Veradigm Inc.

Greetings and welcome to Allscript's first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during a conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Stephan Schulstein, Vice President of Investor Relations. Thank you. You may begin.

Thank you very much. Good afternoon and welcome to the Allscripts first quarter 2021 earnings conference call. Our speakers today are Paul Black, Allscripts Chief Executive Officer, and Rick Fulton, our President and Chief Financial Officer. We'll be making a number of forward-looking statements during the presentation and the Q&A part of the call. These statements are based on current expectations and involve a number of risks and uncertainties that can cause our actual results to vary materially. We undertake no obligation to revise these forward-looking statements in light of new information or future events. Please refer to our earnings release and SEC filings for more information with these risk factors that may affect our results. Please reference the GAAP and non-GAAP financial statements as well as the non-GAAP tables in our earnings release and the supplemental workbook that are both available on our investor relations website. And with that, I'm going to hand the call over to Paul Black to begin.

Thanks, Stephan. And thanks, everyone, for joining the call. We appreciate your interest in Allscripts. Let me begin by saying that I'm very pleased with our solid first quarter results. These results reflect the hard work and tough decisions we made last year and continue to make to position the company for long-term success. Looking back a year ago, it's gratifying to see the dramatic transformation Allscripts has made, improving our financial performance. We adjusted our priorities to help clients respond to the COVID pandemic. and we optimized our balance sheet and solutions portfolio. I'd like to once again thank our associates for their unceasing devotion to our clients and for delivering these results. While the COVID pandemic has not ended, we are becoming more optimistic given the trend lines for decreases in COVID infections in North America, increases in the percentage of population who have been vaccinated, and the efficacy of vaccine impacts on preventing COVID severe outcomes. We also believe the pandemic highlighted the significant value that health IT solutions and data bring across the continuum of care. We are proud of the actions we took and are taking to lead our clients in positioning them and us to succeed post-pandemic. When the pandemic became known to the medical community, Allscripts immediately set up a team to respond to the crisis by ensuring our solutions were updated with the necessary alerts to quickly identify risk populations. We were recognized by reaction data as having outperformed our competitors in the delivery of new functionality and services to support provider organizations throughout the pandemic. Throughout the early months, we continued to assist our clients in their recovery from the crisis. During that time, many healthcare organizations saw a reduction in elective procedures and challenges to their financial position. Once again, Allscripts was there to help our clients recover by offering full telemedicine solutions, workforce management tools, and more access to data to help them make better decisions for the business. Now as we enter into the recovery phase of the pandemic, Allscript is uniquely prepared to help consumers and our clients protect themselves and their organizations from future crises with open access to data in analytics, telemedicine, and cloud-enabled services. From the beginning and throughout the pandemic, Allscripts has been a trusted partner to our clients. Let's go to some highlights for the quarter. In the hospital business, we experienced momentum with our platform of health as we benefit from strategic R&D investments. We built a patient record across multiple care settings and revenue cycles. Our Microsoft partnership leveraged with human-centered design, driven by our long-standing vision of open, connected communities of health, is resonating in the marketplace. During Q1, we welcomed a new all-in Sunrise Platform of Health client, Mercy Iowa City. After a highly competitive process, Mercy selected Allscript's Sunrise Platform of Health, operating on Microsoft Azure as a core EHR for its community hospital and clinics. Mercy was searching for an innovative partner ready for the future of healthcare by cloud-capable features built on Azure. Mercy Iowa City's commitment to all scripts is an important validation of the vision and R&D investments we've strategically deployed over the past few years. A single medical digital record with revenue cycle, inpatient, outpatient, delivered through the cloud, and connected to the community. The integrated EHR is a complete ecosystem that optimizes software as a service model Microsoft Azure will deliver high availability, cybersecurity, disaster recovery, and business continuity features. We look forward to our long-term partnership with Mercy as we drive continuous improvement in patient and financial outcomes with them. In another validation of our health system strategy, our long-term client, Blessing Health System, substantially expanded its Allscripts relationship with Sunrise. Blessing will be adding two new hospitals and one large multi-group specialty practice to their Sunrise platform. Included in this expansion, Allscripts will also utilize, Blessing will also use Allscripts managed services and they extended their agreement through 2028. In addition, our largest client, Northwell Health, is also expanding its Sunrise platform at an additional hospital in their system, Peconic Bay Medical Center in Long Island. These new limbs, Q1, have provided additional underwriting of our health system strategy and Microsoft partnership. We expect this to provide additional momentum as we compete for new business. We've also received third-party validation for our solutions in the health system segment. We've been recognized again by BlackBook as number one in its 2021 community health systems vendors report for the fifth consecutive year. Black Book's comprehensive survey shows our commitment to providing smaller healthcare organizations with the support, cloud technology tools that they need. In our ambulatory business, we continued with our momentum from last quarter as we were able to sign another six new clients in the independent ambulatory marketplace. Our second quarter pipeline remained robust, and as we benefit from the investments we've made across our ambulatory team, our ambulatory platforms, and breadth and depth of solutions, which is further supported by our number one market share positioning. Our portfolio of offerings is highly attractive as clients look to consolidate vendors and for a complete end-to-end solution covering consumer, clinical, financial, and revenue cycle outsourcing. Our RCMS business continues to gain traction as clients pivot COVID to the recovery in their patient volumes. An example is Springfield Clinic, one of our largest revenue cycle management services relationships. Springfield Clinic has grown in central Illinois, and as a result of the Springfield Clinic trust in our recycle management services, we were awarded a large expansion of our existing partnership. With Veridigm, our business is a key piece of our strategy to address the present and future needs of healthcare delivery. Our industry-leading data analytics platform and bidirectional connectivity with providers at the point of care provides a substantial value to life sciences companies, payers, and providers. We have made purposeful investments across Veridigm to position us for relevance across multiple addressable markets. By leveraging a vast and growing electronic health record of ambulatory footprint along with strong provider relationships, Veridigm is helping to transform biopharma product development and commercialization. We are extending point-of-care workflows to include clinical research, and our vision for the future is to provide a research-as-a-care option for our providers and patients. Let me highlight a number of areas where we're seeing progress at Veridigm. In the Veridigm payer business, we signed two new clients from the top 15 health plans in the first quarter. We're providing our e-chart courier clinical data exchange solution to one of these plans and our pulsate analytics for another plan's Medicare Advantage solution. and ACA lines of business, which includes almost 400,000 lives. Our Veridigm study source platform modernizes clinical research while extending our EHR systems to include research workflows. For instance, identifying eligible study patients, efficiently enrolling them in studies, and utilizing the healthcare data to assist with their research. Before I hand the call over to Rick, I'd like to discuss how we are leading corporate social responsibility and the impact our solutions can have on improving health outcomes. We published our first CSR report quarter. Here are some updates on how we are envisioning our role within the healthcare ecosystem. The pandemic has brought to the forefront the inequities in our healthcare system. We believe healthcare IT and Allscripts have the power to reduce these inequities and help address social determinants of health. The more detailed information an electronic health record can provide to a clinician at the point of care, the more likely a patient will have a better and positive health outcome. More data enables a physician to provide a more precise, effective treatment plan for that patient. But to be truly effective, that data can't be limited to only previously documented care and treatment information. This is where data integration plays an important role. Housing status, financial situation, education level, access to nutrition, neighborhood crime rates, these are all important factors contributing to overall health. To capture community data that includes insightful information based on, say, geographical areas, requires strong partnerships with multiple community organizations and local health centers. They all must come together in an API-centric, open, interoperable health IT system. This has been the philosophy of Allstrips for over a decade. We are focused on delivering solutions that help bridge these gaps we see often in healthcare. This includes data analytics and expert consultation that provides support for at-risk patient cohort identification, software enabling the ability to direct patients to care and see service that they can afford through price tools, a means of understanding out-of-pocket costs associated with routine needs such as prescriptions, taking into consideration patient's insurance coverage and out-of-pocket fees that can vary based on where it is filled. And importantly, patient engagement strategies that include proactive outreach to encourage telehealth visits. Today, that helps patients understand their eligibility for vaccine distribution. We believe our vision of open, connected communities of health position us to help address some of these issues, while at the same time provide substantial value for our clients. To summarize, I remain very optimistic about our performance in 2021 and our ability to deliver value to our shareholders, associates, our clients, and to communities. Our scale R&D investments in building integrated platform solutions with a differentiated payer and life sciences platform and our partnership with Microsoft have positioned us to deliver relevant and long-term value-added solutions for our clients across the payer, provider, and life sciences landscape. Our improved and sustainable cost structure allows us to drive more earnings, bottom line, and generate meaningful amounts of free cash flow. With that, I'll turn it over to Rick to provide more detail of our financial position. Thank you.