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现在位置首页>技术资料首页>行业动态>公司动态>2008年EHR厂家Allscripts-Misys合并意味着短期苦痛与长期收益

2008年EHR厂家Allscripts-Misys合并意味着短期苦痛与长期收益

Allscripts2010年3月29日 11:46 点击:3021


据芝加哥报道——在Allscripts与Misys于三月底宣布合并计划之后,来自两家公司执行者的官方反映相当积极。Misys公司的首席执行官Mike Lawrie称Allscripts为“完美的伙伴“,并表示两家医疗健康IT公司分享“高度互补的文化”。

但是随着该交易的细节公之于众,但是金融分析者是否真的对这一新公司的潜力评估抱有希望呢?

鉴于Allscripts的股价三月下旬摆动于9美元,华尔街显然并不抱多大希望。然而,一些观察家仍然认为投资者低估了这一合并公司的价值。

Leerink Swann,LLC的医疗健康IT分析家Bret Jones说,“市场目前并不完全赞赏这一交易。市场显然很担心该公司的最终结果,但是我认为股价应当以12-13美元的范围来进行交易,而这一看法还是保守的。”

Jones表示,考虑到Allscripts的Touchworks 11向EHR产品以及该公司最近恶劣的预算数字等未解决问题,很多投资者相信Allscripts的管理团队不应当运营新公司。

Jones说,“我认为大家对于Allscripts的评判过于苛刻。他们对于解决Touchworks问题的关心要远远超过人们所认为的。”

“至于Allscripts的利益相关者,他们目前拥有这家大型公司的45%,而其产品则拥有将近9万美元的垄断市场。”

这是Allscripts将自己的电子医疗记录软件推向Misys实践管理系统用户的机会,它带给众多分析家新公司未来的希望。

William Blair公司的股权研究分析家Corey Tobin说,“这一新实体最大的利益就是Allscripts跨公司将其EHR销售给Misys客户的能力。Allscripts将能够选择Misys付费途径的收入周期管理方面。这也会有所帮助。”

Piper Jaffray的行业分析家Sean Wieland表示,他不会将这一合并刻画为任何一家公司的“绝望”事件,但是他却承认Misys或许需要一点动力来推动这一交易。

Wieland说,:“Misys并没有向其实践管理客户提供一种强有力的EMR产品,而现在新公司可以上行销售其PM用户。然而,我认为,考虑到这种不确定性,想要购买EMR的Misys客户近期可能会采取观望态度。”

Jones也同意这一观点,并指出Misys在合并之前并不处于“成长模式”。他表示,在最近的HIMSS 2008年度会议期间,他隐约觉得潜在的Allscripts客户想保留新的EHR预购直到Touchworks 11问题得以解决。

急救EHR市场的其他厂商则很有可能在未来几个月利用这一不确定性。

Jones说,“小型EHR厂商可能会在短期之内向比平常更多的用户进行推销。但是如果我是关注于小型市场终端的厂商,我就会有点担心这一合并。长期来说,这一新实体将成为急救市场的一股主导力量。”

Wieland指出,若不经历成长的苦痛,Allscripts-Misys医疗健康是不会获得积极的结果的,因为这一合并或许意味着新公司的销售与管理团队将会进行“流线化”,即辞退一批人员。

然而,他表示,整理对于该行业长期而言是有益的。

Wieland说,“我认为用户将会开始看到大型厂商与小型及中型公司分离。随着急救EHR空间变得更为拥挤,范围更广的公司将能够进行自我分化。”

 

 

Allscripts-Misys merger means short-term pain, long-term gain

By Richard Pizzi, Associate Editor

03/31/08

 

CHICAGO - The official word from executives at Misys and Allscripts after the two companies announced a proposed merger in late March was resoundingly positive. Misys CEO Mike Lawrie called Allscripts the "perfect partner" and said the two healthcare IT firms share "highly compatible cultures."

 

But as details of the deal emerged, were financial analysts as sanguine in their assessment of the new company's potential?

 

Wall Street certainly doesn't seem hopeful, as Allscripts shares are hovering around $9 in late March. Still, some observers think investors are undervaluing the merged company.

 

"The market isn't fully appreciating the deal at this point," said Bret Jones, healthcare IT analyst at Leerink Swann, LLC. "The market is obviously concerned about what the company will look like in the end, but I think the stock should trade in the $12 to $13 range, and that's being conservative."

 

Jones said many investors believe the Allscripts management team should not be running the new company, given the unresolved problems with the company's Touchworks 11 EHR product and the firm's recently poor revenue numbers.

 

"I think Allscripts is being judged too harshly," Jones said. "I think they're a lot closer to fixing the problems with Touchworks than people realize.

 

As for Allscripts shareholders, they now own 45 percent of a larger company and have a captive market of almost 90,000 docs for their product."

 

It is the opportunity for Allscripts to market its electronic health record software to users of the Misys practice management system that gives many analysts hope for the new company's future.

 

"The biggest benefit for the new entity will be Allscripts' ability to cross-sell their EHR to Misys clients," said Corey Tobin, equity research analyst at William Blair & Company. "Allscripts will be able to pick up the revenue cycle management aspects of Misys' Payerpath. That too should help."

 

Sean Wieland, an industry analyst at Piper Jaffray, said he would not characterize the merger as a matter of "desperation" on either company's part, but he did acknowledge that Misys probably had a bit more impetus to move on the deal.

 

"Misys didn't have a very strong EMR product to offer to its practice management customers," Wieland said. "Now the new company can upsell its PM users. However, I think that in the immediate future, Misys clients thinking about buying an EMR will probably take a wait-and-see approach, given the uncertainty."

 

Jones agreed, noting that Misys was not in a "growth mode" prior to the merger. He said he got the impression, during the recent HIMSS 2008 Annual Conference, that potential Allscripts clients are putting new EHR orders on hold until Touchworks 11 is fixed.

 

Other vendors in the ambulatory EHR market are likely to take advantage of the uncertainty in coming months.

 

"Smaller EHR vendors will probably sell to more customers than they normally would in the short term," Jones said. "But I would be a little nervous about this merger if I were a vendor focused on the smaller end of the market. Long term, the new entity could be a dominant force in the ambulatory market."

 

A positive outcome for Allscripts-Misys Healthcare will not come without growth pains, Wieland suggested, as the merger might mean that the new company's sales and administrative team would likely "streamline," leading to some layoffs.

 

He said consolidation is probably good for the industry in the long term, however.

 

"I think you'll begin to see larger players separate from the smaller and mid-size firms," Wieland said. "Companies with greater scale will have the ability to differentiate themselves as the ambulatory EHR space grows more crowded."

 

Source:http://www.healthcareitnews.com/story.cms?id=8954

(来源: Allscripts )


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