MDRX

Allscripts Healthcare Solutions, Inc. (MDRX)

$16.75
*  
0.155
0.93%
Get MDRX Alerts
*Delayed - data as of Jul. 23, 2014  -  Find a broker to begin trading MDRX now
Exchange: NASDAQ
Industry: Technology
Community Rating:
View:    MDRX Real Time
 
 
Symbol List Views
FlashQuotes InfoQuotes
Stock Details
Summary Quote Real-Time Quote After Hours Quote Pre-market Quote Historical Quote Option Chain
CHARTS
Basic Chart Interactive Chart
COMPANY NEWS
Company Headlines Press Releases Market Stream
STOCK ANALYSIS
Analyst Research Guru Analysis Stock Report Competitors Stock Consultant Stock Comparison
FUNDAMENTALS
Call Transcripts Annual Report Income Statement Revenue/EPS SEC Filings Short Interest Dividend History
HOLDINGS
Ownership Summary Institutional Holdings Insiders
(SEC Form 4)
 Save stocks for next time

Allscripts-Misys Healthcare Solutions, Inc. (MDRX)

Barclays Global Healthcare Conference

March 13, 2013 1:00 pm ET

Executives

Seth Frank - Vice President of Investor Relations

Analysts

Kipp R.F. Davis - Barclays Capital, Research Division

Presentation

Kipp R.F. Davis - Barclays Capital, Research Division

All right. I think we can get started. Good afternoon, everybody I'm Kipp Davis. I'm on the health care distribution and tech team at Barclays. We're pleased to have Allscripts with us. It's great to see you again Seth. Seth Franks is the VP of Investor Relations for Allscripts. Welcome back to the conference.

Seth Frank

Thanks, Kip. Great to be here.

Question-and-Answer Session

Kipp R.F. Davis - Barclays Capital, Research Division

So obviously, the stock is doing very well today. Thought I might just ask you a little bit about some of the insider buying that, I think, we saw earlier this morning. Do you want to kind of comment on that?

Seth Frank

Yes. There were forms 4s filed today, some open market purchases by the directors, including our CEO, Paul Black, in various amounts. So presumably, the market is absorbing that as a constructive sign. I can assure you it has nothing to do with anything I've said in the meetings today. So but in all seriousness, I think that, obviously, this is the first time certainly in a while that we've had insider buying come across the board.

Kipp R.F. Davis - Barclays Capital, Research Division

Sure. So normally, I ask these kind of questions sort of at the end of the presentation but there's been a lot of change that's gone on in the company in the last year, almost exactly a year since our conference sort of last year. So I guess, I kind of view you as now one of the more tenured people that people have interacted with. I guess my question is, how are you viewing the organization now versus a year ago, and feel free to hit on anything whether it's process, products, people? What would have been some of the biggest opportunities you see them now sitting in your role versus where you in the company were a year ago?

Seth Frank

Yes. I mean, it's been a time of huge change. Just for those of you who don't know or aren't as aware, I mean, our longest tenured board member, Dennis Chookaszian, our Chairman, came on board within, I think, 6 to 8 months after the closure of the Eclipsys merger in September 2010. So you basically have a de novo board. You have Paul Black, who was one of the new board members that came on board just under a year ago, move into the CEO role. Rick Poulton, who I report to directly, our Chief Financial Officer, joined us in October during the time that the company was in a strategic alternatives process. So it starts there and kind of goes all the way through. The leadership structure of the company has changed. The direct reports of sort of the CEO, plus one level, are a mix of new people, as well as tenured, much longer than me, and I'm not technically management, but executives in the company related to our client relationship folks. We've created new positions focused on streamlining our operations, more of an intensive operational focus. Last week at HIMSS conference, the big healthcare IT annual powwow, which was in New Orleans, hopefully, never to go back there again -- I love New Orleans, great town, just not for 35,000 people. We had a town hall with Cliff Meltzer, our EVP of Solutions Development, who is responsible for the over 2,000 people in our global development organization. And he's coming up around 2 years of tenure. So on the one hand, it looks like, perhaps from the outside, there's been all this change and there has been a lot of change, but there's actually a great mix of consistency internally around some of the areas that matter most, operationally: Solutions development, sales and clients, account management have all remained consistent. And it's from that platform of creating stability and doubling our focus on the client that we're hoping to do some things this year to improve our competitive position and set us up for a growth trajectory going forward.

Kipp R.F. Davis - Barclays Capital, Research Division

And I guess as you talk about making sure you're delivering for the clients, I guess, as you see the organization being run now versus under Glenn, who actually saw the company through many different growth periods and a lot of transformation, I guess, what do you see differently from Paul now and, specifically, I know, I think you highlighted this at HIMSS, he's probably been out visiting more than one client per day that he's [ph] been on the job at this point. What -- how was the messaging maybe a little bit different than it was with the company before? What's Paul doing to help reassure the key clients for the company that they're not only, I think, going to deliver on the existing solutions that they add in terms of making sure that they're capturing value for them but also that the company is going to develop with [indiscernible] down the road?

Seth Frank

Yes. I mean, the challenge with the client base isn't one of and hasn't been one of strategy and it has not been one of are trying to do the right things? But I think our CEO and others have said and I've said that execution has been a challenge. And so I think Paul, given his background and tenure, particularly in the IDN and hospital arena, whereas Allscripts was clearly borne out of the ambulatory market, is trying to bring some of that to bear as the provider environment changes. You've got consolidation, folks who're looking forward to coordinated care and potentially going at risk from reimbursement standpoint. So I think Paul is out there along with some of these other executives that people know, listening very carefully to what's working and what's not working and giving some pretty strong reassurances that, we mean what we say and we're going to say what we're going to do. And so that level of accountability, of commitment are areas that Paul is just focused on. So it's not a wholesale change in strategy, I think, that would be one of the worst things we can do. In fact, and maybe I'll touch on this, but we did 2 technology acquisitions last week, perhaps something that most people actually didn't seem surprised by, which is good, that we're very much consistent with what our strategy has been today, to be the open platform and ecosystem in healthcare IT.

Read the rest of this transcript for free on seekingalpha.com