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May 03, 2022 02:20 PM

5 things to know about Allscripts' hospital business sale

Jessica Kim Cohen
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    Allscripts Healthcare Solutions completed the sale of its hospital and large physician practices business, including various electronic health record products.

    Here are five things to know about the deal:

    1. Chicago-based Allscripts announced in March it would sell the net assets of its hospital and large physician practices business to Canadian software company Constellation Software through its subsidiary N. Harris Computer for $670 million. The price could rise by up to $30 million depending how well the business performs in the next two years.

    2. The hospital and large physician practices segment includes Allscripts' Sunrise, Paragon, TouchWorks and Opal EHRs, STAR and HealthQuest revenue-cycle management systems, and dbMotion population health management services.

    3. Allscripts has said it will use proceeds from the sale on share repurchases and acquisitions to support its payer and life sciences business, Veradigm, which it launched in 2018.

    "This transaction enables Allscripts to strengthen its focus on high growth end markets of interest as well as provide additional value for our clients, employees and shareholders," said Rick Poulton, the company's president and chief financial officer, in a news release.

    4. Allscripts posted $1.5 billion in revenue last year, up 2%, with $927.6 million in revenue from its hospitals and large physician practice business, down 2.4%. Veradigm accounted for $552.2 million in revenue, up 4.6%.

    In a presentation shared with investors in March, Allscripts said the hospital and large physician practices segment was expected to shrink for the third consecutive year.

    5. Allscripts holds 4.3% of EHR market share among U.S. acute-care hospitals, according to a recent report from KLAS Research. That's after Epic Systems, 32.9%; Cerner, 24.4%; Meditech, 16.7%; and CPSI, 8.7%. Oracle late last year announced plans to acquire Cerner for $28.3 billion, in a transaction that's yet to close.

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      • Current News
      • Providers
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      • Safety & Quality
      • Transformation
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        • Care Delivery
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      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Unwell in America
    • Opinion
      • Bold Moves
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      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top 25 Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
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      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
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      • Surveys
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    • MORE+
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