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Allscripts (MDRX), CareMetx Tie Up for Better Patient Care
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Veradigm, a renowned healthcare data and technology solutions provider, and a business unit of Allscripts Healthcare Solutions (MDRX - Free Report) , recently entered into a collaboration with CareMetx. Per the terms of the new agreement, CareMetx is expected to combine its solutions and services directly into the Veradigm AccelRx specialty medication platform.
For investors’ note, CareMetx is a technology-enabled hub services company committed toward improving patients’ access to specialty medications. The AccelRx platform simplifies the specialty enrollment process for users of Veradigm and other electronic health record (“EHR”) software vendors.
With the latest partnership, Allscripts aims to solidify its foothold in the global EHR solutions business. The EHR business is a part of the broader Core Clinical and Financial Solutions reportable segment of the company.
Rationale Behind the Partnership
Currently, patients’ prescriptions have to pass via a broad cross-section of healthcare industry stakeholders before they receive their specialty medication. Per a 2020 survey data on prescribers from Veradigm, it was found that the majority of physicians believe that patient medication adherence would improve if specialty medication prescriptions could be filled more easily and delivered to patients quicker.
The agreement is likely to make Veradigm’s AccelRx automated solutions for specialty medication enrollment, among others, available directly to CareMetx clients. This, in turn, is expected to allow users of Veradigm and Allscripts’ EHRs to access CareMetx specialty medication patient access hub services via AccelRx. This combination is expected to lower the time-to-therapy for patients, drive increased adherence to their prescribed care plan and reduce administrative burden on medical practices.
Per Veradigm’s management, working with hub services providers like CareMetx can lead to improvements in the specialty medication fulfillment process, and also reduces patient wait times, thereby aiding them to begin their prescribed therapies sooner.
Industry Prospects
Per a report by Grand View Research, the global medication management system market was valued at $1.20 billion in 2016 and is projected to grow at a CAGR of 20.5% between 2018 and 2025. Factors like growing investments by hospitals to improve workflow, global adoption of IT in the healthcare sector and an increase in focus on reducing medication errors are likely to drive the market.
Given the market potential, the latest partnership is expected to significantly boost Allscripts’ business on a global scale.
Notable Developments
Of late, Allscripts has witnessed a few notable developments across its businesses.
In September, the company partnered with Eastern Health to advance health-care services and programs while maximizing health system efficiencies and general economic development in Newfoundland and Labrador.
Allscripts, in August, announced robust second-quarter 2021 results, wherein it registered year-over-year uptick in both the top and bottom lines, along with a surge in total bookings.
In June, the company’s Veradigm unit entered into a partnership with PRA Health, now a part of ICON plc (ICLR - Free Report) , to create a vast EHR-based clinical research network that covers more than 25,000 physicians and 40 million patients across the United States.
Comparison With Peers
In September, Allscripts’ peer NextGen Healthcare, Inc. announced that its Revenue Cycle Management (“RCM”) Services has been successfully optimized by Coastal Orthopedics (Coastal) for its billing and reporting purposes. The RCM Services is an extension of NextGen’s use of the NextGen Enterprise EHR and NextGen Practice Management solutions.
Another renowned name in the healthcare technology space is Change Healthcare Inc. . The company, in August, introduced its Stratus Imaging PACS — a new comprehensive cloud software-as-a-service solution for radiology practices. Currently, the solution is in beta testing, with the company having plans to extend the same to hospitals in the future.
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Allscripts (MDRX), CareMetx Tie Up for Better Patient Care
Veradigm, a renowned healthcare data and technology solutions provider, and a business unit of Allscripts Healthcare Solutions (MDRX - Free Report) , recently entered into a collaboration with CareMetx. Per the terms of the new agreement, CareMetx is expected to combine its solutions and services directly into the Veradigm AccelRx specialty medication platform.
For investors’ note, CareMetx is a technology-enabled hub services company committed toward improving patients’ access to specialty medications. The AccelRx platform simplifies the specialty enrollment process for users of Veradigm and other electronic health record (“EHR”) software vendors.
With the latest partnership, Allscripts aims to solidify its foothold in the global EHR solutions business. The EHR business is a part of the broader Core Clinical and Financial Solutions reportable segment of the company.
Rationale Behind the Partnership
Currently, patients’ prescriptions have to pass via a broad cross-section of healthcare industry stakeholders before they receive their specialty medication. Per a 2020 survey data on prescribers from Veradigm, it was found that the majority of physicians believe that patient medication adherence would improve if specialty medication prescriptions could be filled more easily and delivered to patients quicker.
The agreement is likely to make Veradigm’s AccelRx automated solutions for specialty medication enrollment, among others, available directly to CareMetx clients. This, in turn, is expected to allow users of Veradigm and Allscripts’ EHRs to access CareMetx specialty medication patient access hub services via AccelRx. This combination is expected to lower the time-to-therapy for patients, drive increased adherence to their prescribed care plan and reduce administrative burden on medical practices.
Per Veradigm’s management, working with hub services providers like CareMetx can lead to improvements in the specialty medication fulfillment process, and also reduces patient wait times, thereby aiding them to begin their prescribed therapies sooner.
Industry Prospects
Per a report by Grand View Research, the global medication management system market was valued at $1.20 billion in 2016 and is projected to grow at a CAGR of 20.5% between 2018 and 2025. Factors like growing investments by hospitals to improve workflow, global adoption of IT in the healthcare sector and an increase in focus on reducing medication errors are likely to drive the market.
Given the market potential, the latest partnership is expected to significantly boost Allscripts’ business on a global scale.
Notable Developments
Of late, Allscripts has witnessed a few notable developments across its businesses.
In September, the company partnered with Eastern Health to advance health-care services and programs while maximizing health system efficiencies and general economic development in Newfoundland and Labrador.
Allscripts, in August, announced robust second-quarter 2021 results, wherein it registered year-over-year uptick in both the top and bottom lines, along with a surge in total bookings.
In June, the company’s Veradigm unit entered into a partnership with PRA Health, now a part of ICON plc (ICLR - Free Report) , to create a vast EHR-based clinical research network that covers more than 25,000 physicians and 40 million patients across the United States.
Comparison With Peers
In September, Allscripts’ peer NextGen Healthcare, Inc. announced that its Revenue Cycle Management (“RCM”) Services has been successfully optimized by Coastal Orthopedics (Coastal) for its billing and reporting purposes. The RCM Services is an extension of NextGen’s use of the NextGen Enterprise EHR and NextGen Practice Management solutions.
Another renowned name in the healthcare technology space is Change Healthcare Inc. . The company, in August, introduced its Stratus Imaging PACS — a new comprehensive cloud software-as-a-service solution for radiology practices. Currently, the solution is in beta testing, with the company having plans to extend the same to hospitals in the future.