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NextGen (NXGN) Solutions Support COVID-19 Vaccine Distribution

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NextGen Healthcare, Inc. NXGN recently announced that it is lending support to the rollout of COVID-19 vaccines via its established and robust electronic health record (EHR) platform and integrated solutions. With respect to vaccine distribution, NextGen is fulfilling its role of being a trustworthy health information technology (IT) partner. The company — a leading provider of ambulatory-focused technology solutions — is working closely with clients, regulatory bodies and public health organizations in order to serve the healthcare community.

Notably, NextGen Enterprise is an end-to-end software platform that simplifies COVID-19 vaccine workflow. On the back of this platform, providers can execute important functions like informing patients needing follow-up doses, and federal and state vaccine registry submissions. Further, the platform helps providers to identify high-risk patients through the NextGen Population Health solution.

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

More on the News

NextGen has been helping clients with tools necessary to treat patients, including virtual visits and online access, without any hindrance since the onset of the outbreak. The company has been doing this and preparing for vaccine distribution at the same time.

Given the depth of experience in vaccine workflow and documentation, NextGen remains focused on leveraging its advanced technology solutions to make this herculean humanitarian effort much easier.

There are a number of NextGen solutions that support COVID-19 vaccine distribution, which comprises NextGen Office, NextGen Patient Experience Platform and NextGen Enterprise Practice Management (PM).

Market Prospects

Per a report by Allied Market Research, the global HCIT market is expected to reach $297 billion at a CAGR of 13.2% during the 2016-2022 period. Rise in demand for quality healthcare services and solutions, and patient safety and care, proactive supportive government initiatives, and increase in acceptance of mHealth and telehealth practices are the primary factors driving the market. Further, growing adoption of smartphones and patient-doctor convenience are contributing to the market’s growth.

Recent Developments

This month, NexGen announced that its NextGen Health Data Hub (HDH) has been chosen by HI-BRIDGE HIE (health information exchange). This will enable HIE administrators to build rules-driven data exchange to facilitate automated routing of patient information across the group of care. Notably, NextGen HDH is a cloud-based HIE platform that lends support to secure sharing of patient health data from numerous sources.

Again, this month, the company announced that its client — Bridges Health Partners LLC — has managed to boost quality of patient care and attain value-based care financial goals throughout its wide network of 1,100 physicians with the aid of NextGen Population Health. Additionally, Bridges Health has exceeded its savings objectives (nearly $20 million) for two consecutive years.

Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 11.9% in a year’s time, compared with the industry’s rally of 26.3%.

Stocks to Consider

Some better-ranked stocks from the broader medical space are Merit Medical Systems, Inc. MMSI, Patterson Companies, Inc. PDCO and McKesson Corporation MCK, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Merit Medical has a projected long-term earnings growth rate of 12.6%.

Patterson Companies has an estimated long-term earnings growth rate of 9.6%.

McKesson has a projected long-term earnings growth rate of 6.6%.

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McKesson Corporation (MCK) : Free Stock Analysis Report
 
Merit Medical Systems, Inc. (MMSI) : Free Stock Analysis Report
 
Patterson Companies, Inc. (PDCO) : Free Stock Analysis Report
 
NEXTGEN HEALTHCARE, INC (NXGN) : Free Stock Analysis Report
 
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