U.S. Markets closed

Allscripts Offers Telehealth Support Amid Coronavirus Outbreak

Zacks Equity Research

Allscripts Healthcare Solutions, Inc. MDRX recently announced that its clients throughout the nation have signed up to rapidly facilitate telehealth visit capabilities to their patients. Notably, the company provides simplified telehealth implementation to health systems through its electronic health record (EHR)-agnostic patient engagement platform known as FollowMyHealth. This service can prove crucial to efforts in curbing the spread of the coronavirus pandemic.

For investors’ notice, FollowMyHealth is a mobile-first, enterprise patient engagement solution for providers, hospitals and health systems. This, in turn, enables healthcare entities in managing and boosting quality, and promoting healthy patient populations.

With this development, Allscripts is likely to boost its EHR platform and strengthen presence in this space.

Benefits of the Solution

This innovative solution will help to limit interactions between patients and healthcare workers by converting appointments to telehealth, thereby aiding in containing the outbreak. Notably, the solution is likely to help limit no-shows and cancellations while providing to those who are in need. In fact, the company’s clients have significantly increased the number of video visits amid this crisis.

Further, in the last month itself, FollowMyHealth Telehealth has been selected by more than 100 clients and already implemented by more than 50 clients.

Allscripts remains committed toward partnering with healthcare organizations when it comes to minimizing the risk of spreading associated with COVID-19. In order to do so, the company has been offering these organizations with telehealth solutions that provide care to the patients in need through innovative solutions.

It is important to note here that the FolloMyHealth solution follows recommendations provided by the Centers for Disease Control and Prevention (CDC) to proactively help triage patients prior to appointments and find alternatives to face-to-face visits.

Telehealth to Gain Amid Coronavirus Outbreak

Coronavirus, which was first detected in central China in December, has turned into a full-blown pandemic, and its panoptic impact has left most of the world rattled and shocked. In fact, more than 163,000 people across the United States have been infected with the novel coronavirus, with more than 3,000 losing their lives.

Amid this crisis, telehealth has been given new lease of life by the coronavirus outbreak. The telemedicine stocks got an impressive response, when in February, the CDC asked healthcare service communities to increase the use of telemedicine in broader ways. Added to this, the House recently passed an emergency spending bill, allowing medicare reimbursement for telehealth during crisis situations. In this regard, UnitedHealth Group UNH, which already has several telehealth services, including free apps through which virtual consultations can be booked, is a noteworthy name.

Market Prospects

Per a report published by Medgadget, the global EHR market is valued at $24.82 billion in 2018 and expected to reach $37.13 billion by 2025, witnessing a CAGR of 5.9% between 2018 and 2025. Factors like growing need to boost the safety or quality of healthcare delivery and rise in utilization of healthcare settings in a medical environment are likely to drive the market.

Hence, the latest development has been a well-timed one for Allscripts.

Price Performance

Over the past one month, shares of this Zacks Rank #3 (Hold) company have lost 9% compared with the industry’s decline of 21.6%.

Key Picks

Some better-ranked stocks from the broader medical space include AmerisourceBergen Corporation ABC and The Cooper Companies, Inc. COO, both currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

AmerisourceBergen has an estimated long-term earnings growth rate of 7.4%.   

Cooper Companies has a projected long-term earnings growth rate of 10.8%.

Zacks Top 10 Stocks for 2020

In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?

Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

Access Zacks Top 10 Stocks for 2020 today >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report
Allscripts Healthcare Solutions, Inc. (MDRX) : Free Stock Analysis Report
AmerisourceBergen Corporation (ABC) : Free Stock Analysis Report
The Cooper Companies, Inc. (COO) : Free Stock Analysis Report
To read this article on Zacks.com click here.