Summary: Veradigm sale rumors, Meditech takes steps toward interoperability
At the former Allscripts, ailing Veradigm this week reported strong cash and lower debt, prompting talk of a sale, while another electronic health records vendor, Meditech, announced Wednesday that it will use the Trusted Exchange Framework and Common Agreement. The EHR vendor said it had selected Health Gorilla to provide its health information exchange, Traverse Exchange, with access to Application Programming Interface-based data exchange.
Elevance Health and its global private equity manager partner, Clayton, Dubilier and Rice, also said Wednesday they have created a national advanced primary care platform company called Mosaic Health. The integrated health platform aims to strengthen clinicians’ relationships with their patients by positioning physicians to address patients’ physical well-being as well as social and behavioral health factors.
Veradigm may sell
Earlier this week, Veradigm, the consolidated company formerly known as Allscripts and Veradigm Life Sciences, reported cash balances of approximately $330 million, a strong cash position and reduced debt.
The following day, Axios confirmed that the sale of the EHR vendor and healthcare technology company had begun and that private equity firms were circling.
Thoma Bravo, owner of NextGen Healthcare, is said to be one of the first bidders According to Ion Analytics, a provider of enterprise software and intelligence, they are competing for Veradigm.
NextGen previously partnered with Veradigm Life Sciences to collect clinical data outside of the hospital via the two companies’ combined EHR platforms, collecting 150 million anonymized EHR patient records to support large-scale medical research in 2019.
“Part of our strategy is to dive into specific therapeutic areas, initially focusing on chronic diseases that have a significant impact on the population,” said Tom Langan, then CEO and now interim CEO of Veradigm, of the clinical data collection efforts.
A handful of brokers advised shareholders to wait a minute Veradigmaccording to Defense World, which reports on defense contracts and purchases.
After more than five years of streamlining the company and making leadership shifts, and selling its hospital and large physician practice segments in 2022, Veradigm reported last year that it had found additional incorrect revenue statements dating back to fiscal 2020.
In 2023, following a possible Nasdaq IPO, the consolidated company again appointed new leaders in December.
In January, law firm Robbins Geller Rudman & Dowd LLP announced that it had filed for bankruptcy class action lawsuit against the EHR vendor for allegedly violating the Securities Exchange Act of 1934 by overstating its operating income by $20 million. On March 1, the court appointed a lead plaintiff and a lead attorney.
The company continues to promote analytics and coding milestones through several partnerships, including with New York City-based behavioral health data company Holmusk, national orthopedic practice Unity MSK, and others.
We have contacted Veradigm, but the company has declined to comment at this time.
“As a matter of policy, Veradigm does not comment on rumors or speculation,” a spokesperson said. Healthcare IT News by email on Thursday.
Meditech chooses Health Gorilla QHIN
By partnering with Health Gorilla’s Qualified Health Information Network, Meditech can enable its HIE interoperability through a single API, master patient index, record search service, and data processing engine.
Health Gorilla QHIN, also a California-licensed health information organization, provides access to national networks and frameworks through the company’s Patient360 platform.
Following the integration, Meditech Traverse Exchange participants will have access to more than 220 million patient records, 750,000 clinicians and more than 147,000 care locations, the company announced.
With more data available at the point of care, physicians can make better decisions and develop more personalized care plans.
The electronic health record vendor is focused on exchanging clinical data to optimize care delivery, Mike Cordeiro, senior director of market and product strategy for interoperability at Meditech, said in a statement.
“Traverse Exchange overcomes the limitations of static documents and fragmented data by leveraging advanced technologies, such as Health Gorilla, and intelligent workflows to improve the accessibility and usability of data, regardless of the source,” he explains.
The companies previously worked together on interoperability in Canada, said Steve Yaskin, CEO and co-founder of Health Gorilla, in a statement.
“Meditech has shown an unparalleled commitment to improving interoperability and we are proud to support them as they participate in TEFCA through our QHIN and scale their Traverse Exchange network.”
Elevance and CD&R launch Mosaic Health
Elevance Health and CD&R’s new national care platform brings together care navigation company Apree Health and Millennium Physician Group to deliver what they called in their announcement a unique set of clinical and digital capabilities.
The business units that make up Mosaic Health will benefit from a community-based care model enhanced by digital patient engagement, care coordination and navigation capabilities, the companies said in a statement Wednesday.
They can share resources and knowledge across all Mosaic Health operating companies, enabling them to more quickly respond to the needs of the entire healthcare system for diverse patient groups.
Bryony Winn, president of Carelon Health at Elevance Health, called the launch a milestone.
“Mosaic Health represents a new model of advanced primary care, and we look forward to collaborating with Mosaic Health and CD&R to accelerate growth in new markets and deliver outstanding care to more patients and communities across the country.”
Andrea Fox is Editor-in-Chief of Healthcare IT News.
Email address: afox@himss.org
Healthcare IT News is a publication of HIMSS Media.
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