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Henry Schein (HSIC) Software Module to Enhance Patient Outcome
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Henry Schein One, a subsidiary of Henry Schein, Inc. (HSIC - Free Report) , recently announced the availability of a new software module — Consistency of Care — that integrates dental and medical patient records. The module, developed by Exan Software (a Henry Schein One company and the creator of the axiUm dental management software suite), is expected to support the growing need for interoperability and information sharing between dentistry and medicine, thus offering comprehensive services to patients.
For investors’ note, the axiUm dental management software suite is a renowned software product among dental and dental hygiene schools, and large group practices.
With the latest availability, Henry Schein aims to strengthen its foothold in the global dental business.
Significance of the Module
The Consistency of Care solution within axiUm enables dental schools to communicate patient health records to their medical counterparts, irrespective of the latter’s software. This integration offers faculty and students holistic view of a patient's health, thus ensuring best practice principles and patient care standards.
Further, the module allows axiUm's dental electronic health record (“EHR”) to be connected to a medical EHR, thus allowing schools to consolidate patient record benefits without compromising academic dental software. Patient data synchronization via an Application Programming Interface ensures that patient information and medical conditions details are accurate, thereby providing health care professionals a single view of their patient's health records. By integrating dental software with EHRs, better patient care and improved patient experience can be provided while keeping consistency of care intact and supporting better patient outcomes.
Per management, the Consistency of Care module is expected to provide the benefits of integrated dental and medical care, along with improved patient outcomes and increased efficiency. Notably, Penn Dental Medicine at the University of Pennsylvania is the first dental school to implement axiUm's Consistency of Care integration solution, communicating its dental patients' EHR data to its medical school.
Industry Prospects
Per a report by Grand View Research, the global dental practice management software market was valued at $1.7 billion in 2019 and is projected to expand at a CAGR of 10.2% between 2020 and 2027. Factors like technological developments and growing adoption of healthcare IT solutions in dental practices are expected to boost the market.
Given the market potential, the latest availability is expected to significantly boost Henry Schein’s dental business on a global scale.
Recent Developments Across Henry Schein One
Of late, Henry Schein has been making substantial progress across its Henry Schein One business.
The company, during its first-quarter 2021 earnings call in May, confirmed introducing new products, enhancements (including new Dentrix imaging software), tools for processing insurance remittances and calculating payment adjustments, and an online booking feature for Sesame (primarily an orthodontic business software).
Henry Schein, in April, launched Dentrix Imaging Center, which is an integrated imaging module allowing dental professionals to manage all images from within Dentrix versions G7.3 or higher.
The company, during its fourth-quarter 2020 earnings call in February, confirmed launching various product enhancements for Henry Schein One Solutions, including directory online booking, which is a self-scheduling solution for the WebMD directory. This allowed prospective patients to book appointments online through the WebMD directory.
Comparison With Peers
Henry Schein’s peer, Align Technology, Inc. (ALGN - Free Report) reported solid first-quarter 2021 results with robust performances by both its reporting segments in April. The same month, the company entered into a new multi-year agreement with DECA Dental Group for the Invisalign system through early 2025. Additionally, DECA Dental Group will be extending its utilization of the iTero Element 5D imaging system across its affiliated practices in the United States.
Another key player in the dental space is Patterson Companies, Inc. (PDCO - Free Report) , which reported fiscal third-quarter 2021 results in March. The company witnessed a robust performance by its dental business in the reported quarter, owing to the strength in the consumables unit.
Another renowned name in the dental space is SmileDirectClub, Inc. , which reported robust first-quarter 2021 results this month. Further, the company had announced its plan to continue its international expansion in March, with a launch in Mexico. Per the announcement, the first two SmileShop locations were to be opened in April in Mexico City, thereby marking the company’s entry into Latin America.
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Henry Schein (HSIC) Software Module to Enhance Patient Outcome
Henry Schein One, a subsidiary of Henry Schein, Inc. (HSIC - Free Report) , recently announced the availability of a new software module — Consistency of Care — that integrates dental and medical patient records. The module, developed by Exan Software (a Henry Schein One company and the creator of the axiUm dental management software suite), is expected to support the growing need for interoperability and information sharing between dentistry and medicine, thus offering comprehensive services to patients.
For investors’ note, the axiUm dental management software suite is a renowned software product among dental and dental hygiene schools, and large group practices.
With the latest availability, Henry Schein aims to strengthen its foothold in the global dental business.
Significance of the Module
The Consistency of Care solution within axiUm enables dental schools to communicate patient health records to their medical counterparts, irrespective of the latter’s software. This integration offers faculty and students holistic view of a patient's health, thus ensuring best practice principles and patient care standards.
Further, the module allows axiUm's dental electronic health record (“EHR”) to be connected to a medical EHR, thus allowing schools to consolidate patient record benefits without compromising academic dental software. Patient data synchronization via an Application Programming Interface ensures that patient information and medical conditions details are accurate, thereby providing health care professionals a single view of their patient's health records. By integrating dental software with EHRs, better patient care and improved patient experience can be provided while keeping consistency of care intact and supporting better patient outcomes.
Per management, the Consistency of Care module is expected to provide the benefits of integrated dental and medical care, along with improved patient outcomes and increased efficiency. Notably, Penn Dental Medicine at the University of Pennsylvania is the first dental school to implement axiUm's Consistency of Care integration solution, communicating its dental patients' EHR data to its medical school.
Industry Prospects
Per a report by Grand View Research, the global dental practice management software market was valued at $1.7 billion in 2019 and is projected to expand at a CAGR of 10.2% between 2020 and 2027. Factors like technological developments and growing adoption of healthcare IT solutions in dental practices are expected to boost the market.
Given the market potential, the latest availability is expected to significantly boost Henry Schein’s dental business on a global scale.
Recent Developments Across Henry Schein One
Of late, Henry Schein has been making substantial progress across its Henry Schein One business.
The company, during its first-quarter 2021 earnings call in May, confirmed introducing new products, enhancements (including new Dentrix imaging software), tools for processing insurance remittances and calculating payment adjustments, and an online booking feature for Sesame (primarily an orthodontic business software).
Henry Schein, in April, launched Dentrix Imaging Center, which is an integrated imaging module allowing dental professionals to manage all images from within Dentrix versions G7.3 or higher.
The company, during its fourth-quarter 2020 earnings call in February, confirmed launching various product enhancements for Henry Schein One Solutions, including directory online booking, which is a self-scheduling solution for the WebMD directory. This allowed prospective patients to book appointments online through the WebMD directory.
Comparison With Peers
Henry Schein’s peer, Align Technology, Inc. (ALGN - Free Report) reported solid first-quarter 2021 results with robust performances by both its reporting segments in April. The same month, the company entered into a new multi-year agreement with DECA Dental Group for the Invisalign system through early 2025. Additionally, DECA Dental Group will be extending its utilization of the iTero Element 5D imaging system across its affiliated practices in the United States.
Another key player in the dental space is Patterson Companies, Inc. (PDCO - Free Report) , which reported fiscal third-quarter 2021 results in March. The company witnessed a robust performance by its dental business in the reported quarter, owing to the strength in the consumables unit.
Another renowned name in the dental space is SmileDirectClub, Inc. , which reported robust first-quarter 2021 results this month. Further, the company had announced its plan to continue its international expansion in March, with a launch in Mexico. Per the announcement, the first two SmileShop locations were to be opened in April in Mexico City, thereby marking the company’s entry into Latin America.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%.
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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