Innovative Specialty Pharmacy Leader to Implement ScriptMed® Cloud to Improve Clinical Outcomes for Patients
BOWIE, Md., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Inovalon, a leading provider of cloud-based platforms empowering data-driven healthcare, announced today a multi-year agreement with Value Specialty Pharmacy, an innovative leader in the pharmaceutical industry, providing a continuum of care and specialty medications across 50 states for thousands of patients. This engagement will provide cloud-based capabilities delivered through the Inovalon ONE® Platform and will support Value Specialty’s data-driven strategy to improve clinical and quality outcomes and economics for its patients.
Specialty pharmacy is a uniquely high-value segment of the healthcare ecosystem that is of increasing importance to payers, pharmaceutical companies, and patients alike. Driven by accelerating discoveries in pharmacological treatments, the rising number of patients with complex therapy needs, the expansion of approved drug use indications, and the increasing application of precision medicine, the U.S. specialty pharmacy market now accounts for over 50% of the national prescription drug spend. Specialty drug spend has grown from approximately $98 billion in 2010 to $267 billion in 2020, with accelerated growth predicted in this critical category of healthcare. All segments of the healthcare ecosystem – payers, providers, life sciences organizations, patients, and the elements of their associated care delivery matrix – rely on the capabilities of specialty pharmacy for their own respective care, quality, and economic goals. The high-complexity and high-cost nature of specialty pharmacy stands to benefit significantly from the capabilities enabled through the Inovalon ONE® Platform.
ScriptMed® Cloud is a configuration of the Inovalon ONE® Platform for pharmacy organizations that leverages Inovalon’s deep data, connectivity, analytics, intervention toolsets, business process reporting, and data visualization capabilities optimized for the pharmacy marketplace. The Platform’s leading capabilities provide a SaaS solution to empower meaningful impact for pharmacy organization clients and the patients they serve by enabling greater operational flexibility, scalability, significant cost efficiencies, improved clinical and quality outcomes, and reduced cost-to-fill and time-to-therapy performance. ScriptMed® Cloud is a game-changing solution for the complex management challenges specialty pharmacy customers face each day.
“We believe that patients with complex chronic illnesses deserve the best possible treatment, guidance and support,” said Natalie Ryan, general manager, Value Specialty Pharmacy. “Inovalon’s cloud-based platform coupled with considerable experience and expertise in specialty pharmacy provided the technology, data and analytics we were seeking in support of our mission to provide the best treatment solutions possible, clinical support for complex conditions and full access to specialty medications delivered accurately and in a timely manner to local pharmacists.”
“We are pleased to add another industry-leading pharmacy to the growing list of customers relying on Inovalon to support their data-driven approach to elevating patient-focused specialty pharmacy care and quality,” said Matt Brow, president and general manager of Inovalon’s pharmacy business. “ScriptMed® Cloud accelerates speed-to-value by leveraging Inovalon’s innovative technology, data and connectivity to achieve exceptional coordination of patient care and operational efficiencies. We are proud to call Value Specialty Pharmacy a customer and look forward to the impact we will make together for their patients.”
About Value Specialty
Value Specialty Pharmacy was established in 2011 in Duncansville, PA and also operates Restore Rx as a second location in Brunswick, TN. In addition to providing a robust patient experience, Value Specialty facilitates services for hundreds of independent community pharmacies that recognize the importance of becoming a part of the growth of specialty pharmacy. These community pharmacies often lack the resources required to complete the specialty prescription process, so our Value Specialty Care Site model, along with CP Specialty Pharmacy Services, aim to provide key assistance to enable a successful specialty process. Both Value Specialty Pharmacy and Restore Rx are dually accredited through URAC and ACHC and are also staffed by Board Certified Clinicians. Both entities recognize the high standards that specialty pharmacy requires. Their achievements in consumer satisfaction, quick turnaround times and fulfillment accuracy continue to gain recognition from patients, prescribers, and payers. For more information regarding Value Specialty Pharmacy and Restore Rx’s services, please email specialtytrade@valuedrugco.com.
About ScriptMed® Cloud
ScriptMed® Cloud is the next generation technology for specialty patient care, empowered by the latest and most advanced capabilities of the Inovalon ONE® Platform. These advancements include increased modularity, high-speed cloud-based compute, multi-stakeholder workflows, real-time healthcare ecosystem connectivity, advanced analytics and enhanced data visualization capabilities, and leverage Inovalon’s massive datasets. ScriptMed® Cloud delivers differentiated value in the specialty market, meaningfully reducing time-to-fill, reducing costs and error rates, while empowering advanced functionality, greater flexibility, operational efficiency, and a focus on clinical and quality outcomes, delivering impactful savings and financial benefits for the specialty pharmacy marketplace and the patients who are served. ScriptMed® Cloud is a cloud-native architecture provided to clients in a pure software-as-a-service (SaaS) offering model.
About Inovalon
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 datasets, 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 customers, including all 25 of the top 25 U.S. health plans, all 25 of the top 25 global pharma companies, 24 of the top 25 U.S. healthcare provider systems, and many of the leading pharmacy organizations, device manufacturers, and other healthcare industry constituents, Inovalon’s technology platforms and analytics are informed by data pertaining to more than one million physicians, more than 594,000 clinical facilities, more than 342 million Americans, and more than 65 billion medical events. For more information, visit www.inovalon.com.
Contact:
Justine Giancola
Communications Manager, Inovalon
Justine.Giancola@inovalon.com
