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news.Inovalon, a leading technology company providing advanced, cloud-based analytics and data-driven intervention platforms to the healthcare industry, today announced that it has entered into an agreement with Bristol-Myers Squibb, a global BioPharma company, to bring Inovalon and Avalere’s combined capabilities to bear on supporting real-world outcomes and value-based contracting initiatives.
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The engagement will leverage the capabilities of Inovalon’s data platforms and Avalere’s extensive industry experience, to support Bristol-Myers Squibb’s real-world outcomes and value-based contracting initiatives.
The application of advanced predictive analytics modeling and large scale real-world outcomes analyses will support consideration of value-based contracts with innovative payers. Inovalon’s national-scale clinical and quality outcomes platforms will allow for real-world insight into the monitoring, reporting, administration, and improvement of outcomes.
"Bristol-Myers Squibb is committed to bringing transformational medicines to patients that have the potential to address serious unmet medical needs," said Michael Ryan, senior vice president for value, access and payment for Bristol-Myers Squibb.
"We are pleased to be working with the combined capabilities of Inovalon and Avalere, and believe that they will bring us the rigorous, data driven, scientific methodology necessary to address the challenges of outcomes-based contracting."
"We are very pleased to partner with an industry leader such as Bristol-Myers Squibb to support their goal of producing clinical and economic benefit through medicines that improve patients’ lives," said Keith Dunleavy, M.D., chief executive officer of Inovalon. "We look forward to supporting advanced insight into quality outcomes and performance, as well as the development of sophisticated approaches to value-based contracting."
"As the trend toward quality and value-based care models increases, the importance of data-driven insights has never been more essential for success," said Dan Mendelson, president of Avalere Health and member of the Inovalon executive leadership team. "Innovative payers are looking for these types of contracts to support better patient outcomes and to lower costs, and Bristol-Myers Squibb is leading the way in embracing a data-driven future."