HealthLynked Corp. (OTC: HLYK) announced some exciting news that is staying under the radar for now. On Tuesday, the company announced that is has completed the development of its data integration with athenahealth, Inc. that provides patients with easy access to their medical records. This is big news- especially when considering that athenahealth, who was acquired by Veritas Capital in 2018 for $5.7 billion, was until yesterday considered a competitor. The news this morning now makes them appear to be an ally.
For the past few years, HealthLynked has been building a comprehensive global healthcare network focused on its members’ care management and as a provider of healthcare technologies connecting doctors, patients, and medical data. The agreement with athenahealth connects HealthLynked’s Application Programming Interface (API) with athenahealth’s EMR to allow patients to request their health data from connected practices. That connection enables patients to keep track of their health information and take ownership of their medical data sharing.
The agreement connects HealthLynked to a giant in the industry and might be the first step for bigger things to come. The exciting part of the deal is that it connects HealthLynked into the athenahealth system, making it more than just an informal portal exchange.
Specifically, patients who enter an initial request will have their identity verified by the participating practice using HealthLynked’s practice portal, who can then onboard quickly using athenahealth’s existing integration marketplace. The integration works by leveraging athenahealth’s extensive API to provide data that is typically only available to health plans and health information exchanges. Once in the portal, patients can access information such as medications, diagnoses, lab results, vitals, and appointment history in their HealthLynked patient record.
Since HealthLynked will charge a small fee for each record request, the agreement can become a significant value-creating event.
A Substantial Value-Creating Event
athenahealth is one of the top EMRs in the country with over 160,000 healthcare provider users and 153 million patient records across 110 medical specialties. The company was the industry pioneer, offering a cloud-based revenue cycle solution geared towards large, multi-physician groups and hospitals. Over the years, though, athenahealth began to cater to small and individual practices and was awarded Best in Klas Small Practice Ambulatory EMR/PM in 2020. Many patients that use online portal features, even in small-town practices, are probably familiar with their name.
For HealthLynked, the integration with athenahealth provides many of its existing and future patient members the ability to easily access their medical information and have their records available to all their healthcare providers. The process now will be for HealthLynked to deploy the integration in some of its clinical sites and offer this service to existing patient members. The result will allow users to quickly gain access to their medical information and share this with the healthcare providers they choose. Importantly, timely access to medical records will help improve treatment and reduce costly delays in care.
Since its inception, HealthLynked has been building and implementing a solution for both patient members and providers to improve healthcare through the efficient exchange of medical information. Its cloud-based platform allows members to connect with their healthcare providers and take more control of their healthcare by hosting access to personal medical information, including medications, allergies, past surgeries, and personal health records, in one convenient online and secure location, free of charge.
That service connects providers with their current and future patients adding benefits that include utilizing the HealthLynked patent-pending patient access hub “PAH” for patient analytics. Other uses for preferred providers include HealthLynked marketing tools to connect with their active and inactive patients to improve patient retention, access more accurate and current patient information, and provide more efficient online scheduling and to fill last-minute cancellations by using the company’s “real-time appointment scheduling”- all within its mobile application. Revenue for HealthLynked is generated from its preferred providers paying a monthly fee to access these HealthLynked services.
For those following HealthLynked, and to those new to the company, the news on Tuesday may be the start of something more significant from an investment perspective. Reading between the lines, athenahealth probably didn’t have to reach down to help HealthLynked’s growth. But, they did.
That’s what makes this news quite intriguing.
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