Brightree, a wholly-owned subsidiary of ResMed, Inc. RMD, recently unveiled Advanced Analytics, the first analytics platform for home medical equipment (HME) providers. It provides workflow insights and facilitates KPI tracking plus peer benchmarking without requiring users to aggregate the data themselves.
Brightree is a pioneering cloud-based healthcare IT company. The launch of this platform aligns with its goal of enabling HME providers to make smarter business decisions for revenue cycle management, business operations, and resupply programs so that they can attain better patient outcomes.
About Advanced Analytics
The platform is driven by billions of data points and offers HME providers accessible data solutions. Advanced Analytics’ dynamic dashboards extract the last bulk of information from an HME’s Brightree database and third-party records.
The platform has an easy-to-use interface, helping HME providers highlight trends, track actionable insights and generate enhanced outcomes. Moreover, the platform allows the HME providers to assess their business performances against anonymized HME providers and industry averages.
Per the company, based on this Advanced Analytics platform, HME providers can now collect data on several crucial performance indicators like net revenue collection, accounts receivable, sales outstanding and invoices.
Per Market Watch, the global advanced analytics market is anticipated to reach a worth of 165.68 billion by 2025, witnessing a CAGR of 33.24% over the 2018-2025 forecast period. Considering the abundant market potential, the launch of the Advanced Analytics platform by Brightree is strategically timed.
Recent Technological Developments
Brightree has been consistently expanding its portfolio of technological solutions, designed to serve the HME providers.
Of late, Brightree announced a new pharmacy suite for home infusion therapy providers and home medical equipment (HME) pharmacies to help them optimize business processes and conveniently meet the requirements of compliance. This would enable the latter to cater to all clinical, billing and reporting needs by benefiting from the feature-rich functionality within a single software solution.
Last October, the company unveiled BrightreeCare app to enable home health and hospice aides to easily document their visits on their smart device without the need to carry additional equipment.
Around the same time, the company announced to introduce its new Patient Hub for personalizing the patient experience and increasing the revenue base for HME providers.
Last year, Brightree commercially launched a solution that allows HME providers to digitally receive orders from more than 62,000 providers, using athenaClinicals within the athenahealth network.
Over the past three months, the ResMed stock has underperformed the industry it belongs to. The stock has declined 8.9% versus the industry’s rise of 15.7%.
Zacks Rank and Key Picks
Currently ResMed carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Stryker Corporation SYK, Penumbra, Inc. PEN and Amedisys, Inc. AMED, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stryker’s long-term earnings growth rate is projected at 10%
Penumbra’s long-term earnings growth rate is expected at 20.9%.
Amedisys’s long-term earnings growth rate is forecast at 19.7%.
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