January 2009
AllMeds, a leading provider of specialty electronic medical record (EMR) solutions, has announced annual earnings that proved to be at record levels for the healthcare IT company. For January through December 2008, AllMeds announced a 27.1% increase in revenues from the previous 12 months. AllMeds' 2008 performance continued the growth and stability experienced in previous years and displaced 2007 as the company's best-year mark.
"We are seeing the vision of Dr. Thomas Upchurch and the leadership of Pete Craven take shape," said Bill Rust, AllMeds' chief executive officer. "AllMeds set out to provide a different kind of product in a market that was in its infancy. Even now, with over 200 competitors, AllMeds' solution and services stand out from the others. While the industry's overall success rate stands at 54%, AllMeds' is 94% - over the lifetime of the company. That's a testament to our original vision as well as the hard work of our people."
AllMeds appears poised to ride the wave of federal mandates and incentives and insurer reporting requirements that will make EMRs a necessity in most medical practices. Indeed, the recent stimulus package (The American Recovery and Reinvestment Act of 2009) provides nearly $20 million in initiatives and incentives for doctors to "go digital" by 2015. Qualifying physicians stand to earn up to $44,000 in incentives over a five year period. Such incentives offset the cost of the EMR and make the transition much more palatable.
The rising costs and falling reimbursements that medical groups are experiencing mean they will necessarily have to be more efficient and reduce costs wherever possible. The benefits provided by EMRs fit into that need. AllMeds' solutions allow groups to eliminate costs, improve billing and reimbursement functions, and radically improve workflows and other office processes. Furthermore, AllMeds' industry leadership as a specialty-focused provider has historically made it an ideal solution for otolaryngology/ENT, orthopaedic, neurosurgery, and pain management clinics. Filling such a niche means good things for companies like AllMeds.
And 2009? With a new president, who has pledged billions of dollars to support the adoption of healthcare IT, and physicians nationwide realizing the need to become more efficient and accurate in their billing, the future of EMRs is very bright. AllMeds' past performance and industry-leading success rate indicates a promising year ahead.
Contact AllMeds at 888.343.6337 or info@allmeds.com. |
