Company on July 26, 2018, ECT® was applied within Inovalon’s more widely used analytical platform offerings to provide industry-leading process speeds across larger client populations and real-time response times for transactional applications. The introduction of ECT® has contributed to the Company’s successful migration of clients to the cloud-based Inovalon ONE® Platform and increasing client retention rates and new sales.
As the value of analyses of increasing sophistication gains recognition across the healthcare ecosystem, the market is responding with increasing demand. The introduction of more sophisticated versions of machine learning, artificial intelligence, and the associated higher numbers of contributing data elements within these analyses is driving rapidly rising compute burdens. At the same time, analytical processes and data-driven capabilities empowered by them are playing increasing roles in the day-to-day operations and finances of healthcare organizations, resulting in a desire by organizations to further differentiate themselves through earlier awareness and higher frequency of analytical process runs. The ability to not only provide high-value analytics at market-leading speeds, but also allow organizations to further accelerate these speeds when, and to the degree desired, is significantly market differentiating for clients and Inovalon.
In early 2019, the Company completed architectural design and engineering updates allowing clients to select and execute incremental speed accelerations of processing when needed. Now directly available to clients on demand, these burst capabilities are being selected with dramatic impact. Clients are able to choose the capacity desired – and in turn – the speed of processing. Only recently available to clients, the capacity bursts have already been applied to accelerate client processes by up to 50x speeds. Clients are invoiced for the additional cloud node expansions required to achieve the accelerated speeds.
“The development of ECT® brought a highly differentiated speed, resiliency and cost benefit to the Inovalon ONE® Platform, providing a significant competitive advantage for our clients and contributing to very strong client retention rates and expanding sales,” said Jason Capitel, Inovalon’s Chief Operating Officer. “Now we are able to provide our clients with the flexibility to select even higher compute speeds on demand. This is not only providing a tremendous tool that is unavailable anywhere else in the marketplace, but it is also providing the greatest example to date of our client’s thirst for expanding analytical compute speeds and Inovalon’s ability to translate our Platform’s technological differentiation into value for our clients and financial performance for Inovalon.”
About the Inovalon ONE® Platform
The Inovalon ONE® Platform is an integrated cloud-based platform of nearly 100 individual proprietary technology toolsets and deep data assets able to be rapidly configured to empower the operationalization of large-scale, data-driven healthcare initiatives. Each proprietary technology toolset is referred to as a Component, which are grouped into Modules, and informed by the data of billions of medical events within Inovalon’s proprietary datasets. Combinations of Components and Modules are configured to empower highly differentiated solutions for client needs quickly and in a highly scalable fashion. The flexibility of the modular design of the Platform enables clients to integrate the capabilities of the Platform with their own internal capabilities or other third-party solutions. The Platform brings to the marketplace a highly extensible, national-scale capability to interconnect with the healthcare ecosystem on a massive scale, aggregate and analyze data in petabyte volumes, arrive at sophisticated insights in real-time, and drive meaningful impact wherever it is analytically identified best to intervene and intuitively visualize data and information to inform business strategy and execution.
Inovalon is a leading provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE® Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real-time, and empower the application of resulting insights to drive meaningful impact at the point of care. Leveraging its platform, unparalleled proprietary data sets, and industry-leading subject matter expertise, Inovalon enables better care, efficiency, and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon's unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Supporting thousands of clients, including 24 of the top 25 U.S. health plans and 22 of the top 25 global pharma companies, Inovalon's technology platforms and analytics are informed by data pertaining to more than 972,000 physicians, 531,000 clinical facilities, 271 million Americans, and 45 billion medical events. For more information, visit www.inovalon.com.
Kim E. Collins