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Allscripts' (MDRX) Veradigm Collaborates With HealthVerity

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Allscripts Healthcare Solutions, Inc.’s (MDRX - Free Report) business unit, Veradigm, a leader of real-world data and analytic solutions, and HealthVerity, recently inked a partnership that builds on the companies’ existing relationship.The latter is a pioneer in privacy-protected data exchange.

This deal should boost Allscripts’ Clinical and Financial Solutions segment.

More on the Partnership

The initial focus of the deal is the development of innovative Health Insurance Portability and Accountability compliant data products created by linking real-world data from a variety of leading sources. Apart from that, the companies will be committed toward catering to specific industry needs by helping clients design linked data solutions that are fit-for-purpose. At first, the companies will focus on two areas viz. connecting real-world data within specific therapeutic areas (TAs) and a clinical research solution linking real-world data to clinical trial data.

These data packages are created by effortlessly linking data from Veradigm’s expansive electronic health records (EHR) registry and medical and pharmacy claims data, with lab, and other real-world data sources, including pharmacy and hospital chargemaster, depending on clients’ needs. Veradigm will utilize HealthVerity Marketplace -- the nation’s largest ecosystem of healthcare and consumer data-- to team up with owners of other real-world data sources, as required, offering turnkey linked data packages. Notably, the initial data package for COVID-19 is presently available, linking EHR, medical and pharmacy claims and lab data, providing the most recent data. Also, future data packages will focus on cardiometabolic disorders, autoimmune disorders and other TAs of interest.

Additionally, the companies will be providing a solution focused on the linkage of clinical trial data to real-world data. Veradigm and HealthVerity will work with study sponsors to personalize this solution and meet goals of each research project.

This partnership on fit-for-purpose data packages marks an extension of a long-standing relationship between Veradigm and HealthVerity. On the back of HealthVerity’s state-of-the-art platform, Veradigm has been able to combine all its data assets into common data models, facilitating interoperability across the HealthVerity data ecosystem. The partnership provides an ability to develop unique solutions that are customized according to the requirements of the market.

Market Prospects

Per a report by Allied Market Research, the global healthcare IT solutions and services market was estimated at a value of $125 billion in 2015 and is projected to reach $297 billion by 2022, at a CAGR of 13.2%.

Notable Developments

In June 2020, Veradigm inked a new partnership with the Patient Access Network (“PAN”) Foundation. The latter is committed toward helping federally and commercially-insured people suffering from life-threatening, chronic and rare diseases by covering the costs of their prescribed medications. Veradigm will utilize its industry EHR messaging capabilities free of cost for the PAN Foundation to deliver information to users of its Veradigm ePrescribe and Practice Fusion EHR platforms, thereby creating awareness and enabling utilization of the foundation’s programs among thousands of clinicians.This partnership is expected to bolster Allscripts’ Clinical and Financial Solutions segment.

In May 2020, Veradigm inked a deal with Surescripts with the aim to enhance its Veradigm AccelRx specialty medication fulfillment solution with Surescripts Specialty Patient Enrollment. The deal will enable AccelRx to lend support to healthcare providers in fulfilling prescriptions faster for hundreds more types of specialty medications. This will be done by incorporating Surescripts’ extensive health information network, further streamlining healthcare providers’ management of specialty medication within their EHR workflow.This partnership is expected to bolster Allscripts’ Clinical and Financial Solutions segment.

Price Performance

Over the past three months, shares of this Zacks Rank #3 (Hold) company have gained 37.2% compared with the industry’s growth of 9.5%.

Stocks to Consider

Some better-ranked stocks from the broader medical space include Align

Technology (ALGN - Free Report) , DaVita (DVA - Free Report) and Thermo Fisher Scientific

(TMO - Free Report) . While Align Technology currently sports a Zacks Rank #1 (Strong Buy), the other two carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank  stocks here.

Align Technology has a projected long-term earnings growth rate of 18.3%.

DaVita has a projected long-term earnings growth rate of 18.3%.

Thermo Fisher has an estimated long-term earnings growth rate of 18%.

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