How EHR vendors fared in Q1: Earnings from Allscripts, Cerner & Meditech

Allscripts, Cerner and Meditech posted their respective financial performances for the first quarter of 2020, all reporting net income losses due to the COVID-19 pandemic. 

Here's how the EHR vendors fared, with companies listed alphabetically: 

Allscripts reported a net income loss of $20.4 million in the first quarter. The Chicago-based EHR vendor posted $417 million in revenue for the quarter, down 3.47 percent from $432 million during the same time last year. Bookings were $205 million, down 28 percent from $286 million in the first quarter of 2019. 

Allscripts CEO Paul Black said in a news release that the pandemic "has created challenges for our clients and thus for our business," and that Allscripts likely will continue to be affected as its clients focus on responding to the pandemic. Allscripts withdrew its prior financial outlook for the full year 2020 due to the uncertainty presented by the pandemic. 

Cerner reported $147 million in net earnings for the first quarter, down 11.5 percent from $166 million during the same time last year. The Kansas City, Mo.-based EHR vendor posted $1.41 billion in revenue for the first quarter, up 2 percent compared to $1.39 billion in the first quarter of 2019. Cerner posted $1.09 billion in bookings for the first quarter, at the low end of its expectations.

The company attributed its bookings decrease to the onset of the pandemic and subsequent travel restrictions in mid-March. Cerner said it expects the largest financial impact to occur in the second quarter of 2020.

Meditech reported a net income loss of $25.73 million in the first quarter. The Westwood, Mass.-based EHR vendor posted $142.77 million in revenue for the first quarter, up 23.8 percent from $115.36 million during the same time last year. 

Meditech said the pandemic caused a decline in new product bookings and value of its marketable securities. The company's management said there are enough funds to support current operating requirements, but the pandemic has caused uncertainty for the company's future sales and other areas of business. 

More articles on EHRs: 
Switching EHRs may cause 'significant drop' in patient satisfaction levels, Mayo Clinic researchers say
Allscripts ranked No. 1 integrated ambulatory EHR by Black Book
How many hospital beds Epic, Cerner, Meditech, Allscripts won & lost in 2019

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