MDRX Expands Partnership with Montefiore Health

Allscripts Healthcare Solutions (MDRX) revealed that it has expanded its partnership with academic medical center and the University Hospital for Albert Einstein College of Medicine, Montefiore Health System for offering its Electronic Health Record (:EHR) solutions to the latter’s recently acquired New Rochelle and Mount Vernon hospitals in New York.

Under the new agreement, MDRX will upgrade the two hospitals with its Allscripts Sunrise 6.1 Integrated Electronic Health Record as well as the Sunrise Clinical Analytics, Sunrise Radiology, and Sunrise Laboratory. The company will also implement Allscripts FollowMyHealth patient engagement solution at the two hospitals under the same agreement.

Montefiore Health System operates six hospitals and an extended care facility having a total of 2,059 beds. It also provides primary and specialty care through more than 150 locations across the U.S., including the largest school health program and a home health program.

The good thing about Allscripts Sunrise 6.1 solution is that it enables clinicians meet Meaningful Use Stage 1 and 2 requirements and help managing ICD-10 code sets. On the other hand, Allscripts FollowMyHealth patient engagement solution helps health care providers gain access to an online patient portal and enables exchange of critical patient data that can empower patients to proactively manage their health.

Allscripts’ Sunrise Suite is a well known product among healthcare providers in the U.S. In the recent past, Pennsylvania-based Heritage Valley Health System, California-based non-profit healthcare provider PIH Health, as well as Australia’s Appalachian Regional Healthcare System have implemented the Sunrise solutions in their hospitals.

MDRX posted a significant fall in adjusted earnings to $1.4 million or a penny per share in the third quarter of 2013 from $31.9 million or 19 cents in the comparable quarter of 2012. With this, earnings also missed the Zacks Consensus Estimate of 4 cents for the quarter.

Revenues in the quarter ebbed 8.5% to $330.2 million, while after considering deferred revenues and other adjustments, revenues stood at $334.2 million, up 7.4% from the prior-year quarter. With this, revenues also missed the Zacks Consensus Estimate of $355 million. The decrease can be attributable to lower revenues generated from all the operating segments.

Currently, Allscripts Healthcare retains a Zacks Rank #3 (Hold). Since we consider no other stocks from the medical information systems as favorable at this moment, we can take a look at some medical products stock that are doing well. They include NuVasive, Inc. (NUVA), Hill-Rom Holdings, Inc. (HRC) and INSYS Therapeutics, Inc. (INSY). All of them carry a Zacks Rank #1 (Strong Buy).

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