QHR Corp’s (TSXV:QHR) recent regulatory clearance in Ontario is another positive for the company, says Haywood analyst Massimo Voci.
Yesterday, QHR announced that, through a subsidiary, the company has been approved as financing eligible by OntarioMD.
“We are very excited to have received final approval from OntarioMD for our Accuro EMR ASP offering in Ontario,” said CEO Al Hildebrandt. “We can now bring proven ASP and hosting expertise that we have demonstrated in other provinces to Ontario physicians. We have invested strategically in our Ontario data centre and look forward to hosting physicians across the province on Canada’s largest single-platform EMR.”
Voci notes that QHR received funding eligibility as a replacement to Bell Canada, and that a partnership is in place between the two to transition Bell users to QHR’s Accuro platform. With the funding eligibility, the analyst believes that the company is well positioned to transition Bell’s user base of 510 physicians and to win business from other ASP funding eligible vendors. The two other vendors that currently have funding eligibility are Telus and Nightingale Informatix.
In a research update to clients this morning, Voci maintained his “Buy” rating and $1.80 one-year target on QHR, implying a return of 48.7% at the time of publication.
Disclosure: QHR is an annual sponsor of Cantech Letter. Cantech Letter’s Nick Waddell purchased shares of QHR in the open market on September 25th, 2014