Veradigm, the payer and life sciences division of Allscripts Healthcare Solutions, has signed a contract with the Social Security Administration, the U.S. agency that administers retirement and disability benefits, the Chicago-based software company said Tuesday.
Under the agreement, the agency will be able to request medical records electronically through the Veradigm network when processing disability claims. The health care providers in the company’s network will then receive electronic requests for medical records from the SSA with patient authorization, which can then be automatically released.
This should reduce the time it takes to obtain medical records for SSA applicants from weeks to minutes. news release from Allscripts and can reduce the administrative burden on service providers who would otherwise have to manually respond to medical records requests.
“We expect this contract to not only make a significant financial contribution, but also be a catalyst for us to develop our capabilities to the point where we can extract charts in near real time,” said Rick Poulton, CFO of Allscripts. officer, on the phone to discuss fourth quarter 2021 financial results with investment analysts last week. Near-real-time chart extraction will help providers and payers close care gaps and manage contracts at risk, Poulton said.
Allscripts did not disclose financial details of the agreement in a press release.
Allscripts, best known as an electronic health record developer, launched Veradigm in 2018 to sell data and analytics tools that connect providers with payers and life sciences companies.
This was a significant growth area for Allscripts, with fourth-quarter revenue last week of $392 million, up 1.4% year-over-year, including $232.2 million from the Hospitals and Large Practices segment and 155. $2 million from Veradigm. The hospitals and large doctor’s offices segment fell 2.3% year-over-year, while Veradigm’s revenue rose 8.9%.
Allscripts’ 2021 revenue was $1.503 billion, up slightly from the previous year’s $1.5027 billion, including $927.6 million from hospitals and large practice practices, down 2.4%, and $552.2 million dollars from Veradigm, up 4.6%. Operating profit was $77.2 million in 2021 compared to an operating loss of $130.9 million in 2020.
In recent years, EHR companies have diversified their business offering tools and services based on patient data.
Cerner, which had $5.8 billion in revenue last year and plans to be acquired by Oracle, has identified data-as-a-service as a growth opportunity and also recently entered into an agreement with SSA. In 2020, Epic Systems, a private company with the largest Market share of electronic health records in US hospitalslaunched Cosmos, an exploratory database of de-identified EHR data.