In a bid to strengthen its enterprise and mobile patient engagement platform, Allscripts Healthcare Solutions Inc. MDRX recently announced that its flagship platform, FollowMyHealth, will partner with Ephraim McDowell Health.
Per management, this partnership is likely to enhance the patient experience for millions of people and drive the digital transformation process in the U.S. healthcare industry.
FollowMyHealth – A Key Catalyst
FollowMyHealth is an EHR-neutral patient engagement platform that allows patients to stay connected with their physicians. It also offers a mobile, enterprise patient engagement tool for hospitals and health systems.
It is encouraging to note that, in 2018, FollowMyHealth’s total connected patients reached over 17 million with portal alone.
Furthermore, Allscripts recently integrated the HealthGrid capabilities into the FollowMyHealth platform. This is likely to enable organizations to reach 100% of their patient populations, both pre-visit and post-visit.
Taking into consideration the expanded HealthGrid platform, total connected patients are now 40 million, which might see an improvement in the coming days. Leveraging on FollowMyHealth, clients are expecting up to 70% of patients actively engaged.
Allscripts has been a leading player in the Patient Engagement solutions as well. The company is gaining prominence with other platforms like FollowMyHealth Achieve and FollowMyHealth Telemedicine.
Other Recent Developments
Earlier this month, Allscripts announced a strategic partnership with Opargo, a SaaS platform, to strengthen Allscripts Practice Management revenue cycle software.
Opargo leverages on predictive analytics to ensure that critical patients have hospital slots available, even at the last minute. Adoption of these solutions is likely to have a solid impact on Allscripts customer base and the health care industry as a whole.
Moreover, Opargo is likely to improve scheduling capabilities and practice workflows of Allscripts Practice Management solution — a comprehensive revenue cycle management solution for physician’s practices and large hospital organizations (read more: Allscripts Partners With Opargo to Boost Practice Management).
This apart, Allscripts has strengthened its strategic relationship with Pulse8 — a leading player in healthcare analytics and technology. Pulse8 is likely to boost Allscripts’ flagship platform, Veradigm, and its existing health plan product suite that delivers pocket-friendly tools and services for health plan members. Veradigm is also likely to leverage on Pulse8’s newly combined offering of clinical data exchange solutions, cutting-edge analytics and point-of-care engagement tools to maximize return on investment.
Shares of this Zacks Rank #4 (Sell) company have lost 17.2% against the industry's 7.6% growth. The current level also compares unfavorably with the S&P 500 index's 7.5% gain over the same time frame.
However, Allscripts is on a spree of positive developments and strategic deals, which might provide it with a solid ground to perform better in the days to come.
Stocks to Consider
A few better-ranked stocks from the MedTech space are DexCom, Inc. DXCM, Varian Medical Systems, Inc. VAR and Masimo Corporation MASI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DexCom delivered a positive earnings surprise in each of the trailing four quarters, the average being 132.3%.
Varian Medical has a long-term earnings growth rate of 8%.
Masimo Corporation has a long-term earnings growth rate of 15.6%.
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