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NextGen (NXGN) Implements API to Aid COVID-19 Vaccination
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NextGen Healthcare, Inc. recently announced the implementation of Application Programming Interface (“API”) technology to support the COVID-19 vaccine administration programs in California. NextGen is working with California’s Third-Party Administrator, Blue Shield, and has developed a high-fidelity connection between California’s My Turn program and electronic health records (EHRs) in clinics across the state.
For investors’ note, NextGen had announced its support for the rollout of COVID-19 vaccines with its end-to-end workflow to administer and track distribution through its integrated NextGen Enterprise software platform, in December 2020.
With the latest implementation of API to enable better vaccine administration, NextGen aims to better address the increased demand for easy, secure and quick moving and sharing of patient data from the EHRs. This is expected to significantly strengthen the company’s foothold in the global interoperability services platform and the API partner market.
Significance of the Technology
NextGen’s API technology is expected to enable the company’s clients across California to track COVID-19 vaccine administration, manage inventories and meet reporting requirements for government agencies. Currently, a large majority of federally qualified health centers (FQHCs) in the state use NextGen’s platform. Hence, by using this API, FQHCs and other healthcare organizations can exchange information directly within an integrated clinical workflow. This is likely to eliminate the need for duplicate data entry and provide better data integrity, especially for tracking health equities in underserved areas.
Per management, the latest API technology is expected to help vaccine providers navigate the complicated process and manage its distribution smoothly.
Industry Prospects
Per a report by Grand View Research, the global healthcare API market was valued at $210.9 million in 2019 and is expected to grow at a CAGR of 6.3% between 2020 and 2027. Factors like simplicity and ease of healthcare data accessibility, and growing need for healthcare integration are expected to drive the market.
Given the market potential, the implementation of API for better vaccine distribution is expected to significantly boost NextGen’s global business.
Notable Developments
Of late, NextGen has witnessed a few notable developments across its business.
The company, in April, announced the availability of its expanded platform for ambulatory providers, the Spring ‘21 release of NextGen Enterprise.
In March, NextGen announced that its portfolio of integrated solutions for its orthopedic division has been adopted by Maine’s largest state-wide physician-owned multispecialty organization, Spectrum Healthcare Partners.
Price Performance
Shares of the company have gained 85.9% in the past year compared with the industry’s 0.1% growth and the S&P 500's 41.5% rise.
Illumina’s long-term earnings growth rate is estimated at 7%.
DaVita’s long-term earnings growth rate is estimated at 14.4%.
Amedisys’ long-term earnings growth rate is estimated at 12%.
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NextGen (NXGN) Implements API to Aid COVID-19 Vaccination
NextGen Healthcare, Inc. recently announced the implementation of Application Programming Interface (“API”) technology to support the COVID-19 vaccine administration programs in California. NextGen is working with California’s Third-Party Administrator, Blue Shield, and has developed a high-fidelity connection between California’s My Turn program and electronic health records (EHRs) in clinics across the state.
For investors’ note, NextGen had announced its support for the rollout of COVID-19 vaccines with its end-to-end workflow to administer and track distribution through its integrated NextGen Enterprise software platform, in December 2020.
With the latest implementation of API to enable better vaccine administration, NextGen aims to better address the increased demand for easy, secure and quick moving and sharing of patient data from the EHRs. This is expected to significantly strengthen the company’s foothold in the global interoperability services platform and the API partner market.
Significance of the Technology
NextGen’s API technology is expected to enable the company’s clients across California to track COVID-19 vaccine administration, manage inventories and meet reporting requirements for government agencies. Currently, a large majority of federally qualified health centers (FQHCs) in the state use NextGen’s platform. Hence, by using this API, FQHCs and other healthcare organizations can exchange information directly within an integrated clinical workflow. This is likely to eliminate the need for duplicate data entry and provide better data integrity, especially for tracking health equities in underserved areas.
Per management, the latest API technology is expected to help vaccine providers navigate the complicated process and manage its distribution smoothly.
Industry Prospects
Per a report by Grand View Research, the global healthcare API market was valued at $210.9 million in 2019 and is expected to grow at a CAGR of 6.3% between 2020 and 2027. Factors like simplicity and ease of healthcare data accessibility, and growing need for healthcare integration are expected to drive the market.
Given the market potential, the implementation of API for better vaccine distribution is expected to significantly boost NextGen’s global business.
Notable Developments
Of late, NextGen has witnessed a few notable developments across its business.
The company, in April, announced the availability of its expanded platform for ambulatory providers, the Spring ‘21 release of NextGen Enterprise.
In March, NextGen announced that its portfolio of integrated solutions for its orthopedic division has been adopted by Maine’s largest state-wide physician-owned multispecialty organization, Spectrum Healthcare Partners.
Price Performance
Shares of the company have gained 85.9% in the past year compared with the industry’s 0.1% growth and the S&P 500's 41.5% rise.
Zacks Rank & Other Key Picks
Currently, NextGen carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks from the broader medical space are Illumina, Inc. (ILMN - Free Report) , DaVita Inc. (DVA - Free Report) and Amedisys, Inc. (AMED - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Illumina’s long-term earnings growth rate is estimated at 7%.
DaVita’s long-term earnings growth rate is estimated at 14.4%.
Amedisys’ long-term earnings growth rate is estimated at 12%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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