Allscripts Healthcare Solutions, Inc. MDRX has recently been awarded five separate patents over the period of only eight days, which underscores its commitment toward delivering unique solutions to clients. The move also highlights its substantial momentum in health IT innovation.
Notably, Allscripts’ robust patent program is anticipated to add several additional patents throughout the remaining period of 2020 via innovation to enhance care delivery and connect the overall patient experience.
The strengthening of its patent program is likely to bolster Allscripts’ innovation portfolio.
Allscripts’ Role in Improved Healthcare Delivery
Allscripts has built a reputation of being a leader in healthcare technology and continues to capitalize on opportunities to boost its offerings. According to the company, healthcare solutions should be open and accessible to everyone, and cutting-edge innovation is the key to make that a reality.
Notably, each of the aforementioned awarded patents will help in simplifying and boosting healthcare delivery. For instance, one of the patents is an application that connects electronic health records (EHRs) to numerous wellness applications. This, in turn, will aid in higher level of patient engagement by offering frictionless goal-tacking functionality.
Allscripts has managed to develop a large-scale patent program with the help of substantial investment in software R&D. Notably, the program has more than 150 patents issued and another 150-plus of them still pending.
Allscripts continues to focus on advancing healthcare innovation by offering unique solutions to healthcare organizations to deliver excellent care.
In August 2020, the company collaborated with Israel’s Sheba Medical Center to accelerate the pace of artificial intelligence technologies and boost patient care through the hospitals’ ARC (acronym for accelerate, redesign and collaborate) Innovation Center. Notably, ARC is the innovation unit of Sheba Medical Center and envisions to transform healthcare by 2030.
In July 2020, Allscripts extended its long-standing strategic alliance with Microsoft for five years. The deal will enable expanded development and delivery of cloud-based health IT solutions. The five-year extension will make Microsoft the cloud provider to Allscripts’ cloud-based Sunrise electronic health record (EHR) solution. With respect to co-innovation, this extension will help transform healthcare with smarter and more scalable technology.
Per a report by Allied Market Research, the global healthcare IT (HCIT) market estimates that the market for HCIT solutions and services was $125 billion in 2015 and is projected to reach $297 billion by 2022, witnessing a CAGR of 13.2%.
Growing demand for quality healthcare services and solutions together with patient safety & care, proactive supportive government initiatives, and increase in acceptance of mHealth & telehealth practices have been driving this market. Further, growing adoption of smartphones is bolstering healthcare IT market growth.
Over the past year, shares of this Zacks Rank #3 (Hold) company have gained 1.3% compared with the industry’s rally of 29.9%.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. WST, Thermo Fisher Scientific Inc. TMO and PerkinElmer, Inc. PKI. While both PerkinElmer and West Pharmaceuticals sport a Zacks Rank of 1 (Strong Buy), Thermo Fisher carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PerkinElmer has a projected long-term earnings growth rate of 17.4%.
West Pharmaceutical has a projected long-term earnings growth rate of 17.4%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
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