Allscripts To Nominate Three New Independent Directors
Stuart L. Bascomb, David D. Stevens and Randy Thurman to Join Company Board Slate for Election at June 15 Annual Meeting
Allscripts Reaches Agreement with HealthCor
HealthCor to Withdraw Delaware Lawsuit
CHICAGO and NEW YORK, June 1, 2012 /PRNewswire/ -- Allscripts Healthcare Solutions, Inc. (Allscripts – NASDAQ: MDRX) and HealthCor Management, L.P. ("HealthCor") today announced that Allscripts will nominate Stuart L. Bascomb, David D. Stevens and Randy Thurman as new independent directors for election to the Allscripts Board of Directors at the Company's 2012 Annual Meeting of Stockholders scheduled for June 15, 2012. All three are highly-qualified professionals with significant expertise in the healthcare industry, each having previously served on the boards of directors of public companies and private organizations.
Allscripts and HealthCor also announced that, pursuant to their agreement, HealthCor will withdraw its claims against the Company currently pending in the Court of Chancery for the State of Delaware and will vote for all of the Company's nominees at the 2012 annual meeting. HealthCor currently owns approximately 6.1% of the outstanding shares of Allscripts' common stock.
Glen Tullman, Chief Executive Officer of Allscripts, said, "We welcome the addition of Stuart, David and Randy and believe they will bring new perspectives and additional industry experience to our board. Taken together with the recent additions of Paul Black and Robert Cindrich, the Company will have added five, high-quality, independent directors in just the past few weeks. We believe this is a positive outcome for Allscripts and its stockholders and we look forward to working collaboratively as we continue to implement our strategic initiatives and make the important and necessary investments to deliver a connected community of health for our clients and build value for all of our stockholders."
Arthur B. Cohen, co-founder and Portfolio Manager of HealthCor, said, "We are pleased to have reached this amicable resolution with Allscripts, which we believe will serve the best interests of all stockholders. We continue to believe that Allscripts has great products, strong capabilities and a unique installed base of customers. Furthermore, we are confident that Stuart, David and Randy will make strong additions to the Board, and will work hard to represent all stockholders and assist the Company in seizing the tremendous market opportunity before it."
In addition to the three new independent nominees, the Company's nine-member slate for election at the 2012 annual meeting will consist of: Paul Black, Dennis Chookaszian, Robert Cindrich, Philip Green, Michael Kluger and Glen Tullman. Of the nine board members, eight are independent.
Stockholders of record as of April 24, 2012 are entitled to vote at the Annual Meeting.
Stuart L. Bascomb
Stuart Bascomb currently serves as the Chairman and Chief Executive Officer of QualSight, Inc., start-up company in Chicago to create a nationwide network of ophthalmologists to market a managed care refractive surgery program to plan sponsors. Mr. Bascomb has a broad range of experience in the healthcare industry. He was a founder of Express Scripts in 1986 and helped lead its IPO in 1992 as the company's CFO. In addition, he served as Executive Vice President and Director at Express Scripts, Executive Vice President and Treasurer at Medicare-Glaser Corp. and Group Controller at Pet Incorporated.
Mr. Bascomb is a current member of the American Institute of CPA's. He served on the Board of Directors at St. Luke's Hospital and currently serves on its Strategic Planning Committee. He also served on the Boards of a number of pharmaceutical industry and charitable organizations, including, the Strategic Development Board of the University of Missouri (Columbia) School of Business, the American Institute of CPA's, the Financial Executive Institute, where he served as Director of the St. Louis Chapter, Missouri March of Dimes, the Episcopal-Presbyterian Charitable Medical Trust, the Pharmaceutical Care Management Association and Past Chairman, the Chain Drug Industry's Accounting Principles Committee, the Chain Drug Industry's Administration and Operation.
Mr. Bascomb received his M.A. in Accounting from the University of Missouri and his A.B. in Business Administration from William Jewell College.
David D. Stevens
David Stevens is actively involved as an investor/advisor in private equity, focusing on providing capital to lower-middle market growth companies in the healthcare services industry. Previously, Mr. Stevens served as Chief Executive Officer – AHG Division of Medco Health Solutions, Inc., where he was responsible, as the previous Chairman and Chief Executive Officer of Accredo Health Group, which was acquired by Medco, for the strategic direction and operation of the consolidated specialty pharmacy division of Medco (a reporting division of the parent), the largest specialty pharmacy provider in the market. From Accredo Health's IPO in 1999 to 2005, Mr. Stevens grew the company's revenue from approximately $250 million to approximately $1.5 billion. Medco Health acquired Accredo in August 2005 for approximately $2.3 billion. Prior to working at Accredo, he served as Chief Operating Officer at Southern Health Systems, Inc. and Vice-President and Chief Operating Officer at Le Bonheur Children's Medical Center. Stevens currently serves on the Board of Directors of Wright Medical Group, Inc., where he is the Chairman of the Board and member of the Governance, Compliance & Nominating Committee. Previously, he served on the Boards of Medco Health Solutions, Inc. and Thomas & Betts Corporation, both public companies.
In addition, Mr. Stevens serves on the Board of Directors for three not-for-profit entities including Le Bonheur Children's Medical Center Foundation, Inc., Methodist Le Bonheur Health Systems, Inc., and The University of Tennessee Research Foundation. Mr. Stevens also actively serves on an advisory committee of the University Of Tennessee School Of Pharmacy.
Mr. Stevens received his MBA from Memphis State University and his B.S. in accounting from the University of Tennessee.
Randy Thurman currently serves as the Senior Advisor and Operating Partner at New Mountain Capital LLC, a leading private and public equity firm with assets in excess of $10 billion. He has led or co-led transactions representing over $1 billion in enterprise value, and advised on private equity, public equity and debt transactions. Mr. Thurman has held a number of executive positions throughout his career, including Founder, Chairman and Chief Executive Officer of Viasys Healthcare Inc., where from the company's IPO in 2001 to 2007, Mr. Thurman grew the company's revenues from approximately $350 million to approximately $700 million. Cardinal Health acquired Viasys in June 2007 for approximately $1.5 billion. In addition, Mr. Thurman served as Chairman and Chief Executive Officer of Strategic Reserves International, Chairman and Chief Executive Officer of Coming Life Sciences Inc., President, Chief Executive Officer and Board Director of Rhone-Poulenc Rorer Pharmaceuticals and various positions with Exxon Enterprises and Pepsico International. Mr. Thurman also served as a fighter pilot for the United States Air Force.
Mr. Thurman has significant experience serving on the Boards of public companies and private organizations. Most recently he served as the Chairman of the Board of Directors for public company, CardioNet. Previously, he served on the Boards of Closure Medical Corporation, Curagen Inc. Rhone Poulenc Inc., Cooper Companies, Nichols Institute, Ikaria Inc., Hahneman University, High Flight of America, Corning Pharmaceutical Services, Metpath, Inc., Corning Life Sciences, Inc., Avantor, Performance Materials, and Rosenbluth International.
Thurman received his M.A. in Economics from Webster University and his B.S. in Economics from Virginia Polytechnic Institute. He is also a graduate of the USAF Air Command & Staff Leadership College and the Wharton Director Institute.
Allscripts (NASDAQ: MDRX) delivers the insights that healthcare providers require to generate world-class outcomes. The company's Electronic Health Record, practice management and other clinical, revenue cycle, connectivity and information solutions create a Connected Community of Health™ for physicians, hospitals and post-acute organizations. To learn more about Allscripts, please visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog.
HealthCor Management, L.P., a leading investment adviser to healthcare and life sciences hedge funds, employs a fundamental, research-driven investment approach. Together, HealthCor Partners and HealthCor Management comprise the HealthCor Group, which with over $2.5 billion of assets under management, is one of the largest healthcare and life sciences investment management firms in the United States.
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. Such risks, uncertainties and other factors include, among other things: the possibility that the expected synergies, efficiencies and cost savings of the merger with Eclipsys Corporation ("Eclipsys") will not be realized, or will not be realized within the expected time period; potential difficulties or delays in achieving platform and product integration and the connection and movement of data among hospitals, physicians, patients and others; the risk that the Allscripts and Eclipsys businesses will not be integrated successfully; competition within the industries in which we operate, including the risk that existing clients will switch to products of competitors; failure to achieve certification under the Health Information Technology for Economic and Clinical Health Act could result in increased development costs, a breach of some customer obligations and could put us at a competitive disadvantage in the marketplace; the volume and timing of systems sales and installations, the length of sales cycles and the installation process and the possibility that our products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products or other product quality issues; the outcome of any legal proceeding that has been or may be instituted against us; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry, including possible regulation of our software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; the implementation and speed of acceptance of the electronic record provisions of the American Recovery and Reinvestment Act of 2009; maintaining our intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers and our ability to obtain, use or successfully integrate third-party licensed technology; and breach of our security by third parties. See our Annual Report on Form 10-K for 2011 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.
SOURCE Allscripts Healthcare Solutions, Inc.