Allscripts Healthcare Solutions (MDRX - Free Report) recently partnered with Singapore’s largest public healthcare group, SingHealth, with a view to implement iPro Anesthesia. iPro Anesthesia is a cloud-based, mobile Anesthesia Information Management System (AIMS) designed by practicing anesthesiologists to produce a complete, compliant and legible anesthesia record. Its multi-modular platform is designed to fit the needs of any hospital size or specialty center.
Notably, following the announcement, the company’s shares have inched up 0.8% to eventually close at $12.60. In the past year, Allscripts’ shares have rallied 10.4%, outperforming the industry’s rally of 5.4%. We believe such developments will provide Allscripts a competitive edge in the healthcare IT (HCIT) space.
SingHealth is a healthcare group with more than 40 clinical specialties, a network of community hospitals and primary care clinics.
Lately, in a bid to significantly expand its coveted FollowMyHealth platform, Allscripts acquired Florida-based HealthGrid Holding Company. (Read more: Allscripts Acquires HealthGrid to Improve Patient Outcome).
Per management, using APIs to exchange data with an electronic health record (EHR) is a good step toward better interoperability.
Allscripts’ EHR Collaborations
The Singapore-based comprehensive medical care provider, SingHealth, had earlier selected Allscripts’ flagship Sunrise suite of solutions, and successfully leveraged the company’s open platform and application programming interfaces (APIs). Moreover, even in the past, hospitals in Singapore had experienced success in using Allscripts Open APIs with Allscripts Sunrise.
Allscripts Sunrise is a fully integrated platform that connects all clinical and financial aspects of a hospital or health system for inpatient and outpatient care.
For instance, Integrated Health Information Systems started using Allscripts Open APIs with Sunrise, while California-based NantHealth uses Allscripts’ API that validates and saves the data directly to the Sunrise patient record.
Furthermore, Allscripts eyes further expansion of its footprint with the Singapore Ministry of Health later in 2018, implementing Allscripts Sunrise clinicals at the 14,000-bed SengKang General and Community Hospitals system.
Moreover, in the last reported quarter, Allscripts announced that it is joining forces with the California-based rideshare company, Lyft, to incorporate non-emergency transportation directly into the physician's workflow. The integration of Lyft's proprietary APIs and Allscripts' open platform into Allscripts Sunrise EHR will enable clinicians to order the Lyft services for patients.
Per a research by MarketsandMarkets, the HCIT market is expected to reach $280.25 billion by 2021 from $134.25 billion in 2016, at a CAGR of 15.9%. Factors such as the growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions and rising need to curtail escalating healthcare costs drive the market.
Zacks Ranks & Key Picks
Allscripts currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Abiomed, Inc. (ABMD - Free Report) , Genomic Health Inc. (GHDX - Free Report) and Varian Medical Systems, Inc. (VAR - Free Report) .
Abiomed has a long-term earnings growth rate of 27%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Genomic Health has an expected earnings growth rate of 187.5% and a Zacks Rank #1.
Varian Medical has a projected long-term earnings growth rate of 8%. The stock carries a Zacks Rank #2 (Buy).
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