Allscripts Healthcare Solutions, Inc.’s ( MDRX Quick Quote MDRX - Free Report) subsidiary, Allscripts Healthcare LLC, recently collaborated with Revo Health, LLC to offer Allscripts Practice Management and Payerpath to all of the latter’s Infinite Health Collaborative (i-Health) clinics. This, in turn, will help in improving financial and operational performance of all the i-Health clinics. Being a management services organization, Revo Health offers innovative solutions for physician practices and ambulatory surgery centers (ASCs). Presently, i-Health utilizes Allscripts TouchWorks electronic health record (EHR) as well as the patient engagement solution — FollowMyHealth. This collaboration is likely to boost Allscripts’ core Clinical and Financial Solutions segment. Allscripts Practice Management in Brief
Allscripts Practice Management is an all-inclusive revenue cycle management solution, which enables physician practices to enhance operational efficiency and productivity. This solution provides an intuitive, user-friendly interface that aids in measuring practice performance, increasing productivity and boost collections and profitability to name a few.
Importance of the Partnership
Per management, Allscripts Practice Management was developed by experts particularly to aid healthcare organizations, such as Revo Health, to boost performance. With the focus on providing effective resources, Allscripts can help Revo Health in generating robust revenues, thereby enabling the organization to focus on offering superior care to its patients.
The collaboration is not only likely to contribute to the core Clinical and Financial Solutions segment growth but also enhance Allscripts’ already robust solutions portfolio. Market Prospects
a report by Grand View Research, the global revenue cycle management market was worth $261.8 billion in 2020 and is anticipated to witness a CAGR of 11.5% from 2021 to 2028. Increase in need for optimization of organizational workflow together with rising innovation in synchronized management software and systems are projected to drive market growth. Hence, the collaboration is well-timed for Allscripts. Recent Developments
In March, Allscripts announced that its Sunrise platform of health has been chosen by Mercy Iowa City, which is an acute care hospital and regional referral center catering to patients from across eastern region of Iowa. Mercy Iowa City has picked Sunrise platform of health to run on Microsoft Azure as the core electronic health (EHR) for its community hospital.
In February, the company extended its strategic technology partnership with U.S. Orthopedic Alliance. The partnership will bring advanced infrastructure designed to improve orthopedic practices, boost electronic health record (EHR) implementation timelines and support nationwide connectivity with value-based care. Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 130% in a year’s time compared with the
industry’s rally of 46%. Stocks to Consider
Some better-ranked stocks from the broader medical space are
Hologic, Inc. ( HOLX Quick Quote HOLX - Free Report) , Hill-Rom Holdings, Inc. ( HRC Quick Quote HRC - Free Report) and Cantel Medical Corp. , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Hologic’s long-term earnings growth rate is expected at 15.4%. Hill-Rom Holdings’ long-term earnings growth rate is estimated at 7.3%. Cantel Medical’s long-term earnings growth rate is estimated at 19%. The Hottest Tech Mega-Trend of All
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