How EHR vendors fared in Q2: Earnings from Allscripts, Cerner & Meditech

Allscripts, Cerner and Meditech posted their respective financial performances for the second quarter of 2020, all reporting revenue declines due to the COVID-19 pandemic. 

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

Allscripts reported a net loss of $8 million in the second quarter, compared to $150 million during the same time last year. The Chicago-based EHR vendor posted $406 million in revenue for the quarter, down 8.7 percent from $445 million during the second quarter of 2019.

"Our second quarter results showed resilience as Allscripts and our clients continued to manage through the COVID-19 pandemic," Allscripts CEO Paul Black said a news release. "We leveraged both new and existing innovative solutions to support our clients and improve patient outcomes during this challenging time."

Cerner reported $134.7 million in net earnings in the second quarter, up 6 percent from $126.9 million during the same time period in 2019. The Kansas City, Mo.-based EHR vendor posted $1.33 billion in revenue for the quarter, down 7 percent from $1.43 billion during the second quarter of 2019.

Cerner said the $100 million revenue decline was primarily driven by the effects of the COVID-19 pandemic as well as Cerner's exit from its revenue cycle outsourcing contract with Adventist in the fourth quarter of 2019.

Meditech reported $32.9 million in net income for the second quarter of 2020, compared to $16.3 million during the same time period last year. The Westwood, Mass.-based EHR vendor posted $115.8 million in revenue for the second quarter of 2020, down 3 percent from $119.9 million from the same time last year.

Meditech said its net income increased primarily "due to unrealized marketable securities gains," and revenue fell as a result of implementation delays from the pandemic.

More articles on EHRs:
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