Medical billing and records software provider Athenahealth Inc. (ATHN) has been selected as a vendor for its electronic health record (“EHR”) solutions by HealthInfoNet, Maine’s designated health information exchange and regional extension center (“REC”).
HealthInfoNet, an independent, nonprofit organization, operates the Maine Regional Extension Center (“MEREC”) and is one of the 62 designated RECs nationwide. It is responsible for the adoption and implementation of EHR systems by health care providers in Maine and help them to qualify for the federal incentive program.
The collaboration (between Athenahealth and HealthInfoNet) will allow primary healthcare providers across Maine to leverage Athenahealth’s web-based “athenaClinicals” EHR solution and enable them to attain the “Meaningful Use” criteria and secure incentives offered by the HITECH Act, which was enacted as a 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 extended the timeline for physicians to participate in its “Federal Stimulus Bonus Payment Guarantee Program” following the release of the government’s final rules for Meaningful Use of EHR in July 2010, As a result, physicians across the U.S. (including those in Maine) now have time until June 30, 2011, to join the guaranty program and implement the company’s EHR solution to qualify for the incentive under the HITECH Act.
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.” Sustained strong adoption of athenaClinicals EHR services has contributed to a revenue growth of 27% in fourth-quarter fiscal 2010. Utilization of athenaClinicals by medical providers more than doubled during the year.
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, the company is well placed for growth boosted by the expanded adoption of its premium solutions.
ATHENAHEALTH IN (ATHN): Free Stock Analysis Report
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