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Healthcare Business News
 
Paul Black, Allscripts
Black

Allscripts shows loss for 2013, but results improve


By Rachel Landen
Posted: February 20, 2014 - 7:30 pm ET
Tags:

Allscripts Healthcare Solutions showed signs of rebounding as revenue increased from the previous quarter to shrink the Chicago company's fourth-quarter loss to $20 million.

But it still wasn't enough to reach revenue levels from the previous year or to lift the healthcare information technology company out of the red. Allscripts ended 2013 with a net loss of $104 million on revenue of $1.37 billion, down from $1.45 billion in 2012.

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The latest quarterly results showed some encouraging signs. Bookings, which reflect the value of customer contracts in the pipeline but not yet recorded as revenue, grew 52% over the year-ago period to $274 million.

“We created solid momentum in 2013,” Allscripts President and CEO Paul Black said in a call with analysts Thursday, pointing to the addition of more than 200 new client relationships during the year.

According to a company release, Allscripts renewed and expanded partnerships with Phoenix Children's Hospital; North Shore-Long Island Jewish Health System, Great Neck, N.Y.; PIH Health, Whittier, Calif.; HealthCare Partners, Torrance, Calif.; New York-Presbyterian Hospital and other academic medical centers, multi-specialty physician groups and integrated delivery systems.

“We believe the company's heavy investments in client retention should prove successful (as evidenced by the expanded partnerships with key clients),” Maxim Group analyst Anthony Vendetti wrote in a note to clients.

Allscripts has struggled in the past few years through a troubled integration of Atlanta-based hospital IT firm Eclipsys Corp., which it acquired in 2010 for $1.3 billion in stock. That, plus a shakeup in management and a failed attempt to sell the company, created what Chief Financial Officer Rick Poulton called a tumultuous time for Allscripts.

Follow Rachel Landen on Twitter: @MHrlanden


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