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NextGen (NXGN) Announces Positive Telehealth Survey Results

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NextGen Healthcare, Inc. NXGN recently announced favorable survey results, conducted by the Harris Poll, on patients availing telehealth services. The survey results reflect that more than half of the U.S. patient population has stated that the pandemic has considerably changed the way they would like to communicate with their doctors.

Based on the responses received, telehealth services are likely to remain the most preferred option for future healthcare.

The latest positive outcomes are expected to significantly strengthen NextGen’s Patient Engagement Solutions business on a global scale.

Significance of the Survey

Per the survey results, patients have become aware of better options for accessing care services, thereby considerably altering the healthcare landscape. Services like self-scheduling and consulting healthcare providers in a virtual set-up seem to be the practical and preferable option for most patients nowadays. Further, nearly half of the responders (48%) indicate that they are willing to shift to a different care provider if their current provider fails to provide telehealth appointments.

The survey results have established that majority of the U.S. patients who have received telehealth services since March 2020 (84%) are planning to continue using telehealth appointments due to convenience (43%) or to avoid exposing themselves to people who are ill (39%).

Per management, NextGen has enabled its network of providers nationwide to handle the surge in virtual visits from March to December 2020 via its large-enterprise and small-practice solutions.

Industry Prospects

Per a report by MarketsAndMarkets, the global telehealth and telemedicine market is expected to reach $191.7 billion by 2025 from an estimated $38.7 billion in 2020, at a CAGR of 37.7%. Factors like the current pandemic and emergence of telehealth robots and robotic platforms are likely to drive the market.

Given the market potential, the latest survey results are likely to significantly boost NextGen’s digital business worldwide.

Recent Developments

Of late, NextGen has witnessed a few notable developments across its businesses.

The company, this month, announced the implementation of Application Programming Interface technology to support the COVID-19 vaccine administration programs in California.

NextGen, in April, announced the availability of its expanded platform for ambulatory providers, the Spring ‘21 release of NextGen Enterprise. The same month, the company announced that Covenant Physicians Partners (a multispecialty services organization) has adopted NextGen Enterprise Practice Management with integrated NextGen Optical Management.

In March, NextGen announced that its portfolio of integrated solutions for its orthopedic division has been adopted by Maine’s largest state-wide physician-owned multispecialty organization, Spectrum Healthcare Partners.

Price Performance

Shares of the company have gained 78.3% in the past year compared with the industry’s 3.9% growth and the S&P 500's 40.7% rise.

Zacks Rank & Key Picks

Currently, NextGen carries a Zacks Rank #3 (Hold).

Some other better-ranked stocks from the broader medical space are Illumina, Inc. ILMN, DaVita Inc. DVA and Amedisys, Inc. AMED, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Illumina’s long-term earnings growth rate is estimated at 7%.

DaVita’s long-term earnings growth rate is estimated at 14.4%.

Amedisys’ long-term earnings growth rate is estimated at 12%.

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