Veradigm Inc.

Good day, ladies and gentlemen, and welcome to the Allscripts Third Quarter 2021 Earnings Conference Call. All lines have been placed on a listen-only mode, and the floor will be open for your questions and comments following the presentation. At this time, it is my pleasure to turn the floor over to your host, Jenny Gelinas. Gelinas, I apologize. Ma'am, the floor is yours.

Thank you very much. Good afternoon, and welcome to the Allscripts Third Quarter 2021 Earnings Conference Call. Our speakers today are Paul Black, Allscript's Chief Executive Officer, and Rick Poulton, our President and Chief Financial Officer. We will be making a number of forward-looking statements during the presentation and the Q&A part of the call. These statements are based on our current expectations and involve a number of risks and uncertainties that could cause our actual results to vary materially. We undertake no obligation to revise these forward-looking statements in light of the new information or future events. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results. Please reference the GAAP and non-GAAP financial statements, as well as 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.

Thanks, Jenny, and welcome to your new role. Welcome, everybody else, to the call today. We appreciate your interest in Allscripts. Today I'd like to cover my view of the industry, the quarter, and our longstanding relevance to healthcare. As this global industry continues to manage through the pandemic, we're seeing innovations introduced to address newly exposed needs. You see this with the significant rise of telemedicine technology, options, and growing patient usage and expectations of these tools. To have the ability to reach patients anywhere is a game changer for providers in advancing the methods in which humans receive the care that they need. The rise of consumerism in healthcare and the importance of opening the digital front door for patients to engage their health has transformed how care is delivered and it's here to stay. Patients now demand access to care beyond the four walls of the practice or hospital, on their schedule, at their convenience, and without a long wait. Healthcare providers that embrace the rise of the patient as a consumer and the importance of capturing and harnessing analytics available, which inform decision-making, will expand their brands and catchment over the next two to four years. Healthcare technology is central to the strategy, which is better positioned for success when clinicians' patients have access to a complete and community view of the integrated record. Turning to the quarter, I'm pleased with our solid third quarter financial results, which represent the continuation of our strong performance this year. The results reflect decisive actions we have taken since the beginning of the COVID-19 pandemic and the efforts of the Allscripts teams located around the globe. During the quarter, we were awarded a contract extension from the National Institutes of Health Clinical Center, an important research hospital located on the NIH campus in Bethesda, Maryland. The Hospital and Research Institute have been a valued Allscripts client since 1976. They represent the largest hospital devoted to research in the country. This renewal will extend NIH's use of Sunrise for at least five additional years. It also expands the purchasing ceiling under the agreement, enabling the U.S. federal government to purchase additional solutions through this contract vehicle. In California, Lompoc Valley Medical Center signed a 10-year agreement for Sunrise Community Care deployed on Microsoft Azure. In Iowa, Shenandoah Medical Center also signed a 10-year agreement for Sunrise Community Care. Shenandoah sought a superior integrated EHR to address the needs of an important community hospital. A new client, Wilson and Jones Medical Center, also signed a 10-year agreement for Sunrise Community Care. A facility with 214 licensed beds They care for families in four counties of North Texas and Southern Oklahoma. Allscript's international business also made progress this quarter. Our team won its first new client in New Zealand, Waikato District Health Board, who selected our anesthesia solution. For Allscript, this win represents a significant opportunity to grow our business in New Zealand. We're also pleased to continue with our military contracts overseas who are prepping for new upgrades and add-on capabilities. Since we last reported, we hosted our flagship client event, the Allscripts Client Experience, at the end of August in the United States. We hosted similar ACE events in the United Kingdom, Canada, Singapore, and Australia. Approximately 3,500 clients, partners, and associates attended the virtual events, which featured three days of education, networking, and fun. With more than 180 sessions completed, 50-plus marketplace booths visited, and $35,000 raised for our Give Back partner, Reach Out and Read, ACE was a huge success. We also had our Global Impact event during the quarter. Allscript's employees around the world participated in the Global Impact event, providing various types of services and financial support to numerous charities. I'm quite proud of the work that we do, not only during this annual event, but also throughout the entire year, giving back to those in need. We call it winning in our communities. An incredible amount of change in healthcare has occurred over the last 20 months. A new pressure around staffing shortages, wage inflation, supply chain costs have created a strategic refocus on this dimension of our solutions. Revenue cycle, once relegated as tactical, is now a strategic part of a healthcare organization's success. Organizations are devoting their focus not only to treating patients with pressing needs, but also restoring their financial health. We are strengthening clients' financial chassis by our revenue cycle center of excellence proactive monitoring services. With our collaboration, we're seeing clients achieve record-cut cash levels, substantial reductions in denials, and significant improvements in accounts receivable balances. This has all been driven through transparency into actionable data that financial managers need to effectively run their organizations every day. Our clients' improvements in performance are evidence of the impact of a truly integrated clinical and financial platform combined with proactive as-a-service analytics. With a focus on visibility and clinician fatigue, we're also co-creating with our clients to build an individualized experience with elegance and simplicity, placing the human experience at the center of everything we do. This practice is called human-centered design. It's a thorough process that's been refined over the last three decades and puts the focus not only on the user and the workflow, but the human engaging with technology or the human experience. Applied across multiple industries, the human-centered design process lives where business, development, product, and design meet. This approach leverages the concept of personas, a representation of the problems, needs, goals, and behavior of a specific group, such as researchers, doctors, nurses, or CFOs. Personas are collections of relevant information and insight known to our Allscripts designers to create a shared understanding of what users want. It's based on research, testing, and feedback from clients during the development cycle. These personas are then tested and refined with our clients as we create unique and distinctive solutions that provide the intended experience. Looking forward, we will continue to drive our initiatives and grow our strategic partnerships, such as with Microsoft, as we deliver a true platform of health powered by the cloud that connects patients and providers through all points of care. To summarize, we have built a sustainable business model that delivers innovation and value to our clients. We have improved clinical outcomes at the point of care and strengthened financial performance across all facets of our clients' operations. We have delivered strong results for our shareholders with expanded margins and free cash flow that enable us to reinvest in the business and return substantial amounts of capital at the same time. I continue to be optimistic about our performance in 2021 and beyond. With that, I'll turn the call over to Rick Poulton, Allscript's President and CFO.