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NextGen (NXGN) Solution Acts as Financial Bridge Amid COVID-19

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NextGen Healthcare, Inc.  NXGN recently announced that its renowned cloud-based EHR platform -- NextGen Office -- has managed to enable provider-owned healthcare practices across the United States. Notably, the NextGen office solution will act a financial bridge amid the COVID-19 health crisis and maintain business continuity.

This development is likely to provide a boost to NextGen’s robust solutions portfolio.

NextGen Office at a Glance

NextGen Office provides specialty specific electronic health record (EHR) content, a convenient patient portal and revenue cycle management system on one integrated platform. It offers an integrated platform for telehealth and Revenue Cycle Management (RCM) service to enhance operational efficiency. Integrated telehealth simplifies scheduling of appointments and minimizes the risk of contagion by curbing emergency visits to hospitals.

NextGen Office's embedded telehealth module enables virtual online visits for healthcare services and allows providers to continue treating patients by regulating visit volume.

More on the News

Provider-owned healthcare practices are crucial in terms of care in communities across the United States and are witnessing COVID-induced profitability and continuity challenges. The integrated platform facilitates an intuitive clinical experience coupled with uniquely qualified experts to deliver operational excellence.

On the back of the NextGen Office platform, small healthcare practices can leverage NextGen RCM services by focusing more on providing better patient experience rather than administrative functions. With the help of this platform, these practices can optimize their medical billing process.

NextGen Office RCM services offer smooth and easy cloud-based platform, which enable resource-constrained small healthcare providers to sustain and optimize its payment collection procedures.

Notable Developments

In January 2021, NextGen announced that its integrated NextGen Patient Experience Platform has been deployed by FPA Women’s Health to offer continuity of care during the COVID-19 pandemic. Within the NextGen Patient Experience Platform, FPA Women’s Health leveraged NextGen Virtual Visits to continue treating patients with a wide range of services, such as contraceptive counseling and refills, UTI or STI treatment and the follow-ups on lab results.

In December 2020, NextGen announced that the company is lending its support to the rollout of COVID-19 vaccines via its established and robust EHR platform and integrated solutions. With respect to vaccine distribution, NextGen is fulfilling its role of being a trustworthy health information technology (IT) partner.

Industry Prospects

Per a report by Global Market Insights, the global EHR market size was valued at $25.5 billion in 2018 and is anticipated to reach $38 billion by 2025 at a CAGR of 5.5%. Rising awareness about the significance of EHR for enhancing the efficiency of patient care and maintenance of patient records will drive this market.

Price Performance

Shares of the company have gained 33.2% in a year’s time compared with industry’s growth of 27.4%.

Zacks Rank and Key Picks

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

Some better-ranked stocks from the broader medical space include 1Life Healthcare, Inc. ONEM, Inspire Medical System, Inc. INSP and Omnicell, Inc. OMCL. While 1LifeHealthcare sports a Zacks Rank #1 (Strong Buy), both Inspire Medical System and Omnicell carry a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank stocks here.

1LifeHealthcare has a projected long-term earnings growth rate of 38.37%.

Inspire Medical System has a projected long-term earnings growth rate of 35%.

Omnicell has a projected long-term earnings growth rate of 15%.

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