The Kansas City-based EHR vendor said the revenue decline compared to the third quarter of 2019 was primarily the result 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.
Five details about Cerner’s financial performance for the third quarter of 2020, which ended Sept. 30:
1. Cerner reported $356.7 million in net earnings for the third quarter, up from $81.9 million during the third quarter of 2019.
2. Professional services was the biggest revenue driver for the quarter at $479.9 million, followed by managed services at $311.8 million, support and maintenance at $259.9 million.
3. Cerner posted $1.47 billion in bookings for the third quarter, which came within the company’s anticipated range.
4. Cerner expects fourth quarter revenue to be between $1.37 billion and $1.42 billion.
5. For new business bookings in the fourth quarter, Cerner anticipates a range between $1.55 billion and $1.75 billion.
More articles on EHRs:
Cerner CFO to depart: 3 things to know
Athenahealth to hire 100+ employees
WellSpan Health deploys Epic EHR: 3 notes
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
