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Allscripts' Collaboration to Advance Healthcare Innovation
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Allscripts Healthcare Solutions, Inc. (MDRX - Free Report) recently collaborated with Israel’s Sheba Medical Center to accelerate the pace of artificial intelligence technologies and boost patient care through the hospitals’ ARC (acronym for accelerate, redesign and collaborate) Innovation Center. Notably, ARC is the innovation unit of Sheba Medical Center and has a vision to transform healthcare by 2030.
Notably, Sheba Medical Center currently utilizes Allscripts dbMotion Solution for smooth interoperability and patient data harmonization. It will also provide a lab space to promote innovation projects.
This collaboration is likely to provide a boost to Allscripts’ Data, Analytics and Care Coordination segment.
More on the Collaboration
ARC Innovation brings in new technologies into the hospital and community healthcare ecosystem to further enhance patient care. Moreover, it aids data fluidity and integration between innovators, scientists, startups, high-level developers, to name a few, all under one roof.
Being part of this partnership, researchers and developers will be able to access Allscripts’ open system, while ARC will serve as the platform for cooperation with Allscripts. In fact, Allscripts and ARC will seek ideas and initiatives to boost the development of new telemedicine and mobile solutions, which include a future electronic health record (EHR) encompassing home hospitalization medical information.
Allscripts continues to remain committed toward strengthening healthcare innovation and is optimistic to advance its partnership with Sheba Medical Center even further through the ARC initiative.
Recent Developments
In July 2020, Allscripts extended its long-standing strategic alliance with Microsoft for five years. The deal will enable expanded development and delivery of cloud-based health IT solutions. The five-year extension will make Microsoft the cloud provider to Allscripts’ cloud-based Sunrise electronic health record (EHR) solution. With respect to co-innovation, this extension will help transform healthcare with smarter and more scalable technology.
In June, the company and its payer and life science business unit Veradigm had inked a new partnership with the Patient Access Network (“PAN”) Foundation. The PAN Foundation is an independent, national 501(c)(3) organization committed toward helping federally and commercially insured people suffering from life-threatening, chronic and rare diseases by covering the costs of their prescribed medications.
Market Prospects
Per a report by Allied Market Research, the global healthcare IT (HCIT) market estimates that the market for HCIT solutions and services was $125 billion in 2015 and is projected to reach $297 billion by 2022, witnessing a CAGR of 13.2%.
Growing demand for quality healthcare services and solutions together with patient safety & care, proactive supportive government initiatives, and increase in acceptance of mHealth & telehealth practices have been driving this market. Further, growing adoption of smartphones and patient-doctor convenience are bolstering healthcare IT market growth.
Hence, this collaboration is a well-timed one for Allscripts.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have lost 1.6% against the industry’s growth of 22.4%.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. (WST - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and PerkinElmer, Inc. . While both PerkinElmer and West Pharmaceutical sport a Zacks Rank #1 (Strong Buy), Thermo Fisher carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PerkinElmer has a projected long-term earnings growth rate of 17.4%.
West Pharmaceutical has a projected long-term earnings growth rate of 17.4%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
Allscripts' Collaboration to Advance Healthcare Innovation
Allscripts Healthcare Solutions, Inc. (MDRX - Free Report) recently collaborated with Israel’s Sheba Medical Center to accelerate the pace of artificial intelligence technologies and boost patient care through the hospitals’ ARC (acronym for accelerate, redesign and collaborate) Innovation Center. Notably, ARC is the innovation unit of Sheba Medical Center and has a vision to transform healthcare by 2030.
Notably, Sheba Medical Center currently utilizes Allscripts dbMotion Solution for smooth interoperability and patient data harmonization. It will also provide a lab space to promote innovation projects.
This collaboration is likely to provide a boost to Allscripts’ Data, Analytics and Care Coordination segment.
More on the Collaboration
ARC Innovation brings in new technologies into the hospital and community healthcare ecosystem to further enhance patient care. Moreover, it aids data fluidity and integration between innovators, scientists, startups, high-level developers, to name a few, all under one roof.
Being part of this partnership, researchers and developers will be able to access Allscripts’ open system, while ARC will serve as the platform for cooperation with Allscripts. In fact, Allscripts and ARC will seek ideas and initiatives to boost the development of new telemedicine and mobile solutions, which include a future electronic health record (EHR) encompassing home hospitalization medical information.
Allscripts continues to remain committed toward strengthening healthcare innovation and is optimistic to advance its partnership with Sheba Medical Center even further through the ARC initiative.
Recent Developments
In July 2020, Allscripts extended its long-standing strategic alliance with Microsoft for five years. The deal will enable expanded development and delivery of cloud-based health IT solutions. The five-year extension will make Microsoft the cloud provider to Allscripts’ cloud-based Sunrise electronic health record (EHR) solution. With respect to co-innovation, this extension will help transform healthcare with smarter and more scalable technology.
In June, the company and its payer and life science business unit Veradigm had inked a new partnership with the Patient Access Network (“PAN”) Foundation. The PAN Foundation is an independent, national 501(c)(3) organization committed toward helping federally and commercially insured people suffering from life-threatening, chronic and rare diseases by covering the costs of their prescribed medications.
Market Prospects
Per a report by Allied Market Research, the global healthcare IT (HCIT) market estimates that the market for HCIT solutions and services was $125 billion in 2015 and is projected to reach $297 billion by 2022, witnessing a CAGR of 13.2%.
Growing demand for quality healthcare services and solutions together with patient safety & care, proactive supportive government initiatives, and increase in acceptance of mHealth & telehealth practices have been driving this market. Further, growing adoption of smartphones and patient-doctor convenience are bolstering healthcare IT market growth.
Hence, this collaboration is a well-timed one for Allscripts.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have lost 1.6% against the industry’s growth of 22.4%.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. (WST - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and PerkinElmer, Inc. . While both PerkinElmer and West Pharmaceutical sport a Zacks Rank #1 (Strong Buy), Thermo Fisher carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PerkinElmer has a projected long-term earnings growth rate of 17.4%.
West Pharmaceutical has a projected long-term earnings growth rate of 17.4%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>