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NextGen's (NXGN) New Partnership to Boost Patient Experience

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NextGen Healthcare, Inc. (NXGN - Free Report) recently announced that Care Resource Community Health Centers, Inc. (“Care Resource”) in South Florida is utilizing NextGen Patient Experience Platform to enhance patient satisfaction scores and health outcomes. On the back of a new collaboration with Clinect Healthcare, providers can now survey patient satisfaction levels with the help of NextGen platform. Apart from this, practices can track social media reviews, and capture and score patient reported outcomes, thereby allowing clinical recommendations on the basis of patient responses.

It is worth mentioning that practices can modify their strategies using Clinect’s multi-faceted platform, which in turn will benefit patients throughout their entire healthcare journey.

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

Benefits of the Collaboration

NextGen Patient Experience Platform helps patients by making its services more accessible, thereby boosting patient loyalty and engagement.

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The partnership will enable NextGen’s practices to keep a check on, analyze and act on information in real time.

Per management at NextGen, this collaboration is another step toward expanding the patient-provider connection and driving improved outcomes.

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 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.

In the same month, 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.

Again, this 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.

Price Performance

Shares of the Zacks Rank #3 (Hold) company have gained 22.3% in the past year against the industry’s decline of 15.6%.

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%.