Allscripts (MDRX) Unveils Newly Rebranded App Expo Site
Allscripts Healthcare Solutions, Inc. MDRX recently announced the relaunch of its former Application Store as the Allscripts App Expo. This rebranding is anticipated to provide Allscripts’ clients an engaging way to identify all applications built and certified through the Allscripts Developer Program (ADP), leveraging Allscripts’ proprietary and Fast Healthcare Interoperability Resources Application Programming Interfaces (FHIR APIs) as well as the third-party solutions sold by the company.
Prior to the relaunch, only certain partner applications were searchable and featured on the company’s Application Store. Allscripts will offer all active developers a certified solution and the option to showcase their solutions online via the App Expo as a result of the latest expansion.
The Allscripts App Expo will be showcased at the annual Health Information Management Systems Society (HIMSS) conference held in Orlando, FL.
More on the News
Allscripts’ developer program allows developers to connect with multiple Allscripts electronic health records (EHR) and practice management solutions. The company supports integration with on-premise, data-center-hosted and cloud-hosted environments throughout all specialties and for all sizes of physician offices and hospital organizations. At present, Allscripts’ clients have the option to choose from hundreds of certified apps and devices, with new certified solutions being added to the site frequently.
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Per management, the company has witnessed unprecedented growth in funding for health technology start-ups over the past few years. More organizations are eager to connect to Allscripts solutions through FHIR, the company’s proprietary APIs and other connectivity options available through the Developer Program. The new App Expo marks the latest step in the company’s efforts to make it easier for clients to find solutions that will help them improve their technology ecosystem and accomplish their practice and health system goals.
Industry Prospects
Per a report published in Grand View Research, the global healthcare API market is expected to see a CAGR of 6.3% during 2020-2027. The factors fuelling market growth include the growing uptake of API integrated EHRs, improved patient outcomes and development in the care quality.
Given the market prospects, Allscripts’ decision to rebrand its former Application Store seems well-timed.
Notable Developments
Allscripts engaged in a number of significant developments in March 2022.
The company reached an agreement to sell the net assets of its Hospitals and Large Physician Practices business segment to Constellation Software Inc. (CSU) through the latter’s wholly-owned subsidiary N. Harris Computer Corporation. The transaction is projected to close in the second quarter, subject to fulfillment of regulatory approval and customary closing conditions.
The company’s business unit Veradigm entered into an agreement with the United States Social Security Administration (SSA). This agreement will enable SSA to electronically request and receive electronic health records using the Veradigm Network solution and Veradigm eChart Courier, removing the need to allocate time and resources for manual medical record requests.
Share Price Performance
The stock has outperformed its industry over the past year. It has rallied 42.6% against the industry’s 50.8% fall.
Zacks Rank and Other Key Picks
Currently, Allscripts carries a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are Henry Schein, Inc. HSIC, Owens & Minor, Inc. OMI and AmerisourceBergen Corporation ABC.
Henry Schein has an estimated long-term growth rate of 11.8%. Henry Schein’s earnings surpassed estimates in the trailing four quarters, the average surprise being 25.5%. It carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Henry Schein has outperformed the industry over the past year. HSIC has gained 29.9% compared with the industry’s 4.6% rise over the past year.
Owens & Minor has a long-term earnings growth rate of 23.6%. Owens & Minor’s earnings surpassed estimates in the trailing four quarters, delivering a surprise of 29.5%, on average. It carries a Zacks Rank #2.
Owens & Minor has outperformed the industry over the past year. OMI has gained 12.4% against a 19% industry decline in the said period.
AmerisourceBergen has a long-term earnings growth rate of 8.2%. In the trailing four quarters, AmerisourceBergen’s earnings surpassed estimates in three and missed in one, delivering an average surprise of 2.3%. The stock currently sports a Zacks Rank #2.
AmerisourceBergen has outperformed its industry in the past year, gaining 32.7% versus the industry’s 4.5% rise.
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