Veradigm, a renowned data and technology solutions provider and a business unit of
Allscripts Healthcare Solutions ( MDRX Quick Quote MDRX - Free Report) , recently entered into a collaboration with Lash Group. The tie-up aims at enabling specialty medications, supported by Lash Group — a patient-support services business and part of AmerisourceBergen Corporation ( ABC Quick Quote ABC - Free Report) — to be available for management within the Veradigm AccelRx platform.
For investors’ note, 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. Notably, the EHR business is part of the broader Core Clinical and Financial Solutions reportable segment of the company.
Rationale Behind the Partnership
Patients pass through a long queue of healthcare establishments before obtaining their specialty medication. All such healthcare stakeholders (like payers, patient-support programs and pharmacies) want to simplify and automate the analog work to minimize the hassles faced by patients to receive their prescribed medications. The latest partnership between Veradigm and Lash Group is expected to deliver a seamless solution that will boost efficiency, thereby resulting in a reorganized process and speed-to-therapy improvement.
Further, the Veradigm AccelRx combines a huge prescriber base and a cloud-based software solution to deliver a unique breakthrough solution. This solution is likely to aid in streamlining specialty medication management for medical clinics and practices across the nation.
Per Veradigm’s management, the collaboration is expected to enable its network of providers to access more specialty medications via Veradigm AccelRx and provide better patient care.
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.
Of late, Allscripts has witnessed a few notable developments across its businesses.
The company, this month, announced that Quincy, IL-based not-for-profit healthcare organization Blessing Health System has substantially expanded its Allscripts partnership to three facilities. Further, the organization has acquired Allscripts Managed Services and has also extended its agreement through 2028.
Allscripts, in April, partnered with Revo Health to provide Allscripts Practice Management and Payerpath to the latter, thereby aiding to drive financial and operational performance to all of its Infinite Health Collaborative (i-Health) clinics.
In March, Allscripts announced that Mercy Iowa City has selected its Sunrise platform of health, run on Microsoft Azure, as the core EHR for its community hospital.
Shares of the company have gained 142.9% in the past year compared with the
industry’s 1.9% growth and the S&P 500's 40.4% rise. Zacks Rank & Key Picks
Currently, Allscripts carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are
Illumina, Inc. ( ILMN Quick Quote ILMN - Free Report) and DaVita Inc. ( DVA Quick Quote DVA - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Illumina’s long-term earnings growth rate is estimated at 7%.
DaVita’s long-term earnings growth rate is estimated at 14.4%.
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