Allscripts Inks Deal With Apple For Electronic Health Record

Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX) has recently announced the availability of Apple (NASDAQ:AAPL) Health Records for Allscripts Sunrise, TouchWorks and Professional EHR clients and their patients. This draws together hospitals, clinics and the existing Apple Health app for easier access to see one’s available health data from multiple providers at all times.

The latest provision is an addition to Allscripts’ vigorous patient engagement portfolio, which includes Allscripts FollowMyHealth, the Electronic Health Record (EHR)-neutral keystone of the Allscripts patient engagement solution. With this opportunity, the company hopes to improve its foothold in the healthcare information technology market.

The facility is available for iPhone users with iOS 11.3 or higher.

Significance of the Access

With this compilation capability being made available, individual’s medical information from participating institutions will be arranged into one view, covering allergies, conditions, immunizations, lab results, medications, procedures and vitals. Also, clients will be notified as and when the database gets updated.

The company has taken measures to ensure that the data is protected and can only be accessed by the intended party. The data is encrypted and protected with the user’s iPhone passcode, Touch ID or Face ID.

Allscripts believes that through Health Records, patients will become more aware of their health and well-being.

How is this Superior to Traditional Framework?

Earlier, individual’s health information was kept in multiple locations. This required patients to log-in to each healthcare provider’s website and collect information manually. To concise this to a single system, Apple partnered with the health care circle to present a more consumer-friendly approach. This led to the creation of Health Records based on Fast Healthcare Interoperability Resources (FHIR), a standard for transferring electronic medical records.

Healthcare providers, who participated during the time of the early testing, included Sharp HealthCare and Think Whole Person Healthcare.

Industry Prospects

Per Allied Market Research, the global healthcare information technology market was pegged at $141.45 billion in 2016 and is expected to rake in $297.49 billion by 2022, with a CAGR of 13.2% between 2016 and 2022.

It is of utmost importance to individuals to have easy and mobile access to their healthcare providers. Given this current scenario, this has come at just the right time.

Some Recent Developments

Of late, Allscripts has seen a slew of developments within its healthcare IT solutions business.

On Aug 27, 2019, Allscripts announced that its client MaineGeneral Health expanded the Allscripts Sunrise footprint through 2027. This expansion includes the implementation of Sunrise Ambulatory Care and the entire Sunrise Perioperative assortment of solutions.

In the same month, Veradigm, which is an Allscripts business unit, announced that it entered a long-term partnership with Komodo Health to advance life sciences research. The partnership will focus on linking Allscripts’ ambulatory EHR data with Komodo’s Healthcare Map, which contains encounter data from more than 150 private and public payers.

In July 2019, Allscripts announced its patient and consumer engagement platform, FollowMyHealth. This will serve as a platform for existing Microsoft (NASDAQ:MSFT) HealthVault users to shift and share health data with family, friends or home care team whenever required.

Share Price Performance

The stock has declined 6.7% in a year, against the industry’s growth of 18.8% and the S&P 500 index’s rally of 13.4%.

Zacks Rank & Stocks to Consider

Currently, Allscripts carries a Zacks Rank #3 (Hold). A few better-ranked stocks from the broader medical space are GW Pharmaceuticals PLC (NASDAQ:GWPH) , EssilorLuxottica SA (OTC:ESLOY) and Haemonetics Corporation (NYSE:HAE) .

GW Pharmaceuticals estimates third-quarter earnings growth rate of 72.77%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EssilorLuxottica’s long-term earnings growth rate is projected at 8.7%. It currently carries a Zacks Rank #2 (Buy).

Haemonetics, with a Zacks Rank #2, has a projected long-term earnings growth rate of 13.5%.

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