Over at the former Allscripts, ailing Veradigm reported a strong cash position and reduced debt this week, and sale rumors immediately flourished, while another electronic health record vendor, Meditech, announced Wednesday that it will take advantage of the Trusted Exchange Framework and Common Agreement. The EHR vendor said it selected Health Gorilla to give its health information exchange, Traverse Exchange, access to Application Programming Interface-based data exchange.
Elevance Health and its global private equity manager partner, Clayton, Dubilier and Rice, also said Wednesday that they have formed a national advanced primary care platform company named Mosaic Health. The integrated health platform aims to strengthen clinicians’ relationships with their patients by positioning doctors to address patients’ physical wellbeing and social and behavioral health factors.
Veradigm may be selling
Earlier this week, Veradigm, the consolidated company formerly known as Allscripts and Veradigm Life Sciences, reported a balance of approximately $330 million, showing a strong cash position and reduced debt.
The next day, Axios said it confirmed that sales had kicked off for the EHR vendor and healthcare technology company, and that private equity firms were circling.
Thoma Bravo, which owns NextGen Healthcare, is rumored to be one of the initial bidders vying for Veradigm, according to Ion Analytics, a provider of business software and intelligence.
NextGen previously partnered with Veradigm Life Sciences to capture nonhospital clinical data across the two companies’ combined EHR platforms, amassing 150 million de-identified EHR patient records to support large-scale medical research in 2019.
“Part of our strategy is to go deep into targeted therapeutic areas, with an initial focus on chronic diseases that have a significant population impact,” Tom Langan, then chief executive officer, and now interim CEO of Veradigm, said about its efforts to compile clinical data.
A handful of brokerages advised stockholders to hold on Veradigm, according to Defense World, which reports on defense contracts and procurements.
After more than five years of corporate streamlining and leadership shuffles, and the sale of its hospital and large physician-practice business segment in 2022, Veradigm said last year that it found additional revenue misstatements dating back to fiscal year 2020.
In 2023, after a potential Nasdaq delisting, the consolidated company again appointed new leaders that December.
In January, law firm Robbins Geller Rudman & Dowd LLP announced it had filed a class action lawsuit against the EHR vendor for alleged violations of the Securities Exchange Act of 1934 in overstating its business revenues by $20 million. On March 1, the court appointed a lead plaintiff and lead counsel.
The company continues to promote milestones achieved in analytics and coding through various partnerships, including with New York City-based Holmusk, a behavioral health data company, nationwide orthopedic practice Unity MSK, and others.
We reached out to Veradigm, but the company will not comment at this time.
“As a matter of policy, Veradigm does not discuss rumors or speculation,” a spokesperson told Healthcare IT News by email Thursday.
Meditech selects Health Gorilla QHIN
By partnering with Health Gorilla’s Qualified Health Information Network, Meditech will enable its HIE interoperability through a single API, master patient index, record-locator service and data-processing engine.
Health Gorilla QHIN, also a California Qualified Health Information Organization, enables access to national networks and frameworks through the company’s Patient360 platform.
Once integrated, Meditech Traverse Exchange participants will have access to more than 220 million patient records, 750 thousand clinicians and more than 147 thousand care sites, the company said in its announcement.
With more data available at the point of care, clinicians can improve decision-making and develop more personalized care plans.
The EHR vendor is focused on clinical data exchange to maximize care delivery, Mike Cordeiro, Meditech’s senior director of interoperability market and product strategy, said in a statement.
“Traverse Exchange overcomes the limitations of static documents and fragmented data by employing advanced technologies, like Health Gorilla, and intelligent workflows to enhance data accessibility and usability, irrespective of the source,” he explained.
The companies partnered previously on interoperability in Canada, Steve Yaskin, CEO and cofounder of Health Gorilla, noted in a statement.
“Meditech has shown an unparalleled commitment to improving interoperability, and we’re proud to support them as they begin to participate in TEFCA through our QHIN and scale their Traverse Exchange network.”
Elevance, CD&R launch Mosaic Health
Elevance Health and CD&R’s new national care-delivery platform brings together Apree Health, a care-navigation company, and Millennium Physician Group to offer what they called in their announcement a unique set of clinical and digital capabilities.
The business units that compose 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’ll be able to exchange of resources and knowledge across all of Mosaic Health’s operating companies to accelerate their efforts toward whole healthcare across diverse patient populations.
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 senior editor of Healthcare IT News.
Email: afox@himss.org
Healthcare IT News is a HIMSS Media publication.
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