Veradigm CEO Sees Improving Traction in Revenue-Cycle Cross-Selling
The leaders of Veradigm Inc. this week took a big step in the health data and technology services company’s journey back to a major stock-market listing by filing two delayed annual reports. Next up for the former Allscripts: Becoming current with financial filings and building on a first quarter of 2026 that CEO Don Trigg and his team said beat their expectations.
Veradigm has been working to get back in the good graces of the U.S. Securities and Exchange Commission for several years as it recovers from the fallout of inadequate audit and financial controls that led it to overstate revenues by about $20 million early this decade. Correcting those filings and the organizational shortcomings has been a monumental task that moved closer to being concluded this week with the filing of the company’s 2023 and 2024 annual reports.
The short story on Veradigm’s financials: The company’s revenues are roughly the same as in 2022, when sales were $588 million. After rising to $626 million in 2023 (thanks in part to some legal settlements), they fell to $594 million in 2024 and ticked down a little more last year.
Profitability also has been a struggle: Net losses from 2022 to 2024 topped $320 million and interim Chief Financial Officer Lee Westerfield told analysts and investors on a May 27 conference call that new spending on accounting and sales operations as well as technology systems would hurt 2025 profitability relative to 2024.
“One of the things that is really interesting is the lack of revenue cycle penetration inside our install base,” Trigg said of the business unit that accounted for 80% of Veradigm’s 2024 revenue. “This is a great opportunity for us on the provider side […] We certainly saw sales traction and performance traction in that space that was important and validation for our conviction around that opportunity.”
Trigg added that he also sees opportunities for Veradigm to help its roughly 90 insurer customers better handle the pressures of recent years on their medical loss ratios by improving their workflows and identifying care gaps or otherwise manage their provider networks. But on the whole, he was sober in his assessment of Veradigm’s growth potential in the near term.
“While we’re pleased with our first-quarter performance, we understand that it’s only one in the earliest stages of a turnaround,” Trigg said. “Comebacks have to start somewhere.”
Shares of Veradigm (Ticker: MDRX) rose more than 3% to $4.90 after the update from Trigg and his team. Over the past six months, they are essentially unchanged, leaving the company’s market capitalization at about $530 million.
About the Author
Geert De Lombaerde
A native of Belgium, Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications Healthcare Innovation, IndustryWeek, FleetOwner, Oil & Gas Journal and T&D World. With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post for more than a decade and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies.