Allscripts Healthcare Solutions Inc. MDRX recently announced that Qatar-based Alfardan Group and Chicago-based Northwestern Medicine have selected it to provide ambulatory care services for the launch of a new project — ‘Alfardan Medical with Northwestern Medicine’. Notably, this is likely to strengthen the company’s foothold in the Middle East.
For investors’ notice, the project will leverage on Allscripts’ flagship ambulatory care services including Sunrise Ambulatory, Sunrise Surgery, Sunrise Radiology, Allscripts Clinical Performance Management, Allscripts Lab and iPro Anesthesia. Not to forget, Allscripts already had 12 new Sunrise facility wins in the fourth quarter of 2018, which reached its total hospital wins to 23 in 2018.
Additionally, the company had also signed a 10-year expansion agreement with Heritage Valley Health System for integrated delivery systems, physician practices, outpatient facilities, and three hospitals during the same quarter. Allscripts’ Paragon expansion deal with St. Anthony Hospital is also noteworthy.
Coming back to the news, the project is expected to provide high-quality healthcare and multidisciplinary medical specializations in an exclusive clinical environment.
Market Prospects in the Middle East
An increasing population, per capita income and rising life-style diseases have been driving the market for healthcare services in the Middle East.
Per Business Wire, the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are likely to witness strong demand for medical services. Considering the bountiful prospects, Allscripts’ latest development can be considered as a well-timed one.
Other Lucrative Deals by Allscripts
In recent times, Allscripts announced a collaboration with Microsoft for implementing an innovative, integrated model for clinical research aimed at enhancing clinical research design, conducting studies more efficiently and improving the research provider and participant experience.
In 2018, the company signed a multi-year deal with a multi-facility hospital in Maine for full IT outsourcing. Per management, this was the first managed services deal with an EIS client.
Also, Colorado physician partners selected Allscripts after an extensive market evaluation process, and adopted the company’s flagship EHR, clearinghouse and patient engagement solutions in recent past.
Premier Orthopaedics with 70 full-licensed providers and over 100 mid-level providers in 30 locations too adopted Allscripts’ full suite of EHR, Practice Management, clearinghouse and patient engagement solutions.
Shares of the Zacks Rank #3 (Hold) company have lost 24.4% compared with the industry's 2.4% decline. The current level also compares unfavorably with the S&P 500 index's gain of 0.1% over the same time frame.
Want More From the Industry?
A few better-ranked stocks from the MedTech space are ABIOMED, Inc. ABMD, IDEXX Laboratories, Inc. IDXX and Wright Medical Group N.V. WMGI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ABIOMED’s long-term expected earnings growth rate is projected at 27.7%.
IDEXX Laboratories delivered a positive earnings surprise in each of the trailing four quarters, the average being 7.2%.
Wright Medical Group has a long-term expected earnings growth rate of 11.3%.
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