Allscripts Healthcare Solutions, Inc. (MDRX - Free Report) recently announced a partnership with Appriss Health to enable point-of-care access to prescription drug monitoring program (PDMP). The integration will be done through Appriss Health’s PMP Gateway platform with a view to reduce deaths from substance use disorder (SUD).
The development is likely to boost Allscripts’ Payer and Life Sciences business.
Following the announcement, shares of Allscripts inched up 0.6% to $13.73 the next day.
Over the past six months, shares of Allscripts have rallied 14% compared with the industry’s 9.8% rise. The current level is also higher than the S&P 500 index’s rise of 8.8%.
The stock currently has a Zacks Rank #4 (Sell).
Allscripts Fortifies Foothold in HCIT Space
This alliance is likely to fortify the company’s footprint in the Healthcare IT (HCIT) space. Notably, patients can have access to Appriss Health’s NarxCare platform via Allscripts’ coveted platforms like ePrescribe, Allscripts Professional EHR (electronic health record), Allscripts TouchWorks EHR, Practice Fusion EHR and Allscripts Sunrise EHR.
HCIT Market Prospects
Market Watch predicts that the global HCIT market is expected to see a CAGR of approximately 15% between 2018 and 2023. As the healthcare industry presses on the need for designing, using and maintaining data systems, the trend of using EHRs is on the rise.
Another key player in the industry which deserves a mention is Cerner Corporation (CERN - Free Report) . Cerner's HealtheIntent is a big data platform, which provides the company with significant exposure to AI trends in the medical world.
SUD on the Rise in US
Per a report by Centers for Disease Control and Prevention, more than 71,000 people in the country succumbed to drug overdose in early 2018.
In fact, the Senate passed the final version of a sweeping opioids bill, aiming to address different aspects of the opioid epidemic, including prevention, treatment and recovery.
Through its latest move, Allscripts will thus ensure patients’ access to NarxCare across all Allscripts’ EHR platforms. Allscripts’ use of real-time data and HCIT solutions will help provide insights into a patient’s risk for drug misuse, abuse, overdose and death.
Some better-ranked stocks in the broader medical space are Intuitive Surgical (ISRG - Free Report) and Veeva Systems (VEEV - Free Report) .
Intuitive Surgical has an expected long-term earnings growth of 14.7%. The stock has a Zacks Rank #2 (Buy).
Veeva Systems’ long-term earnings growth rate is estimated at 19.3%. The stock carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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