Allscripts and Humedica Team to Help Providers Meet the Emerging Requirements of Healthcare Payment Reform
CHICAGO and BOSTON, May 9, 2011 /PRNewswire/ --
Allscripts (NASDAQ: MDRX) and Humedica today announced their collaboration on a next-generation cloud-based clinical informatics platform that will help physicians and hospitals succeed in the coming era of value-based reimbursement.
The companies also announced that Allscripts has made a strategic investment in Humedica to enhance its existing portfolio of analytics solutions and address a fundamental shift in the way healthcare providers are paid. As the US healthcare system transitions from a pay-for-service model to pay-for-value through new arrangements including bundled payments and the Accountable Care Organization (ACO), healthcare organizations will require advanced analytics solutions to track, analyze and report on quality and cost across every care setting.
Allscripts joined existing Humedica investors Bain Capital Ventures, General Catalyst Partners, North Bridge Venture Partners and Leerink Swann.
The two companies will collaborate to bring to market Allscripts Clinical Analytics Powered by Humedica™, an easily deployed and managed solution, integrated with Allscripts acute care and ambulatory Electronic Health Records, that will help provider organizations conduct robust operational and outcomes benchmarking and comparative analyses. The solution will enable organizations to manage quality and risk to drive improved outcomes in a complex environment - across all settings of care and even when they are using disparate clinical systems.
Humedica has been providing comprehensive clinical analytics to leading medical groups across the country through its long-term partnership with the American Medical Group Association and its medical informatics subsidiary, Anceta. By adding a partnership with Allscripts, Humedica will both expand the reach of its clinical analytics platform and enable provider organizations, including AMGA members, to benefit from the combination of the two organizations' product offerings, analytics, and technology.
The Allscripts-Humedica collaboration will empower physician practices, hospitals, health systems, ACOs, and post-acute providers to:
- Gain insight into their clinical and operational performance
- Assess and identify their best clinical practices
- Identify the levers for clinical improvement
- Manage individual variations in clinical performance
- Improve compliance with care guidelines
- Perform predictive modeling to track high-cost and high-risk patient care in real-time, thereby reducing preventable complications and improving performance
- Prove the value of care delivered to payers through access to configurable performance benchmarks
"Having worked closely with both Allscripts and Humedica, we are excited that the two organizations are partnering," said C. Edward Brown, FACHE, Chief Executive Officer of The Iowa Clinic, the largest physician-owned multispecialty group in Central Iowa. "We have been extremely satisfied with both the Allscripts Electronic Health Record and the Humedica MinedShare® solution."
"To succeed in the era of payment reform, healthcare organizations need visibility into quality and cost across every care setting with the ability to track the performance of each provider, organization and at-risk patient in the care process," said Glen Tullman, Chief Executive Officer of Allscripts. "Our partnership with and strategic investment in Humedica augments our successful reporting and analytics solutions, with a cloud-based informatics engine that's fine-tuned to meet some of the most pressing challenges of payment reform. In addition, because some of our key clients already have adopted Humedica, we've had the opportunity to see how powerful the solution is and how much more we could do together to advance patient care. "
"Clinical insights gained through analyzing data in the Electronic Health Record and other applications can give healthcare organizations unprecedented visibility to the total clinical risk, true clinical performance and best practices necessary to optimize population health," said Michael Weintraub, President and Chief Executive Officer of Humedica. "Our partnership with Allscripts ultimately will enable healthcare organizations to translate analytics into actions that help them succeed in the era of healthcare reform."
"I have no doubt that many member organizations of the American Medical Group Association, like the Iowa Clinic, will benefit from the relationship between Humedica and Allscripts," said Donald W. Fisher, Ph.D., President and Chief Executive Officer of AMGA. "Multi-specialty medical groups need sophisticated informatics, including in-depth clinical analytics, to assume a leading role in transforming healthcare, through ACOs and other value-based payment models."
Allscripts (NASDAQ: MDRX) provides innovative solutions that empower all stakeholders across the healthcare continuum to deliver world-class outcomes. The company's Electronic Health Record, Computerized Physician Order Entry and other clinical, financial, connectivity and information solutions for hospitals, physicians and post-acute organizations are the essential technologies that enable a Connected Community of Health™. To learn more about Allscripts, please visit www.allscripts.com, Twitter, Facebook and YouTube.
Humedica is a next-generation clinical informatics company that provides novel software-as-a-service (SaaS)-based business intelligence solutions to the health care industry. Through cutting-edge analytics, Humedica connects patient information across varied medical settings and time periods to generate a truly longitudinal and comprehensive view of patient care. Humedica provides our partners and customers with the informatics solutions necessary to improve, manage, and succeed in today's dynamic health care market. Humedica is defining knowledge in health care.
ABOUT IOWA CLINIC
The Iowa Clinic, P.C. was formed in 1994. Today it is the largest physician owned multi-specialty group in Central Iowa with more than 140 physicians and healthcare providers practicing in 37 specialties. The Iowa Clinic partners with local Medical Centers and Hospitals to provide leading edge healthcare for the patients of Central Iowa. The Iowa Clinic serves a population area of 1.1 million, averaging 400,000 patient visits each year.
ABOUT THE AMERICAN MEDICAL GROUP ASSOCIATION
The American Medical Group Association (AMGA) represents medical groups, including some of the nation's largest, most prestigious medical practices, independent practice associations, and integrated health care delivery systems. AMGA improves health care for patients by supporting multispecialty medical groups and other organized systems of care. Approximately 113,000 physicians practice in AMGA member organizations and these members deliver health care to approximately 110 million patients in 49 states. Headquartered in Alexandria, Virginia, AMGA is the strategic partner for medical groups, providing a package of benefits, including political advocacy, educational and networking programs and publications, benchmarking data services, and financial and operations assistance.
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.
Such risks, uncertainties and other factors include, among other things: the possibility that the expected synergies, efficiencies and cost savings of the merger with Eclipsys Corporation ("Eclipsys") will not be realized, or will not be realized within the expected time period; potential difficulties or delays in achieving platform and product integration and the connection and movement of data among hospitals, physicians, patients and others; the risk that the Allscripts and Eclipsys businesses will not be integrated successfully; competition within the industries in which we operate; failure to achieve certification under the Health Information Technology for Economic and Clinical Health Act could result in increased development costs, a breach of some customer obligations and could put us at a competitive disadvantage in the marketplace; the volume and timing of systems sales and installations, the length of sales cycles and the installation process and the possibility that our products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products; the outcome of any legal proceeding that has been or may be instituted against us; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry, including possible regulation of our software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; the implementation and speed of acceptance of the electronic record provisions of the American Recovery and Reinvestment Act of 2009; maintaining our intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers and our ability to obtain, use or successfully integrate third-party licensed technology; and breach of our security by third parties. See our Annual Report on Form 10-K for the fiscal year ended May 31, 2010 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.
SOURCE Allscripts Healthcare Solutions, Inc.