Former physician Keith Dunleavy founded Inovalon, a cloud-based healthcare data analytics firm, and became a billionaire, according to a Forbes report.
Last week his wealth crossed 10 figures as the company he owns 64 percent of rose nearly 7 percent. The company is valued at $1 billion. The company reported a 10 percent increase in first quarter revenue to $102.7 million and used its cash flow for a $100 million stock repurchase program, according to the report. The share price boosted Dr. Dunleavy’s net worth by more than $60 million.
He founded his first company during undergraduate school while training as a software programmer and eventually earned his doctorate at Harvard Medical School. He completed residency at Johns Hopkins in Baltimore before founding Inovalon.
Dr. Dunleavy developed the predecessor to Inovalon during his residency, hoping to drive change in healthcare. The system at first gathered and validated healthcare provider data; Dr. Dunleavy brought in outside investors to fund additional growth.
Current Inovalon services include analyzing exam information, lab results and disease histories. Physicians can order patient-specific data analyses before consulting the patient. The platform currently includes data from 800,000 physicians and 130 million patients.