MDRX

Allscripts Healthcare Solutions, Inc. (MDRX)

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Allscripts Healthcare Solutions (MDRX)

Q4 2012 Earnings Call

February 19, 2013 4:30 pm ET

Executives

Seth Frank - Vice President of Investor Relations

Paul M. Black - Chief Executive Officer, President, Director and Member of Compensation Committee

Richard J. Poulton - Chief Financial Officer

Analysts

Charles Rhyee - Cowen and Company, LLC, Research Division

Michael Cherny - ISI Group Inc., Research Division

Gregory T. Bolan - Sterne Agee & Leach Inc., Research Division

Glen J. Santangelo - Crédit Suisse AG, Research Division

George Hill - Citigroup Inc, Research Division

Bret D. Jones - Oppenheimer & Co. Inc., Research Division

Eric W. Coldwell - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Allscripts Fourth Quarter 2012 Earnings Conference Call. Thank you. I would now like to turn today's conference over to Seth Frank, Senior Vice President of Investor Relations. Please go ahead, sir.

Seth Frank

Thank you very much, Susan. Good afternoon this is Seth Frank, Vice President of Investor Relations of Allscripts. I'd like to thank everyone for joining us on our fourth quarter 2012 call today.

Today we have Paul Black, Allscripts' President and Chief Executive Officer; and Rick Poulton, our Chief Financial Officer. Paul will summarize our recent company accomplishments, our strategic focus for the future and a summary of his recent meeting with clients and Allscripts team members. And then Rick's going to give an overview of the fourth quarter results and then we'll take your questions.

During today's discussion we'll reference supplemental financial tables, which are available on our website on the Investor Relations homepage of Allscripts' website at www.investor.allscripts.com. In addition, we'll reference both GAAP and non-GAAP financial measures on today's call, reconciliations of non-GAAP financial measures are available in the press release and they include accompanying explanations to assist you in evaluating financial metrics on the call. Let me briefly read the Safe Harbor statement and then we'll begin.

This presentation will contain forward-looking statements within the meaning of the Federal Securities laws. Statements regarding future events and developments, the company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws.

These forward-looking statements are subject to a number of risks and uncertainties, including factors outlined from time to time in our most recent report on Form 10-K, our earnings announcements and other reports we file with the Securities and Exchange Commission. These are available at www.sec.gov. The company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

And now I'd like to turn the call to Paul Black, President and Chief Executive Officer.

Paul M. Black

Thanks, Seth. Good afternoon and thank you for joining us. I'm delighted to speak to you today on my first earnings call for Allscripts. Today marks exactly 62 days since I joined the company as CEO. As you know, the Board of Directors concluded the strategic alternative process in late December and with this new clarity, we immediately hit the ground running. We are moving decisively to deliver on our mission to help transform healthcare globally.

During this time, I've been actively engaged with our clients and team members. We have already taken multiple actions to help move the company forward, diligently and with urgency. Today, with an independent Board of Directors, with a unique and responsible portfolio of assets and solidification of our senior management team, we are moving ahead to do the work necessary to restore our leadership position in this vitally important industry.

Allscripts closed out 2012 having achieved some important milestones. We released Sunrise 6.0 on December 4. This release includes the key enhancements, including ICD-10 compliance, enhanced pharmacy and note functionality. In addition, SCM 6.0 provides enhanced quality and performance improvement. The early adoption program has gone well and we have a significant number of clients already signed on for upgrades in 2013.

In early December, we also released Sunrise Financial Manager, our new revenue cycle management platform. SFM is built on the Sunrise 6.0 platform, and together with our clinical suite, provides a complete end-to-end integrated solution. Its features include electronic forklifts and a unique visual work core design and deployment. This solution set is architectured from the ground up for Accountable Care Organizations or ACOs, a clear differentiator from historic platform approaches. We currently have multiple early adopters and have made several sales to existing clients since going to [ph] GA.

We have also successfully launched ICD-10 supported versions of our ambulatory Enterprise EHR 11.4, as well as Professional EHR 12.0. These are all important deliverables for Meaningful Use 2, as well as [indiscernible] or excuse me, ICD-10 requirements. With this strategic foundation, our clients have continued to expand their use of our solutions. Our recent success story was our go-live at Baylor University campus, a 1,065-bed facility and the 11th in the Baylor system to activate Sunrise Clinical Manager.

With respect to Meaningful Use, we are pleased with where we stand today, with approximately 97% of our enterprise ambulatory EHR clients having at least one eligible provider test for Meaningful Use stage 1. Further, approximately 2/3 of our hospital clients have attested. In terms of industry ranking, our trajectory has been steadily moving upward and CMS indicates Allscripts ranks #2 in the eligible providers having attested for Meaningful Use.

In order to optimize our affiliated physician market opportunity, we are migrating, free of charge, our MyWay clients in the small physician market, to the advanced Professional EHR suite. Just this week we activated multiple clients with the accelerated migration center. This hosted solution also provides a new mobile, native iPad experience. So far the reception to the program have been strong. We're expanding our clinical footprint in the non-acute care delivery destinations, such as convenient care clinics, patient-centered medical homes and retail health care.

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