Inovalon, a Bowie, Md.-based clinical analytics firm, raised $600 million this week in its initial public offering (IPO) after pricing its 22.2 million class A shares at $27 per share.
The company priced its stock above the expected range of $24-to-$26 per share. Because of this, the stock traded at more than $33 per share, 25 percent over its offering price. However, it went back to down to earth and finished the day back at $27 per share. It’s currently sitting at $28 per share.
The company offers cloud-based data analytics to health plans, physicians and ACOs, patients, and researchers. According to Reuters, most of its revenue comes from payers.
It’s another glitzy IPO for the healthcare IT industry. In 2014, six companies in health IT had IPOs and raised billions. The most prominent were Premier, with its $760 million IPO, Castlight, with an IPO valued at $1 billion, and IMS Health, a Danbury, Conn.-based analytics company raised $1.3 billion. Castlight and IMS were among the biggest IPOs in 2014. Inovalon is thus far the second biggest IPO in 2015.
Eleven private insurers, including Aetna, Humana and Anthem, are urging the Congressional Budget Office (CBO) to consider the experience of commercial insurers when evaluating the impact of telemedicine coverage in Medicare.
With the aim of improving patient safety monitoring, the Agency for Healthcare Research and Quality (AHRQ) within the U.S. Department of Health and Human Services (HHS) is currently developing and testing an improved patient safety surveillance system.
The Bill and Melinda Gates Foundation is awarding $210 million to Seattle-based University of Washington’s Population Health Initiative, with the funds going toward the construction of a new building to serve as the initiative’s hub.
More than half (56 percent) of healthcare professionals believe their organization could be doing more to educate employees on HIPAA compliance and the rules around sharing protected health information.
The Arnhold Institute for Global Health at the Icahn School of Medicine at Mount Sinai is partnering with DigitalGlobe to create the Health Equity Atlas Initiative (ATLAS), a platform that standardizes and maps population data in order to generate insights that address health inequities.