Allscripts is changing its corporate name to Veradigm, to reflect the health IT company’s focus on growth across each of its market segments, including payers, life sciences and providers, according to a release.
Allscripts worked on transitioning its products to the Veradigm brand in 2022 as it streamlined its corporate portfolio following a difficult few years. All remaining Allscripts assets, including EHRs, practice management systems and patient communication platforms are now integrated into Veradigm’s network, which includes more than 300,000 providers in the U.S.
Allscripts launched Veradigm in 2018 to market data and analytics linking providers with insurers and life sciences companies. The business provides plans, providers, patients, pharmaceutical companies and other parties with data collection and analytics services, online health records, prescription price transparency tools and more.
Veradigm has been at the core of Allscripts’ business since May, following the divestiture of the vendor’s underperforming hospital and large practice EHR segments.
Allscripts has been focusing on cleaning up its portfolio for a few years now, following a net loss in 2019 due in part to client attrition from acute care services.
As part of this refresh, the vendor has been strategically investing in EHR-agnostic platforms, including in the areas of payment, data analytics, life sciences and research marketplaces. That’s benefited Veradigm, which has continued to grow even as Allscripts’ other businesses struggled.
In the first three quarters of 2022, Allscripts generated revenue of $446 million, up roughly 6% from the same period in 2021. Veradigm was the main driver of the growth, making up more than 95% of the company’s overall sales.
“As our markets continue to evolve, completing our brand transition to Veradigm represents a capstone on our own evolution as a company,” Veradigm CEO Rick Poulton said in a statement.
Poulton has been CEO since May 2022, when previous chief executive Paul Black stepped down after almost a decade leading the company.