NextGen's New Platform Set To Improve Patient Engagement

NextGen Healthcare, Inc. (NASDAQ:NXGN) recently announced the availability of NextGen Patient Experience Platform. This newly available platform is likely to enable high-quality healthcare apart from driving patient engagement and outcomes.

Notably, the platform will bolster NextGen’s presence in the global healthcare information technology (HCIT) space.

It is important to note here that riding on the buyout and integration of Medfusion and OTTO Health, NextGen has the ability to offer next generation patient access and engagement capabilities as an extension of NextGen Enterprise. This is one of the company’s electronic health record (EHR) solutions that cater to demands like Merit-Based Incentive Payment System (MIPS) requirements, population health needs, and other value-based care initiatives.

Benefits of the Platform

The platform has been created to modernize and boost the efficiency of routine interactions between providers and patients. Apart from this, the platform has the capability to give assistance to healthcare practices when it comes to dealing with the escalating coronavirus crisis.

This platform will enable NextGen to offer innovative products and services, including high-fidelity virtual visit functionality, which ultimately is likely to improve patient engagement and outcomes.

Market Prospects

Per a report by MarketsandMarkets forecasts the global HCIT market to reach a worth of $392 billion by 2024, driven by significant development with the introduction of healthcare reforms in developed and developing nations.

Consequently, the availability of this platform has been a well-timed one for NextGen.

Demand for NextGen Solutions

NextGen will continue to benefit from strong demand for its other NextGen solutions that include Hospitals, EHR and practice management. NextGen’s Inpatient Clinicals, Lab and Patient Portal EHR solutions have also been gaining considerable traction.

Price Performance

The Zacks Rank #3 (Hold) stock has lost 64.1%, compared with the industry's 20.3% decline in a year’s time.

Key Picks

Some better-ranked stocks from the broader medical space include Accuray Incorporated (NASDAQ:ARAY) , West Pharmaceutical Services, Inc. (NYSE:WST) and The Cooper Companies, Inc. (NYSE:COO) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Accuray has an expected earnings growth rate of 200% for third-quarter fiscal 2020.

West Pharmaceutical has an estimated earnings growth rate of 3.4% for first-quarter 2020.

Cooper Companies has a projected long-term earnings growth rate of 10.8%.

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