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Monday Morning Update 5/9/22

May 8, 2022 News 2 Comments

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From the Allscripts earnings call:

  • CEO Paul Black resigned Friday, effective immediately, saying that a new generation of leaders is needed now that the company’s focus is its Veradigm business.
  • President and CFO Rick Poulton, who has been with the company for 10 years and is 56 years old, took over as CEO on Saturday.
  • Black will leave the company’s board when his term expires this year.
  • SVP/GM Thomas Langan has been promoted to president, while SVP/GM Leah Jones has been named CEO.
  • Poulton said that selling the company’s hospital and large practice software business to Constellation Software will leave Allscripts more focused and with 5,000 fewer employees.
  • With the sale, Veradigm represents 95% of Allscripts revenue, along with a “small unrelated product line” that makes up the remaining 5%.

Allscripts shares dropped 6% Friday after the earnings announcement after Thursday’s market close. They are up 22% in the past 12 months versus the Nasdaq’s 12% loss, valuing the company at $2.2 billion. They are up 68% in Paul Black’s 10-year tenure as CEO versus the Nasdaq’s 309% gain.


Reader Comments

From Door Shower: “Re: HIMSS. Recently laid off several dozen folks. As usual when that happens, many others are leaving voluntarily.” Unverified, although I’ve heard this from former employees.

From Awardee: “Re: MedTech Breakthrough awards. Who runs this?” Parent company Tech Breakthrough, which runs dozens of cloned awards sites, apparently would rather you didn’t know who’s in charge since they provide no contact information or employee names and hide their domain registration information. They are equally protective of their awards criteria and how much companies pay the marketing company to tout their “wins” in press releases. I’ll speculate from experience given the company’s lack of forthrightness – it’s a handful of India-based tech people who are banking rupees for giving companies awards whose validity is questionable but rarely actually questioned. I’m happy to update with specifics should the company be interested in providing them.

From Punjab Pete: “Re: Ascension. Lost $884 million in Q1. CIO Gerry Lewis is out, HCL outsourcing contract is axed.” The loss is verified, the other items are not, although being discussed on layoff sites.


HIStalk Announcements and Requests

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One-third of poll respondents have recently struggled to pay a medical bill. Northerner slyly expresses bafflement about the question because they live in Canada.

New poll to your right or here: What action should be taken when a clinician’s mistake kills a patient?

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Acquisitions, Funding, Business, and Stock

Shares in the Global X Telemedicine & Digital Health exchange-traded fund were down 20% in the past month versus the Nasdaq’s 13% loss. They’re down 26% since the fund’s inception in July 2020 versus the Nasdaq’s 15% gain.


Sales

  • A Leidos-led consortium that includes MediRecords, Coviu, and Nous Group wins a $230 million contract to implement an EHR for the Australia Defence Force. The system will replace EMIS-powered DeHS, which went live in 2014 at a cost of $94 million versus an initial budget of $16 million.
  • Three-hospital Appalachian Regional Healthcare System signs a management service agreement with UNC Health, under which ARHS will implement Epic. The health system went live on Allscripts Sunrise in 2013.

People

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Consulting firm Avia hires Daniel Clark, MBA, RN (Optum) as SVP of its Center for Care Transformation.

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South Georgia Medical Center promotes Chuck Marshburn, MBA to CIO.

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Adam Landman, MD, MHS, MS, MIS (Brigham and Women’s Hospital) joins Mass General Brigham as CIO/SVP of digital. 

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Definitive Healthcare promotes Robert Musslewhite, JD to CEO as of August 1. Founder and CEO Jason Krantz, MBA will move to executive chair.


Government and Politics

An OIG joint audit of efforts by the DoD and the VA to make their Cerner systems interoperable notes that migration of legacy data into Cerner could have been more consistent, that medical device integration could be improved, and that user access should be limited to information needed to perform job duties.

The VA confirms that Cerner was unavailable 50 times for at least some users singe going live in its Pacific Northwest sites, but the outages were not widespread. The VA’s Oregon and Idaho sites will go live next in June.


Sponsor Updates

  • TigerConnect publishes a report titled “It’s Time To Modernize How Health Systems Connect.”
  • Arcadia partners with Datavant to accelerate biopharma research.
  • Optum partners with the Dallas Cowboys to host a mental health awareness event in Frisco May 9.
  • Vocera publishes a report titled “Reimagining Nursing for the Future” by Chief Nursing Officer Rhonda Collins, RNP, RN.
  • Quil publishes a new case study, “Penn Medicine Improves Discharge to Home Rates, Expands Partnership Systemwide with the Help of Quil.”
  • TMC awards Talkdesk’s AI Trainer with its 2022 Customer Product of the Year award.
  • Interbit Data will participate on MUSE in Dallas the week of May 15.
  • TigerConnect sponsors the Nurses at the Heart of Healthcare Contest to recognize nursing professionals who have shown an unwavering commitment to their profession.
  • TriNetX appoints Launch Therapeutics CEO Anshul Thakral to its Board of Directors.
  • Healthcare Growth Partners publishes research titled “Seeking Balance in the Hyperactive Mental Health Tech Market.”
  • Kyruus ProviderMatch for Consumers is named “Best Patient Registration & Scheduling Solution” by an independent marketing group.
  • Twistle publishes a new case study featuring Ashley Clinic, “Controlling Blood Pressure with Remote Physiologic Monitoring.”
  • WebPT has been certified as a Great Place to Work for 2022.
  • Relatient, Change Healthcare, Experian Health, Myndshft, Well Health, and Vyne Medical will exhibit at NAHAM 2022 May 10-13 in San Diego.
  • West Monroe hires Rissa Reddan (Equifax) as chief marketing officer.
  • Wolters Kluwer Health will exhibit at the RISE Risk Adjustment Forum May 9-11 in Chicago.
  • Zen Healthcare IT’s Gemini platform receives HITRUST CSF r2 Certification.

Blog Posts


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Currently there are "2 comments" on this Article:

  1. Hats off to Paul Black who was handed a bag of sh*t in taking over Allscripts from Glen and actually creating some value for investors over his tenure.

  2. Paul Black and the rest of the incompetency examples at the top of Allscripts deserve nothing but contempt and a thorough investigation by the SEC/IRS, because while they may have created a little bit of “value” for investors the primary motivation for everything they did was to create some “value” for their own personal bank accounts – at the expense of everything else at this company. People have been predicting him leaving and buying a private island somewhere for as long as its been clear that Black’s ONLY motivation was to dismantle everything, sell off the pieces, and extract every last possible drop of blood from a very dry stone – any “value” for shareholders was just an unintended consequence. If you examine the history carefully, you would see that “Shareholder Value” outside of the Board/C-Suite was never actually considered – just enough to keep things legal, but never the true objective.

    Listening to the Allscripts C-Suite/Board make big noises about “Caring about people’s health” and “Bringing a digital healthcare future to customers” over the years has been vomit-inducing. They purposely dismantled most of the Product Development groups, off-shored everything they possibly could to India, got rid of most of their highly-competent intelligent and experienced workers either through lay-offs or creating a chaotic stressful environment, had management shake-ups every 6-9 months without fail, and lied through their teeth at every possible Press Release or Public Appearance. With a little effort and expense, they could have come up with a better strategy for producing Healthcare Software that you know, actually had “Improved Outcomes” and “Healthcare Solutions” that would improve the lives of clinicians and patients alike – and they PURPOSELY squandered ALL OF IT just to be able to cash in on their stock options. A lot of lives were ruined – and yes, there have been suicides and early deaths due to the environment at Allscripts, which has been extremely toxic for many years now. So you can take your hat off to Paul Black if you want, but if like me you have some ethics and morals you’ll just be nauseated by the sheer waste of it all. One can only hope that the wheel of Karma turns hard on those who have been at the helm.







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