Tri-State REC Selects Athenahealth - Analyst Blog

Leading medical billing and records software provider Athenahealth Inc (ATHN) has announced its selection as a vendor for electronic health record (EHR) solutions by Tri-State Regional Extension Center (“REC”).

Tri-State REC, which is operated by leading non-profit health information exchange organization “HealthBridge,” is responsible for the adoption and implementation of EHR systems by all health care providers across Ohio, Kentucky and Indiana. 

The collaboration (between Athenahealth and Tri-State REC) will allow more than 1,700 physician practices across these three states to leverage Athenahealth's web-based technology and enable them to secure incentives offered by the HITECH Act, which was enacted as part of the American Recovery and Reinvestment Act (ARRA).

Physicians and hospitals that adopt EHR and use them meaningfully are eligible for incentives under the ARRA, a federal stimulus package aimed at increasing the use of EHR by medical practitioners. Athenahealth has launched a guarantee program to ensure that its “athenaClinicals” EHR solution help physicians across the Tri-State region to qualify for incentives under the HITECH Act. 

Following the release of the government's final rules for “Meaningful Use” of EHR in July 2010, Athenahealth extended the timeline for physicians to participate in its “Federal Stimulus Bonus Payment Guarantee Program.” As a result, physicians now have until June 30, 2011 (instead of January 31, 2011) to join the guarantee program.

Massachusetts-based Athenahealth is a leading provider of Internet-based business services for physician practices. The company's services leverage proprietary web-native practice management and EHR software, integrated back-office service operations and automated patient communication services. Athenahealth delivers solutions over its centrally hosted physician network “athenaNet.”

Athenahealth has done a remarkable job in differentiating athenaCollector, its principal service, and building it into one of the leading brands in the Health IT market. Higher adoption of athenaCollector and athenaClinicals by physicians and medical providers has fueled a revenue growth of 33% in the most recent quarter.

However, Athenahealth continues to face stiff competition across all of its operating platforms with established Health IT players such as Allscripts-Misys (MDRX) and Quality Systems (QSII) posing a major threat to the company. Nevertheless, Athenahealth remains optimistic about the growth prospects in each of its end-markets boosted by expanded adoption of its premium solutions.

 
ATHENAHEALTH IN (ATHN): Free Stock Analysis Report
 
ALLSCRIPTS-MISY (MDRX): Free Stock Analysis Report
 
QUALITY SYS (QSII): Free Stock Analysis Report
 
Zacks Investment Research