Cerner Corp. is leaving no stone unturned to expand its business via strategic collaborations. In our view, the company’s recent partnerships with the likes of Qualcomm and Apple are significantly accretive for the company’s overall growth.
Cerner’s latest collaboration with Geisinger Health System and xG Health Solutions, is aimed at initiating the use of emerging SMART on FHIR industry standards for hassle-free use of software applications across compliant open platform electronic health record (EHR) systems like Cerner Millennium.
Substitutable Medical Applications and Reusable Technology (SMART) on FIHR (Fast Healthcare Interoperability Resources) is essentially an approach which enables plug-in apps to run smoothly on any compliant EHR system.
With the help of SMART on FHIR, physicians will be able to use the apps in a streamlined manner on EHR systems. In order to eradicate disconnected workflows, Cerner has facilitated smooth unification of xG Health apps into the Cerner Millennium open platform.
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The EnrG | Rheum app, which is the first of a series of xG Health EnrG apps, gathers information about a patient from various sources and then presents it in a way which helps provide better health care at low cost.
The EnrG | Rheum software was used at two sites and reportedly it helped ramp up 26% increase in productivity, on the back of lower chart review and documentation time. xG Health is expected to launch EnrG | Rheum this summer. It will be made available through Cerner Store and other channels.
The demand for improved and robust interoperability expertise is gradually on the rise. This validates Cerner’s latest collaboration as an important step toward the advancement of the overall quality of health care.
Cerner’s partnership with Qualcomm Life, a subsidiary of Qualcomm Inc., seeks to extend the scope of its medical device connectivity expertise, from hospitals to the home space.
Meanwhile, the company’s strategic alliance with Apple intends to make available its patient engagement app, HealtheLife, on Apple Watch. Apple’s much anticipated smart watch is set to hit stores on Apr 24.
We believe such strategic partnerships will benefit Cerner’s business scale massively, in turn boosting top-line growth prospects.
Zacks Rank
Currently, Cerner has a Zacks Rank #3 (Hold). A better-ranked stock in the medical sector is LeMaitre Vascular, which has a Zacks Rank #1 (Strong Buy).
Date: April 16, 2015