Extending its relationship with Allscripts Healthcare Solutions Inc. MDRX, U.S.-based Drexel University College of Medicine renewed its contract to use Allscripts TouchWorks EHR as its core Electronic Health Record (EHR) solution. Under this extended contract, Drexel has also added Allscripts FollowMyHealth as its patient engagement platform.
With the renewal of this relationship that began in 2004, Drexel intends to leverage new and innovative EHR solutions from Allscripts to help meet Meaningful Use requirements, support its mission of education and research, and continue to deliver high quality patient care for the communities it serves.
Allscripts TouchWorks EHR is a powerful, multi-specialty ambulatory solution that offers automated clinical decision support at the point of care, a configurable clinical desktop and approximately 800 peer-reviewed Care Guides. It is a highly customizable solution with an open architecture and efficient workflows that can help improve the patient experience.
By optimizing the use of Allscripts TouchWorks EHR, Drexel aims to address the challenges of population health management and deliver enhanced care for patients.
Drexel also selected Allscripts FollowMyHealth as its patient engagement platform to allow convenient online access to health information. The portal, which integrates all systems across the enterprise, enables patients or family members to fill forms, view test results, refill prescriptions, request appointments and also communicate with physicians.
Given its features and functionality, ease of use, interoperability with existing Allscripts solutions, and superior client support, Drexel expects Allscripts FollowMyHealth solution to improve patient communication and deliver positive care outcomes.
We note that Allscripts EHR solutions are gaining increasing popularity among healthcare providers and hospitals, as reflected by the significant number of client admissions registered during the year and additional related orders for its EHR products. In 2014, Allscripts added nearly 800 new clients for its EHR and related solutions in total.
We believe that regular contract wins will help drive Allscripts’ dwindling top-line, which is a potent headwind for the company at present. Moreover, Allscripts has to counter stiff competition and face sluggishness in the international market, which adds to our concerns.
Stocks to Consider
Currently, Allscripts carries a Zacks Rank #3 (Hold). Better-ranked stocks include Merge Healthcare MRGE in the medical information systems industry and Abiomed ABMD and Inogen INGN in the broader medical instruments industry. Both Abiomed and Inogen sport a Zacks Rank #1 (Strong Buy) while Merge Healthcare carries a Zacks Rank #2 (Buy).
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