The stock price of revenue cycle management vendor athenahealth Inc. dropped 14% in early, heavy trading on Feb. 26 after the company announced it would postpone releasing its fourth quarter and 2009 financial reports. At least two investment firms downgraded the stock.
Athenahealth is delaying the financial reports because of an internal review of how it accounts for deferred implementation revenue. Most of the company's business comes from its outsourced billing services, which is bundled with vendor-hosted practice management and electronic health records software. The implementation revenue at issue accounted for less than 6 percent of revenue during the first nine months of 2009.
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