Allscripts Healthcare Solutions (MDRX - Free Report) and its payer and life science business unit Veradigm recently inked a new partnership with the Patient Access Network (“PAN”) Foundation. The PAN Foundation is an independent, national 501(c)(3) organization committed toward helping federally and commercially insured people suffering from life-threatening, chronic and rare diseases by covering the costs of their prescribed medications.
This partnership is expected to bolster Allscripts’ Clinical and Financial Solutions segment.
The PAN Foundation’s goal is to help underinsured patients of life-threatening, chronic and rare diseases avail the medications and treatment they need by covering the costs and advocating for enhanced access and affordability. In that regard, the organization has provided nearly one million underinsured patients with $3 billion in financial aid since 2004.
More About the Deal
Veradigm will utilize its industry-leading electronic health record (“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.
Veradigm’s provider messaging solutions provide a unique, proven approach to efficiently create awareness, support education and convey crucial information directly to clinicians through their Veradigm EHR platforms within their routine workflow.
Through the VeradigmRx TruePrice solution, Veradigm is already leading the pathway to make medication affordable for patients by offering patient-specific pricing directly to the point of care. In partnering with the PAN Foundation, Allscripts will be empowering providers and patients with access to potential avenues to curb their cost of care, enhance medication adherence and improve patient outcomes.
Per a report by Research and Market.com, the global specialty pharmaceuticals market is expected to reach $568 billion by 2026. Hence the deal comes at an opportune time.
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.
Over the past three months, shares of this company have gained 17.1% compared with the industry’s growth of 35.5%.
Zacks Rank and Key Picks
Allscripts currently holds a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Laboratory Corporation of America Holdings (LH - Free Report) , Surmodics (SRDX - Free Report) and Quest Diagnostics (DGX - Free Report) .
LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Surmodics’ long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2.
Quest Diagnostics’ long-term earnings growth rate is estimated at 7.6%. It currently carries a Zacks Rank #2.
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