The Veradigm board of directors has completed its previously announced review of strategic alternatives, which involved more than 30 parties and included a possible sale, the company said Thursday. 

Despite attracting five bidders with preliminary offers of potential strategic partnerships or financial sponsorships, Veradigm said it will move forward with a "standalone strategy."

WHY IT MATTERS

In the announcement Thursday, the consolidated company formerly known as Allscripts and Veradigm Life Sciences said it engaged an independent strategic advisory firm to assist in refining its "go-forward plan," identifying potential operational improvements and improving alignment within the organization.

Veradigm stated in a statement on its website that its connectivity, scale and expertise make it a market leader, but as it moves forward with its standalone strategy, the company is also exploring ways to elevate its value. 

"Veradigm EHR is continuously evolving based on user feedback and we are committed to maintaining high standards," Tom Langan, interim chief executive officer, said in an August announcement.

The company said its investor updates are also returning to a more regular schedule and will provide updated fiscal year 2023 and preliminary fiscal year 2024 estimated unaudited financial ranges during a mid-March investor update.

THE LARGER TREND

Also in August, Veradigm announced a strong cash position and reports followed that the company may have been interested in selling. The EHR and revenue cycle management platform vendor also made its leap into artificial intelligence unveiling its first conversational AI agent for its Practice Fusion Billing Services through a Microsoft Azure-based integration. 

Four years ago, former CEO Paul Black said the healthcare systems vendor looked to transition away from disconnected, dysfunctional and disparate systems with AI and other technologies that enhance usability. Veradigm rebranded in 2023.

ON THE RECORD

"We believe Veradigm remains well-positioned to capitalize on the significant market opportunity ahead of us," Langan said in a statement.

Andrea Fox is senior editor of Healthcare IT News.
Email: afox@himss.org
Healthcare IT News is a HIMSS Media publication.