In the former Allscripts, ailing Veradigm reported a forceful cash position and reduced debt this week, and rumors of a sale immediately blossomed, while another electronic health records provider, Meditech, announced Wednesday that it would employ the Trusted Exchange Framework and Common Agreement. The EHR vendor said it had chosen Health Gorilla to give its health information exchange, Traverse Exchange, access to the Application Programming Interface-based data exchange.
Elevance Health and its global private equity partner, Clayton, Dubilier and Rice, also said Wednesday they have formed a national advanced primary care platform called Mosaic Health. The integrated health platform aims to strengthen physician-patient relationships by empowering physicians to address patients’ physical well-being and social and behavioral health factors.
Veradigm can sell
Earlier this week, Veradigm, the consolidated company formerly known as Allscripts and Veradigm Life Sciences, said it had a balance of about $330 million, meaning strong cash position and reduced debt.
The next day, Axios confirmed that the sale of the EHR vendor and healthcare technology company had begun, and that private capital companies were circulating.
Rumor has it that Thoma Bravo, owner of NextGen Healthcare, is one of first bidders compete with Veradigm, according to Ion Analytics, a provider of business software and intelligence.
NextGen previously partnered with Veradigm Life Sciences to capture out-of-hospital clinical data on both companies’ connected EHR platforms, collecting 150 million anonymized EHR patient records for large-scale medical research in 2019.
“Part of our strategy is to dive deep into select therapeutic areas, initially focusing on chronic diseases that have a significant impact on the population,” Tom Langan, then CEO and now interim CEO of Veradigm, said of the company’s efforts to compile clinical data.
Several brokerage houses advised shareholders to wait Veradigmaccording to Defense World, which reports on defense contracts and orders.
After more than five years of corporate improvements and leadership changes, as well as the sale of its hospital business and a gigantic physician practice in 2022, Veradigm said last year it found additional misreporting of revenue dating back to fiscal 2020.
In 2023, following a potential delisting of its shares from the Nasdaq Stock Exchange, the consolidated company re-appointed recent leaders in December of that year.
In January, the law firm Robbins Geller Rudman & Dowd LLP announced that it had filed class action lawsuit against an EHR vendor for allegedly violating the Securities Exchange Act of 1934 by overstating the company’s revenue by $20 million. On March 1, the court appointed lead plaintiff and lead attorney.
The company continues to promote its analytics and coding milestones through partnerships with Recent York-based mental health data company Holmusk, nationwide orthopedic practice Unity MSK, and others.
We have contacted Veradigm, but they have not responded to this comment.
“Veradigma’s policy is not to discuss rumors or speculation,” a spokesman said in an email Thursday.
Meditech chooses Health Gorilla QHIN
By partnering with qualified health information network Health Gorilla, Meditech will enable HIE interoperability through a single API, master patient index, medical record locator service and data processing module.
Health Gorilla QHIN, also a California-certified health information organization, provides access to national networks and structures through the company’s Patient360 platform.
As the company said in its announcement, following the integration, Meditech Traverse Exchange platform participants will have access to over 220 million medical records, 750,000 physicians and over 147,000 healthcare facilities.
With access to more data at the point of care, clinicians can make better decisions and develop more personalized care plans.
The EHR vendor is focused on exchanging clinical data to maximize healthcare efficiency, Mike Cordeiro, senior director of interoperability and product market strategy at Meditech, said in a statement.
“Traverse Exchange overcomes the limitations of static documents and distributed data by leveraging advanced technologies such as Health Gorilla and intelligent workflows to make data more accessible and useful, regardless of the source,” he explained.
As Steve Yaskin, CEO and co-founder of Health Gorilla, noted in a statement, the companies have previously collaborated on interoperability in Canada.
“Meditech has demonstrated an unparalleled commitment to improving interoperability, and we are 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 recent national healthcare platform brings together Apree Health, a healthcare navigation company, and Millennium Physician Group to offer what its announcement called a unique set of clinical and digital capabilities.
The business units that make up Mosaic Health will benefit from a community-based care model enhanced with digital patient engagement, care coordination and navigation capabilities, the companies said in a statement Wednesday.
They will be able to share resources and knowledge across all Mosaic Health operating companies, accelerating efforts to provide comprehensive healthcare to diverse patient populations.
Bryony Winn, president of Carelon Health at Elevance Health, called the event a milestone.
“Mosaic Health represents a new model for advanced primary care, and we look forward to working with Mosaic Health and CD&R to accelerate growth in new markets and bring exceptional care to more patients and communities across the country.”