Allscripts Healthcare Solutions Inc. MDRX has been recently selected by Premier Orthopaedics as the strategic partner for all clinical and financial solutions, and to create a connected health-IT (information technology) unit. Financial terms of the development has not been disclosed.
What is Connected Health?
Connected Health is a modern healthcare management model that ensures remote medication delivery. It helps patients to increase engagement and enhance easy procedures for access to care.
Notably, the easiest ways to promote Connected Health tools is by increasing the usage of EHRs and other patient engagement solutions.
MarketsandMarkets predicts that the global HCIT market will reach worth $280.25 billion by 2021 at a CAGR of 15.9%.
Factors such as growing need to manage regulatory compliance through HCIT solutions, government support and rising need to curtail healthcare costs boost the market.
We believe that the slew of developments has been well-timed for Allscripts.
Allscripts’ Platforms Engaged in the Deal
Per the deal, Premier Orthopaedics will leverage on Allscripts’ Professional EHR (Electronic Health Record), Practice Management software, consumer/patient engagement platform – FollowMyHealth and Payerpath suite of solutions.
Allscripts Professional EHR offers immediate analysis and insights.
Allscripts Practice Management automates patient flow, collections, claims and transaction management.
FollowMyHealth is a patient engagement solution that combines the value of a personal health record, the power of a patient portal and the connectivity of a health information exchange (HIE). It is a solid contributor to Allscripts’ topline.
Payerpath is an internet-based suite of solutions for Allscripts that streamlines steps in an organization's reimbursement cycle, from eligibility verification through patient collection.
Recent Collaborations at a Glance
Earlier this month, Allscripts collaborated with Microsoft Corporation MSFT to explore an innovative technology for enhancing clinical research design, clinical studies and improving research process. For investors’ notice, the companies will now aim at extending Allscripts’ cloud-based EHR platforms with new technologies.
In October, Allscripts announced a partnership with Appriss Health for enabling point-of-care access to prescription drug monitoring program (PDMP). The integration will be done through Appriss Health’s PMP Gateway platform with a view to reduce deaths from substance use disorder (SUD). This development is likely to boost Allscripts’ Payer and Life Sciences business.
In a year’s time, shares of Allscripts have lost 22.8% compared with the industry's and S&P 500's 11.3% and 6.7% decline, respectively.
Zacks Rank & Key Picks
Allscripts has a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader medical space are Veeva Systems Inc VEEV, Becton, Dickinson and Company BDX and OPKO Health, Inc OPK.
Veeva Systems’ long-term earnings growth rate is projected at 19.5%. The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Becton, Dickinson’s long-term earnings growth rate is projected at 11.5%. The stock carries a Zacks Rank #2 (Buy).
OPKO Health’s long-term earnings growth rate is projected at 12%. The stock sports a Zacks Rank of 1.
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