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CHICAGO–(BUSINESS WIRE)–Sep. 22, 2023–
Veradigm Inc. (Nasdaq: MDRX) announced today that, on September 20, 2023 and as anticipated in its September 18 release, it received a notice from Nasdaq indicating that the Company’s shares would be delisted due to noncompliance with Nasdaq Listing Rule 5250(c)(1), because the Company did not file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Q1 Form 10-Q”) and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (together with the Q1 Form 10-Q, the “Form 10-Qs”) before the expiration of the 180-day “exception period” that was previously granted by Nasdaq. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the “SEC”).
As previously disclosed, the Company has been unable to file the Form 10-K, and consequently, the Form 10-Qs, because of internal control failures that primarily stem from accounting processes and a software tool implemented by the Company in order to comply with the requirements of FASB’s rule ASC 606. The work effort to conclude on the accounting and internal control errors has taken longer than previously expected, primarily resulting from the need to build a new supplemental revenue system tool and the extensive manual work to aggregate and map the Company’s historical transaction data into the new system tool. The Company currently expects to file the Form 10-K and Forms 10-Q during the fourth quarter of 2023.
The Company intends to appeal the determination made by Nasdaq pursuant to the procedures set forth in the Nasdaq Listing Rules. As previously disclosed, the Listing Rules provide that the Company may request a hearing before a Nasdaq Hearings Panel (the “Panel”) and that the request will temporarily stay any suspension or delisting action for 22 days from the date of the Nasdaq notification. Further, the Listing Rules provide that, in its hearing request, the Company may request that the stay remain in effect through the hearing and the expiration of any additional extension period granted by the Panel. Accordingly, the Company intends to make such an extended stay request. While the determination on whether to grant the stay will be made by the Panel, the Company believes that it satisfies the standards for the granting of such an extended stay.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and Form 10-Qs, its appeal to Nasdaq and whether the Company’s common stock will remain listed on Nasdaq. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” “hopes,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further material delay in the Company’s financial reporting, including as a result of unanticipated factors or factors that the Company currently believes will not cause further delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company’s internal control over financial reporting, the possibility that the Company is unable to regain compliance with, or thereafter continue to comply with, the Listing Rules, or experience violations of additional Listing Rules, the possibility that Nasdaq may deny the Company’s appeal and delist the Company’s securities and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
© 2023 Veradigm Inc. and/or its affiliates. All Rights Reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230922199229/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
CHICAGO–(BUSINESS WIRE)–Sep. 18, 2023–
Veradigm Inc. (Nasdaq: MDRX) announced today that the work effort to conclude on its previously disclosed accounting and internal control errors has taken longer than previously expected, and more time is needed to complete its audit procedures. As such, today the Company will not be filing its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), or its Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2023, and June 30, 2023 (the “Form 10-Qs”). The Company currently expects to file the Form 10-K and Forms 10-Q during the fourth quarter of 2023. The extended timeline has primarily resulted from the need to build a new supplemental revenue system tool and the extensive manual work to aggregate and map the Company’s historical transaction data into the new system tool.
Because the Company will not regain compliance with Nasdaq Listing Rule 5250(c)(1) within the 180-day “exception period” provided by Nasdaq, the Company anticipates that it will receive a delisting notice. However, the Nasdaq Listing Rules provide that the Company may request a hearing before a Nasdaq Hearings Panel (the “Panel”) and that the request will temporarily stay any suspension or delisting action for 22 days from the date of the Nasdaq notification. Further, the Listing Rules provide that, in its hearing request, the Company may request that the stay remain in effect through the hearing and the expiration of any additional extension period granted by the Panel. Accordingly, the Company intends to make such an extended stay request. While the determination on whether to grant the stay will be made by the Panel, the Company believes that it satisfies the standards for the granting of such an extended stay.
The Company previously estimated that the cumulative impact of the accounting and internal control errors would be a reduction in revenue from continuing operations of approximately $40 million in the aggregate from what it otherwise reported or expected to report for the periods 2020 through the end of 2022. The Company is now revising the estimated cumulative impact down to approximately $20 million for these same reporting periods.
The Company is affirming the following financial guidance for Fiscal 2023 issued on March 22, 2023:
- Revenue is expected between $615 million and $635 million
- Non-GAAP earnings per share is expected between $0.80 and $0.90
The Company is also introducing initial financial guidance for Fiscal 2023 as follows:
- Non-GAAP Adjusted EBITDA is expected between $160 million and $170 million
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In providing financial guidance, the company does not reconcile Non-GAAP Earnings Per Share or Adjusted EBITDA to the corresponding GAAP financial measures since certain items that impact GAAP net operating income such as acquisition-related amortization, stock-based compensation and transaction and other costs, any of which may be significant, are outside of its control and/or cannot be reasonably predicted. Non-GAAP earnings per share consists of GAAP net income/(loss) from continuing operations, as reported, and adds back acquisition-related amortization; stock-based compensation expense; and transaction and other costs, including costs directly related to the extended audit work and revenue restatement, and also includes a GAAP to non-GAAP tax rate alignment adjustment, which is then divided by non-GAAP diluted weighted shares outstanding. Adjusted EBITDA is a non-GAAP measure and consists of GAAP income/(loss) from operations, as reported, and adjusts for: depreciation and amortization; stock-based compensation expense; and transaction and other costs, including costs directly related to the extended audit work and revenue restatement. |
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm Inc. and/or its affiliates. All Rights Reserved.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and Form 10-Qs and whether the Company will be able to regain compliance within the Exception Period. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” “hopes,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further material delay in the Company’s financial reporting, including as a result of unanticipated factors or factors that the Company currently believes will not cause delay that could cause further delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company’s internal control over financial reporting, the possibility that the Company is unable to regain compliance with, or thereafter continue to comply with, the Listing Rules, or experience violations of additional Listing Rules, the possibility that the Nasdaq may delist the Company’s securities, the preliminary nature of the financial information contained herein and the possibility that such results could materially change as they are finalized and audited, and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230918547818/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
CHICAGO–(BUSINESS WIRE)–Aug. 18, 2023–
Veradigm Inc. (NASDAQ: MDRX) announced today that, as expected, it received a notice from Nasdaq indicating that the Company remains noncompliant with Nasdaq Listing Rule 5250(c)(1) because the Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Q1 Form 10-Q”) and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Q2 Form 10-Q”, and together with the Q1 Form 10-Q, the “Form 10-Qs”). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the “SEC”).
The Company previously received notices (the “Prior Notices”) from Nasdaq on March 20, 2023 and on May 18, 2023 that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not timely filed the Form 10-K and the Q1 Form 10-Q. The Company received notice (the “Additional Notice”) from Nasdaq on August 16, 2023 that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not timely filed the Q2 Form 10-Q. In response to the Prior Notices and pursuant to Nasdaq Listing Rules, on May 18, 2023, the Company submitted to Nasdaq its compliance plan (the “Compliance Plan”) addressing both the Form 10-K and Q1 Form 10-Q filings, which was approved by Nasdaq. The Company plans to submit an update to the Compliance Plan on or prior to August 31, 2023 addressing its plans to file the Q2 Form 10-Q and regain compliance under the Listing Rules.
The Prior Notices and the Additional Notice have no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market. As previously disclosed, the Company has been unable to file the Form 10-K, and consequently, the Form 10-Qs, because of internal control failures that primarily stem from accounting processes and a software tool implemented by the Company in order to comply with the requirements of FASB’s rule ASC 606. While the Company hopes to file the Form 10-K and Form 10-Qs on or prior to September 18, 2023, which is the end of the 180 day “exception period” under the Listing Rules (the “Exception Period”), there can be no assurance that the Company will be able to meet that deadline and regain compliance.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm Inc. and/or its affiliates. All Rights Reserved.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and Form 10-Qs and whether the Company will be able to regain compliance within the Exception Period. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” “hopes,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further material delay in the Company’s financial reporting, including as a result of unanticipated factors or factors that the Company currently believes will not cause delay that could cause further delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company’s internal control over financial reporting, the possibility that the Company is unable to regain compliance with, or thereafter continue to comply with, the Listing Rules, or experience violations of additional Listing Rules, the possibility that the Nasdaq may delist the Company’s securities and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230818214123/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
CHICAGO–(BUSINESS WIRE)–Jul. 20, 2023–
Veradigm Inc. (NASDAQ: MDRX) announced today the signing of two multi-year healthcare provider agreements during the second quarter.
One of Veradigm’s largest Veradigm EHR clients, State of Franklin Healthcare Associates (SOFHA), a physician-owned and led primary care and multi-specialty healthcare system in upper East Tennessee and Southwest Virginia, expanded its agreement with Veradigm to include Veradigm Revenue Cycle Services. “SOFHA is comprised of over 250+ providers and envisions continued smart-growth opportunities in the years to come, as such we are focused on optimizing value-based care and were looking for a common technology platform and a partner we can trust,” said Amanda Clear, Chief Operating Officer of SOFHA. “Given our experience with Veradigm EHR, along with the value we saw in Veradigm’s Revenue Cycle Services, it became clear that Veradigm was the vendor to select.”
Also, during the quarter, Total Orthopedics and Sports Medicine contracted for Veradigm Revenue Cycle Services, Veradigm Payerpath, Veradigm Guided Scheduling and Veradigm FollowMyHealth to enhance their patient experience and billing process. Total Orthopedics is a 40-provider orthopedic, spine, and sports medicine group with multiple locations in the greater New York Area, Long Island, and Northern New Jersey. “A top priority of Total Orthopedics has been to enhance our patient’s experience,” said Dr. Charles Ruotolo, M.D., President Total Orthopedics and Sports Medicine. “We’re excited to work side by side with Veradigm’s experienced team and software platforms to better support our billing processes and increase patient communication.”
Veradigm’s breadth of technology and services offered to small, medium and large ambulatory practices has helped drive growth across the business. “We are uniquely positioned to support the needs of primary care and specialty practices. Providers continue to select solutions within the Veradigm Network to optimize operational efficiency, improve productivity, and increase collections,” said Tom Langan, Veradigm President and Chief Commercial Officer.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm Inc. and/or its affiliates. All Rights Reserved.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the growth of its businesses, including its Provider business. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” and similar terms, although not all forward-looking statements contain such words or expressions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230720732009/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
Company uniquely positioned to drive increased value
CHICAGO–(BUSINESS WIRE)–Jun. 28, 2023–
Veradigm Inc. (NASDAQ: MDRX) reports today strong growth for the preceding six months in its payer segment including:
- 296 Veradigm Payerpath agreements
- 6 net-new regional payer, national payer, and aggregator clients signed
- 16 incremental health plan agreements signed with existing clients, including the new Comprehensive Submissions which increased Veradigm’s footprint in the Medicaid market
- Signed the first two Veradigm Payer Insight contracts, breaking ground in the company’s ability to display gaps in care alerts in a single consolidated workflow on behalf of health plans for their providers
Veradigm Payerpath was recently rated top end-to-end revenue cycle management (RCM) software by Black Book. Veradigm Payerpath is an end-to-end provider/payer collaboration platform built to handle clean claims submissions, assist organizations to improve revenue, reduce friction between payers and providers, and streamline patient communications.
Veradigm added 6 net-new regional payer, national payer, and aggregator clients, while expanding business with 15 current clients, worth multimillion in annual contract value. Veradigm also grew its Blue Cross/Blue Shield health plan client base to 10 by adding one additional large Blue health plan.
“To compete effectively while also improving clinical and financial outcomes, payers need to drive new, meaningful value for their members and their network of providers,” said Tom Langan, President and Chief Commercial Officer of Veradigm. “Doing so calls for a comprehensive, end-to-end solution that empowers payers to deliver the meaningful improvements their members want and need.”
Veradigm has also experienced significant growth in Veradigm Payer Analytics which is a comprehensive solution that supports payers’ risk adjustment and quality efforts to help close quality gaps and enhance financial performance, improve risk and quality scores, and deploy the right intervention, with the right provider, at the right time.
Veradigm is making strides in engaging customers and prospects with a full suite of end-to-end solutions. The Company is navigating EDI cross-sell opportunities with two large health plan clients and was verbally awarded Vendor of Choice (VOC) status from a 4.5-Star health care system to provide Health Plan analytics and Provider Engagement solutions, with the potential to include Submissions as well as expand current Clearinghouse contracts.
“We believe that Veradigm is uniquely positioned to drive value by combining a proven, end-to-end solution with provider and member engagement solutions to support payer strategic objectives,” said Rick Poulton, Veradigm Chief Executive Officer. “Only Veradigm combines a comprehensive offering with a large-scale provider network, patented technology and methodology, along with third-party validation of the effectiveness of our solutions.”
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm Inc. and/or its affiliates. All Rights Reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230628478187/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
CHICAGO–(BUSINESS WIRE)–Jun. 13, 2023–
Veradigm Inc. (Nasdaq: MDRX) announced today that Nasdaq has accepted the Company’s plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) and granted the Company an exception until September 18, 2023 to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Form 10-Q”).
The Company received notice from Nasdaq on March 20, 2023, that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not timely filed its Form 10-K, and on May 18, 2023, the Company received an additional notice related to the delay in filing its Form 10-Q.
As previously disclosed, the Company has been unable to file its Form 10-K and the Form 10-Q because of internal control failures that primarily stem from accounting processes and a software tool implemented by the Company in order to comply with the requirements of FASB’s rule ASC 606. The Company also previously disclosed that it expected to restate previously reported results for 2021 and 2022, and the cumulative impact was expected to be a reduction of revenue from continuing operations of approximately $40 million across the two years, and that the Company planned to file its Form 10-K on or around June 14, 2023.
With the assistance of its external advisors, the Company’s comprehensive review has concluded on the nature and extent of the accounting and internal control errors impacting the reporting periods through the end of 2022 and continues to believe the cumulative impact across these reporting periods will be a reduction of revenue from continuing operations of approximately $40 million dollars. However, a portion of this impact is expected to relate to 2020, and thus the impact to any single calendar year is now anticipated to be lower than previously expected.
The work effort to conclude on the nature and the extent of the accounting and internal control errors, and the estimates on what periods the errors impact has taken longer than previously expected, and the Company’s independent auditors need more time to complete their audit procedures. As such, the Company will not file its Form 10-K on or around June 14, 2023. The Company currently expects to file its Form 10-K and Form 10-Q on or prior to Nasdaq’s September 18, 2023, deadline.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit http://www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and Form 10-Q, the results of the ongoing review and the estimated amount of the misstatement. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further delay in the Company’s financial reporting, which would result in Nasdaq issuing a notice of delisting, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices or other unanticipated factors occur that could cause further delay, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company’s internal control over financial reporting, and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
© 2023 Veradigm LLC and/or its affiliates. All rights reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230612722957/en/
Investors:
Jenny Gelinas
312-506-1237
Jenny.Gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
Annual survey results reveal company receives top ranking in RCM setting for the second consecutive year
CHICAGO–(BUSINESS WIRE)–Jun. 8, 2023–
Veradigm® (NASDAQ: MDRX), a leading provider of healthcare data and technology solutions, announced that Black Book, a healthcare-centric market research and public opinion research and consulting company, has honored Veradigm Payerpath with the highest ranking in its End-to-End RCM Software Technology, Physician Practices & Ambulatory Facilities/Groups category for 2023.
Black Book conducted polls and surveys with healthcare executives and front-line users about their current technology and services partners and awarded top-performing vendors based on 18 key performance indicators of client experience, loyalty, and customer satisfaction.
Veradigm Payerpath is an end-to-end revenue cycle management suite of solutions built to assist organizations improve revenue, streamline communications with payers and patients, and boost practice profitability for practices of all sizes and specialties.
“Veradigm Payerpath seamlessly connects patients, providers, and payers via the Veradigm Network,” said Tom Langan, President and Chief Commercial Officer of Veradigm. “Veradigm is dedicated to helping streamline patient interactions and support providers as they take control of their revenue cycle. We are proud that Black Book and its survey participants have recognized the value Payerpath brings to the ambulatory market.”
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit http://www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm LLC and/or its affiliates. All rights reserved. Cited marks are the property of Veradigm LLC and/or its affiliates. All other product or company names are the property of their respective holders, all rights reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230608005741/en/
Investors:
Jenny Gelinas
312-506-1237
Jenny.Gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm
CHICAGO–(BUSINESS WIRE)–May 19, 2023–
Veradigm Inc. (Nasdaq: MDRX) announced today that, as expected, it received a notice from Nasdaq indicating that the Company remains noncompliant with Nasdaq Listing Rule 5250(c)(1) because the Company has not filed its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Form 10-Q”). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the “SEC”).
The Company previously received notice from Nasdaq on March 20, 2023 that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not timely filed the Form 10-K. In response to the notice and pursuant to Nasdaq Listing Rules, on May 18, 2023, the Company submitted to Nasdaq its compliance plan (the “Compliance Plan”) addressing both the Form 10-K and Form 10-Q filings. If approved, Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K to allow the Company to regain compliance with Nasdaq Listing Rule 5250(c)(1). However, there can be no assurance that Nasdaq will accept the Compliance Plan or that the Company will be able to regain compliance within any extension period granted by Nasdaq.
The Nasdaq notices with respect to the Form 10-K and Form 10-Q filings have no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market. As previously disclosed, the Company has been unable to file the Form 10-K, and consequently, the Form 10-Q, because of internal control failures that primarily stem from accounting processes and a software tool implemented by the Company in order to comply with the requirements of FASB’s rule ASC 606. The Company plans to file the Form 10-K on or around June 14, 2023, and the Form 10-Q as soon as practicable thereafter. However, no assurance can be given as to the definitive date on which the Form 10-K and Form 10-Q will be filed.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit http://www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and Form 10-Q and whether Nasdaq will accept its Compliance Plan. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further material delay in the Company’s financial reporting, including as a result of unanticipated factors that could cause further delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company’s internal control over financial reporting, and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
© 2023 Veradigm LLC and/or its affiliates. All rights reserved.
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Investors:
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312-506-1237
Jenny.Gelinas@veradigm.com
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Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
CHICAGO–(BUSINESS WIRE)–Mar. 23, 2023–
Veradigm® (NASDAQ: MDRX), a leading provider of healthcare data and technology solutions, announced today that Black Book, a healthcare-centric market research and public opinion research and consulting company, has ranked Practice Fusion first for Allergy and Immunology and second for Rheumatology within its 2023 Ambulatory EHR by Physician Specialty category.
Practice Fusion, a Veradigm Network solution, is a cloud-based electronic health record (EHR) system designed specifically for independent practices, aiming to cater to the needs of medical professionals, service providers, and patients. It supports over 31,000 clinicians and helps drive better care for 5 million patients a month. Practice Fusion’s comprehensive system ensures secure and reliable access to all patient and practice information. The EHR is designed to streamline administrative tasks and provide clinicians with the tools they need to provide the best possible patient care. Practice Fusion’s wide range of features, including clinical charting, lab and imaging integrations, and e-prescribing, helps practice staff save time and increase efficiency.
“Black Book’s survey highlights Veradigm’s commitment to providing independent practices with the support, cloud technology and cost-effective tools they need,” said Tom Langan, President and Chief Commercial Officer of Veradigm. “We are very proud of this honor from Black Book and are committed to empowering independent healthcare providers.”
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit http://www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm LLC and/or its affiliates. All rights reserved. Cited marks are the property of Veradigm LLC and/or its affiliates. All other product or company names are the property of their respective holders, all rights reserved.
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Investors:
Jenny Gelinas
312-506-1237
Jenny.Gelinas@veradigm.com
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Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm
CHICAGO–(BUSINESS WIRE)–Mar. 22, 2023–
Veradigm Inc. (NASDAQ: MDRX), announced today an update on the status of its year-end audit procedures for 2022. As the Company disclosed on February 28, 2023, due to an expansion of year-end audit procedures, the Company filed with the SEC a Form 12b-25, extending the due date of its annual report on Form 10-K by 15 days, to allow for completion of those procedures.
The reason for the expanded audit procedures stems from detected internal control deficiencies related to revenue recognition, and this reasoning has not changed. While the nature of the internal control deficiencies has not changed, the volume of transaction testing and time periods to which they are being applied have increased to help ensure that any prior errors are fully quantified and corrected. As a result, the expanded audit procedures have not been completed, and as such, the Company has not yet filed its Form 10-K.
Because the Company has not yet filed its Form 10-K, the Company received a notice from Nasdaq indicating that the Company is no longer in compliance with the timely filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC. The notice from Nasdaq was expected under these circumstances, and it has no immediate impact on the listing or trading of the Company’s common stock. Pursuant to the terms of the notice, the Company has 60 days to file its Form 10-K or to submit a plan to regain compliance with Nasdaq’s continued listing requirements.
The Company previously estimated that the cumulative impact will be a reduction in revenue from continuing operations of approximately $20 million in the aggregate from what it otherwise reported since the 3rd quarter of 2021 and expected to report for the 4th quarter of 2022. As the expanded audit procedures are now being applied to earlier time periods, the Company anticipates that the cumulative impact will increase to approximately $40 million, but not exceed 5% of full year revenue from continuing operations for either 2021 or 2022. The Company has determined that the impact for 2021 will require a restatement of the Company’s financial statements as of and for the year ended December 31, 2021, and these restated amounts will accompany the 2022 Form 10-K filing.
The Company also believes that there will be an impact on the Company’s revenue from discontinued operations for the corresponding periods.
Finally, the Company is revising the following financial guidance for Fiscal 2023 issued on February 28, 2023 as follows:
• Revenue is expected between $615 million and $635 million, a decrease from the prior guidance of $625 million and $645 million
The Company is affirming the following financial guidance issued on February 28, 2023:
• Non-GAAP earnings per share is expected between $0.80 and $0.90
In providing financial guidance, the Company does not reconcile non-GAAP diluted earnings per share to the corresponding GAAP financial measure. The Company does not provide guidance for the various reconciling items since certain items that impact GAAP diluted earnings per share, any of which may be significant, are outside of its control and/or cannot be reasonably predicted. As a result, the Company is also not able to indicate the probable significance of such items.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of the Form 10-K and the results of the ongoing review, the financial impacts of the misstatements, including the preliminary financial information contained herein, and the Company’s guidance for its 2023 fiscal year. These forward-looking statements are based on the current beliefs and expectations of the Company’s management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a further material delay in the Company’s financial reporting, including as a result of unanticipated factors that could cause further delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in additional material weakness or material weaknesses in the Company’s internal control over financial reporting, the preliminary nature of the financial information contained herein, and the possibility that such results could materially change as they are finalized and audited, including as a result of unrelated corrections in prior periods, and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company does not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
© 2023 Veradigm Inc. and/or its affiliates. All rights reserved.
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Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.
Top honors awarded in the 50+ physician category, placed in the top five across all physician group sizes
CHICAGO–(BUSINESS WIRE)–Mar. 14, 2023–
Veradigm® (NASDAQ: MDRX), a leading provider of healthcare data and technology solutions, announced today that Black Book, a healthcare-centric market research and public opinion research and consulting company, has ranked Veradigm Practice Management first for its 2023 Practice Management Solutions, 50+ Physician Groups category.
Veradigm Practice Management placed in the top five practice management solutions across all physician group size categories, including:
- #1 in 50+ Physician Groups
- #3 in 10-49 Physician Groups
- #4 in 4-9 Physician Groups
- #3 in 1-3 Physician Groups
Veradigm Practice Management is a comprehensive revenue cycle management solution for physician practices of all sizes and specialties. With over 20 years’ experience, Veradigm Practice Management is an EHR-agnostic solution that streamlines every step along the revenue cycle, from pre-appointment to final collections and data analysis.
“With best-in-class solutions like Veradigm Practice Management, we are supporting healthcare providers to optimize revenue, manage their day-to-day operations, engage in productive patient interactions, and save staff time,” said Tom Langan, President and Chief Commercial Officer of Veradigm. “This ranking demonstrates our continued commitment to help deliver a higher quality of care, more economically.”
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit http://www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
© 2023 Veradigm LLC and/or its affiliates. All rights reserved. Cited marks are the property of Veradigm LLC and/or its affiliates. All other product or company names are the property of their respective holders, all rights reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230314005325/en/
Investors:
Jenny Gelinas
312-506-1237
Jenny.Gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm
CHICAGO–(BUSINESS WIRE)–Feb. 28, 2023–
Veradigm Inc. (NASDAQ: MDRX), announced today that in conjunction with its year-end audit procedures it has detected certain internal control failures related to revenue recognition that have occurred over the prior six quarters, resulting in a mis-statement to reported revenues during those periods. As a result, the Company and its external auditors need to expand procedures and are filing with the SEC a Form 12b-25, extending the due date of the Company’s Form 10-K by 15 days, to allow for completion of those procedures.
The internal control failures primarily stem from a software tool the Company implemented in the 3rd quarter of 2021 to assist it with compliance with FASB’s rule ASC 606. While extensive testing was conducted on the tool when implemented in 2021, testing during the current period highlighted some system generated duplicate transactions and other errors impacting the results the Company was receiving from the tool. The Company has engaged external advisory services to fully quantify the past impact, review system changes, and recommend compensating controls to prevent and detect similar potential errors in the future.
While the work is not yet finalized, the Company estimates that the cumulative impact will be a reduction in revenue from continuing operations of approximately $20 million dollars in the aggregate from what it otherwise reported since the 3rd quarter of 2021 and expected to report for the 4th quarter of 2022. The Company is continuing to evaluate the materiality of the mis-statement to determine if the full amount of this adjustment will flow through in the 4th quarter of 2022 or if prior periods will also require adjustment, but at this point no conclusion has been reached. The revenue adjustment will also impact reported Operating Income and Net Income from Continuing Operations for the respective periods, but at a lower dollar amount. The revenue adjustment will have no impact on reported cash flows from continuing operations for the respective periods.
As a result of the additional work the Company and its external auditors will be conducting, the Company will delay its previously announced earnings call from March 1st to a later date that will be scheduled closer to its Form 10-K filing date.
Based on the above information, the Company is modifying its previously issued financial guidance for Fiscal 2023 as follows:
- Revenue is expected between $625 million and $645 million, versus the previous range between $640 million and $660 million
- Non-GAAP earnings per share is expected between $0.80 and $0.90, versus the previous range between $0.90 and $1.00
In providing financial guidance, the Company does not reconcile non-GAAP diluted earnings per share to the corresponding GAAP financial measure. The Company does not provide guidance for the various reconciling items since certain items that impact GAAP diluted earnings per share, any of which may be significant, are outside of its control and/or cannot be reasonably predicted. As a result, the Company is also not able to indicate the probable significance of such items.
About Veradigm®
Veradigm is a healthcare technology company that drives value through its unique combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions, all working together to transform healthcare insightfully. For more information on Veradigm, visit www.veradigm.com, or find Veradigm on LinkedIn, Facebook, Twitter, and YouTube
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our financial performance and results of operations and our beliefs and expectations relating to the filing of the Form 10-K and the results of the ongoing review. These forward-looking statements are based on the current beliefs and expectations of our management with respect to future events, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “continue,” “can,” “may,” “look forward,” “aim,” and similar terms, although not all forward-looking statements contain such words or expressions. Actual results could differ significantly from those set forth in the forward-looking statements.
Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a material delay in the Company’s financial reporting, including the possibility that the Company will not be able to file its Form 10-K within the fifteen-day extension period permitted by the rules of the SEC, including as a result of unanticipated factors that could cause delay, the possibility that the ongoing review may identify additional errors or control deficiencies in the Company’s accounting practices, the likelihood that the control deficiencies identified or that may be identified in the future will result in a material weakness in the Company’s internal control over financial reporting, the preliminary nature of the financial results contained herein, and the possibility that such results could materially change as they are finalized and audited, including as a result of unrelated corrections in prior periods, the possibility that the process may ultimately result in a restatement of the Company’s financial statements, and other factors contained in the “Risk Factors” section and elsewhere in the Company’s filings with the SEC from time to time, including, but not limited to, its annual report on Form 10-K and its quarterly reports on Form 10-Q. We do not undertake to update any forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes over time, except as required by law.
© 2023 Veradigm Inc. and/or its affiliates. All rights reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006295/en/
Investors:
Jenny Gelinas
312-506-1237
jenny.gelinas@veradigm.com
Media:
Concetta Rasiarmos
312-447-2466
concetta.rasiarmos@veradigm.com
Source: Veradigm Inc.