Inovalon Holdings Inc., a healthcare data analytics vendor, has registered with the Securities and Exchange Commission to conduct an initial public offering of stock valued up to $500 million.

Bowie, Md.-based Inovalon has nearly 100 clients “providing services to approximately 200 patient populations through hundreds of separate statements of work,” according to the company’s S-1 registration form to the SEC. The 16-year-old company has had annual revenue well over $200 million during the past five years. It also is quite profitable, with nearly $51.9 million in net income during the first nine months of 2014.

The vendor is heavy with insurer clients, of which four payers each accounted for 10 to 12 percent of revenue in 2013. “Our top clients account for a significant portion of our revenues and, as a result, the loss of one or more of these clients could materially and adversely affect our business and operation results,” the company notes in a summary of risk factors.

Other clients include hospitals and physician practices, pharmaceutical firms and researchers. “Our analytics identify gaps in care, quality, data integrity and financial performance, while our data-driven intervention platforms provide clients with differentiated capabilities to resolve these gaps,” the company explains in the registration statement.

During 2014, clients used the technology to get insights on more than 744,000 physicians, 244,000 clinical facilities, 118 million unique patients, and 9.1 billion discrete entries relating to patient interactions, medical procedures or changes in patients’ medical conditions, according to the firm. The S-1 filing is available here.

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