Allscripts (MDRX) Launches Avenel to Revamp EHR Platform

Allscripts Healthcare SolutionsMDRX recently launched electronic health record (EHR) solution - Avenel - at the annual HIMSS conference. The following sessions at the conference will comprise individual demonstrations on Avenel.

In a bid to revamp EHR, Allscripts has invested significantly in the Avenel user interface and created the app-like functionality, featuring tablet-friendly swipe-and-tap navigation with easy-to-configure dashboards. It also involved a great deal of speculation into client and industry needs.

Built on Microsoft Azure, Avenel is a cloud-based application that can be used on mobile phones. It creates a community-wide shared patient record and enables faster clinical documentation.

Allscripts Healthcare Solutions, Inc. Price and Consensus

Allscripts Healthcare Solutions, Inc. Price and Consensus | Allscripts Healthcare Solutions, Inc. Quote

Per management, this is an entirely new approach to the company's existing EHR platform, with an objective to focus solely on the patient.

Avenel helps streamline workflow by integrating clinicians' treatment patterns and providing reminders of preferences to facilitate faster documentation and decision making. It further delivers secure record across the community and actionable analytics at both the patient and population level, enabling clinicians to regain a balance between professional and personal priorities.

In this regard it can be noted that Carlinville Area Hospital, a 25-bed acute care hospital, located in Carlinville, Illinois, is currently using the Avenel solution. Per management, Avenel has helped the hospital keep up with demand.

EHR in Focus

Allscripts is known for its comprehensive suite of fully integrated EHR platforms, like Allscripts Sunrise and Paragon. While Sunrise connects all clinical and financial aspects of a hospital or health system for inpatient, emergency and outpatient care, Paragon is an EHR and administrative solution for smaller hospitals, serving a single community.

Last year, Allscripts announced a Sunrise agreement to introduce the platform in nations like Australia and Costa Rica.

Market Holds Promise

According to Transparency Market Research, the global EHR market was valued at $23.22 billion in 2016 and is expected to exhibit a CAGR of 5.7% from 2017 to 2025, to reach an estimated value of $38.29 billion by 2025.

Thus, it can be deduced that Allscripts' latest move has been timely and strategic.

Price Performance

In the past six months, Allscripts has outperformed the industry in terms of price. The stock has gained 9.6%, compared with the industry's rally of 5.5%.

Zacks Rank & Key Picks

Allscripts carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader medical space are Bio-Rad laboratories, Inc. BIO , PetMed Express, Inc. PETS and Centene Corporation CNC . Each of these stocks carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Bio-Rad has a long-term expected growth rate of 20%.The stock has gained 20.1% in the past six months.

PetMed has a long-term expected growth rate of 10%.The stock has rallied a whopping 134.8% in the past year.

Centene has a long-term expected growth rate of 14.4%. The stock has returned 43.9% in the past year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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