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Friday,
January , 2009
(Cont'd from
above)...
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Jim:
Mr. Tullman, welcome
back to Mad Money.
Glen:
Well, it is
great to be back,
thank you.
Jim:
Okay, Glen let’s cut
right to it… uh, you
have got a lot of
sources I am sure,
are we really going
to get legislation
that is going to use
this stuff? Are we
really going to get
change in America?
Glen:
I think we really
are going to get
legislation. You
know, there are two
bills pending right
now, one in the
Senate and one in
the House, I think
they are going to
come together. And
the President says
that we are going to
have legislation
that creates both
upfront direct
funding and long
term incentives for
physicians to use
electronic health
records. So, we are
excited about it. We
think it is going to
happen.
Jim:
Now, I don’t want to
lump you in with a
company that
reported a bad
number today,
Microsoft… but you
have a lot of
products that can be
cross plat formed,
and used in a lot of
different things…
talk about your
I-phone and Google
issues.
Glen:
Well, our I-phone is
a great product, we
are going to
introduce it at the
upcoming hymns, but
it is already out in
the field testing.
It makes it easy for
physicians, any
time, anywhere to
access patient
information, to send
prescriptions, to
refer patients. It
is a great front end
connectivity tool,
physicians love it.
Relative to our
Google health
connection, the fact
of the matter is,
when patients need
information they go
to Google. And
Allscripts has the
only system that is
connected to Google
today, from an
electronic health
record and an
electronic
prescribing
standard. So if you
are a physician, you
want to get
connected to new
patients, you are
going to go with
Allscripts.
Jim:
Alright, I am
concerned… I know
that a lot of
hospitals are
cutting back on big
expenditures… can
they cut back on
Allscripts? Or does
Allscripts actually
save them money?
Glen:
Well, the great news
for investors is
that our market is
primarily focused
outside of the four
walls of the
hospital. We are in
the ambulatory
sector. So these are
all those physician
offices that need to
connect to
hospitals, and we
have connected
systems that
hospitals buy. But
these are short tem
relatively low
dollar expenditures
that have a direct
return on
investment. So it is
the kind of
expenditure that you
are going to make.
Given that
Allscripts has 1/3
of all physicians in
America, that is our
base to sell into,
those physicians in
this kind of
economy, they don’t
want to change
systems. They just
want better
functionality. We
have it. The federal
government is going
to step up and help
them buy it.
Jim:
Viewers you should
know that a
competitor that is
more linked to
hospitals…
preannounced the
downside.. it hurt
Allscripts stock… I
think we have just
heard that that
correlation may be a
false one. Another
thing that I always
hear that is going
to block this… and
there are guys that
just care about this
issue only… is the
notion of privacy…
that maybe your
product is somehow
going to make it so
that privacy is
going to be
comprised… can you
dispel that for the
4 millionth time?
Glen:
Sure, absolutely.
First of all, we are
very concerned about
privacy because we
are all patients as
well. And we take it
very, very
seriously. But we
are using the
highest standards
available to ensure
the privacy, we meet
every standard, in
fact, we exceed
standards from the
regulatory agencies
and from an
organizations like
the certification
commission on health
care information
technology. But it
does point out why
people want CCHIT
(i.e., Certification
Commission for
Healthcare
Information
Technology)
-approved electronic
health records. And
all of our products
are CCHIT-approved.
So, you want to meet
the standards.
Privacy is an
important issue. But
it is one that we
are on top of and we
are going to stay on
top of. It is
important.
Jim:
We had Eric Schmidt
on yesterday…
Google, Inc. (GOOG)
reported a good
number tonight… and
we asked him a lot
of questions about
how jobs can be
created away from
building bridges,
away from paving
roads. You are in a
unique position
because you really
are the premier
health care
technology company
when it comes to the
paperwork side, not
necessarily the
hardware side. Put
on your hat right
now of being an
advisor say right
not to Obama. Are
there really that
many jobs that can
be created that are
productive in the
health care
industry?
Glen:
Well, there are. The
health care industry
continues to be one
of the largest and
fastest growing
sectors of the
economy. It is not
going away. And it
requires people. So
to implement
electronic health
records it takes
people to do the
training, it keeps
people employed. But
most important, if
we are going to
continue to be a
leader, the best
thing that we can do
is to provide our
physicians with real
life high quality
tools to have better
information and
better connectivity,
and that is
electronic health
records. But it does
take people, to get
out to the offices,
to install the
equipment, to get
those physicians up
to speed. And that
is one of the
reasons that we
think the
administration likes
electronic health
records. And that
the Snow-Staminal
bill is going to
provide immediate
direct funding. And
I should mention,
that it is
retro-active. So it
starts the last day
of December of last
year. So it is a
great message for
physicians.
Jim:
Excellent.
Excellent. Glen you
are a terrific
spokesman for
Allscripts as well
as it’s CEO. Keep
coming on the show.
Every time that you
do people learn
about this great
story, and it is a
fantastic one.
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Jim's comments
AFTER the interview:
Look,
Allscripts Healthcare
Solutions Inc. (MDRX)...
we have been riding
it the whole way… no
reason to get off..
I would stay on.
[verbatim recap]
[End of interview]
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