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Allscripts to sell stake in hospital business unit for $700 million

by John R. Fischer, Senior Reporter | March 08, 2022
Business Affairs Health IT
Allscripts will sell its net assets in its Hospitals and Large Physician Practices business to Harris for up to $700 million
Allscripts Healthcare Solutions is selling the net assets of its Hospitals and Large Physician Practices business to Constellation Software subsidiary N. Harris Computer Corporation for a price consideration of up to $700 million in cash.

The sale includes Sunrise Paragon, Allscripts TouchWorks, Allscripts Opal, STAR, HealthQuest and dbMotion solutions. The Allscripts Veradigm business segment and the interventional portfolio are not included in the deal and will remain under Allscripts, reported Healthcare IT News.

The company will pay Harris $670 million upon completion of the deal and a contingency consideration of up to $30 million based on how well the business performs over the following two years.
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“The medical industry we faithfully serve has gone through tremendous change, and the needs of the customers in our different business segments continue to evolve in different ways. We think this transaction maximizes focus as well as future opportunity for our clients, our more than 7,500 associates and our shareholders,” said Paul Black, Allscripts chief executive officer, in a statement.

Allscripts’ Opal technology is a digital health record software used by over 100 hospitals in Australia, while dbMotion provides clinicians access to patient data through disparate EHR systems, according to Healthcare IT News. Sunrise, Paragon and TouchWorks are also EHR platforms designed to be used by a range of different organizations, including community health systems.

The motivation to sell stems from the business shrinking over the past two years, with Allscripts expecting it to continue to do so this year, reported Crain’s Chicago Business.

Harris, meanwhile, says it has had its eye on the Hospitals and Large Physician Practices franchise for years and believes it will fit right in with the company. “We believe that we are the perfect forever home for the many talented employees and loyal customers that are the backbone of the franchise. We are excited to begin the next chapter in our Harris story, continuing to serve those who serve us in the communities where we live, by partnering with healthcare professionals to deliver care that improves lives.”

While Veradigm is not part of the sale, it recently entered into a new partnership with the Social Security Administration, which administers social security retirement and disability benefits. The agency will now be able to request medical records electronically through Veradigm’s network when it processes disability applications, according to Modern Healthcare.

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