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NextGen's (NXGN) New Collaboration to Boost Solutions Portfolio

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NextGen Healthcare, Inc. (NXGN - Free Report) recently collaborated with Klamath Tribal Health (“Klamath”) in Oregon in a bid to help in the extensive delivery of COVID-19 vaccinations to its community. It is worth mentioning that Klamath has utilized the award-winning NextGen Enterprise with integrated NextGen Mobile technology to conduct various mobile vaccination clinics.

By integrating NextGen’s technology with its own electronic health record (EHR) workflow, Klamath has been able to inoculate patients in mobile clinics, which has allowed it to administer thousands of vaccines at remote sites since last December.

Klamath offers medical treatment, counseling and support services to individuals and families in the Klamath Tribe and neighboring community. The clinic is utilizing the complete NextGen Healthcare platform, which includes NextGen Enterprise EHR and NextGen Mobile, to name a few.

This partnership is likely to provide a boost to NextGen’s solutions portfolio.

Benefits of the Collaboration

Per management, NextGen remains focused on modernizing patient experience. With the remote access provided by NextGen Mobile, providers are capable of treating patients in any type of setting. In this regard, a smartphone or tablet is the patient’s only requirement.

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In fact, Klamath’s grassroot vaccination initiative is proof that healthcare technology has the capability to change the landscape for both providers and patients.

NextGen Enterprise’s end-to-end software platform aids in COVID-19 vaccine workflow, thereby allowing providers to perform critical functions including informing patients regarding follow-up doses, federal and state vaccine registry submissions, and detecting high-risk patients by using the NextGen Population Health tool.

Market Prospects

Per a report by Grand View Research, the global EHR market is anticipated to reach $35.1 billion by 2028, witnessing a CAGR of 3.7% during the forecast period (2016-2028). Hence, this collaboration comes at an opportune time for NextGen.

Recent Developments

In September, the company announced that its Revenue Cycle Management (“RCM”) Services have been successfully optimized by Coastal Orthopedics (Coastal) for its billing and reporting purposes. The RCM Services is an extension of NextGen’s use of the NextGen Enterprise EHR and NextGen Practice Management solutions.

In the same month, NextGen reached a milestone by enabling 2 million telehealth visits since March 2020. The company witnessed a whopping surge of nearly 5000% in telehealth visits from the last year as providers across the United States turned to the NextGen Virtual Visits to offer safe and convenient continuity of care amid the COVID-19 pandemic.

In August, the company announced that a federally qualified health center — Neighborhood Health — is utilizing NextGen Mobile to deliver its street medicine program to Nashville’s homeless community. Presently, Neighborhood Health offers care for above 600 homeless individuals living on the streets of Nashville.

Price Performance

Shares of the Zacks Rank #3 (Hold) company have gained 12.3% in the past year against the industry’s decline of 18.2%.

Stocks to Consider

Some better-ranked stocks from the broader medical space are Henry Schein, Inc. (HSIC - Free Report) , Envista Holdings Corporation (NVST - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Henry Schein’s long-term earnings growth rate is estimated at 13.9%.

Envista Holdings’ long-term earnings growth rate is estimated at 27.4%.

Merit Medical’s long-term earnings growth rate is projected at 13.6%.