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3 Remote Patient Monitoring Stocks in Focus Amid Coronavirus

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The global economic scenario largely reflects the excruciating impact of the coronavirus pandemic. Nonetheless, a few government aid packages have changed the unemployment picture in the United States over the past few months. However, the rising tally of new coronavirus cases and the latest Oxford-AstraZeneca coronavirus vaccine trial setback have dented investor optimism.

Dashing hopes further, global GDP is expected to contract 4.4% in 2020, per a report by Fitch Ratings published in September.

MedTech Scenario

Despite global manufacturing and supply chain disruptions as well as deferral of elective medical/surgical procedures, the MedTech space seems to be more resilient than many others, thanks to unavoidable emergency medical procedures. Also, several new COVID-19-related healthcare support products from the sector have been performing well in this period. The gradual lifting of lockdown across several states and businesses has helped the sector to perform better compared to the initial months of the pandemic.

Post the second-quarter reporting season, a noticeable rise in investor optimism surrounding MedTech stocks has been observed on account of the rebound in the sector of late. This is especially prominent for a few particular domains like digital health management, diagnostics and robotics-assisted surgery. One such profitable area for investors covers companies specializing in remote patient monitoring technology.

Remote Patient Monitoring Amid COVID-19

Remote patient monitoring tools have seen a steady rise in demand on increased consumer adoption of digital health options. This has been necessitated by the urgency to minimize exposure to the virus. Also, the insurance industry has started financing its customers to shift toward non-traditional digital healthcare options while they are at home.

It is a form of AI-powered technology, which can be utilized to assimilate patient data outside of traditional healthcare settings and cautiously monitor patient health status. The primary aim of expanding the use of remote patient monitoring technologies has been to curtail the need for clinic and hospital visits.

In this regard, in June 2020, PRA Health, Inc. (PRAH - Free Report) enhanced its commercial Health Harmony COVID-19 Monitoring Program by integrating it with the Microsoft Healthcare Bot service. Users of the PRA Health Harmony digital platform, enrolled under the organization’s COVID-19 Monitoring Program, can use the AI-based chatbot which recognizes and responds to COVID-19-related queries.

3 Stocks in the Spotlight:

Here we have shortlisted three remote patient monitoring stocks. Although these have a Zacks Rank#3 (Hold), the stocks are currently have huge growth potential in this niche market. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Allscripts Healthcare Solutions, Inc. (MDRX - Free Report) : In May 2020, this company’s business unit Veradigm, inked a deal with Surescripts to enhance its Veradigm AccelRx specialty medication fulfillment solution with Surescripts Specialty Patient Enrollment. In March 2020, Allscripts announced that that its clients across the nation have signed up to rapidly facilitate telehealth visit capabilities to their patients. Notably, the company provides simplified telehealth implementation to health systems through its electronic health record (EHR)-agnostic patient engagement platform known as FollowMyHealth.

Over the past six months, the company’s shares have outperformed its industry. The stock has gained 60.3% compared with the industry’s 45.2% growth.

VEEVA Systems Inc. (VEEV - Free Report) : In May, this company commercially launched MyVeeva for clinical trials. It is a software designed to enable clinical research sites to interact more remotely with their patients through a number of virtual visits.

In the past six months, the company’s shares have outperformed the industry. The stock has gained 100.9% compared with the industry’s 94.8% growth.

Medtronic plc (MDT - Free Report) : This company has been taking major strides to help the medical community during the pandemic. The company’s COVID-19 Virtual Care Evaluation and Monitoring solution uses a virtual assistant to assess the status of patients through a Centers for Disease Control and Prevention (CDC) guideline-based survey for COVID-19 symptoms. This solution is available to U.S. health systems, health plans and employers.

Over the past three months, the company’s shares have outperformed its industry. The stock has gained 13.1% compared with the industry’s 10% growth.

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

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