NextGen Healthcare, Inc. ( NXGN Quick Quote NXGN - Free Report) recently announced that it has expanded its long-term relationship with InstaMed, a J.P. Morgan company. The deal is aimed at modernizing payment processing via NextGen Pay powered by InstaMed.
Notably, the solution expands payment options and convenience for patients who can pay online while visiting providers that utilize the NextGen Practice Management (“PM”) solution.
The NextGen Pay powered by InstaMed allows patients the convenience of saving credit card information within the online portal for quick payments on the go. With the expanded relationship, patients will also have the option to use Apple Pay mobile payment solution or Google Pay payment services at in-person care visits.
NextGen’s latest expanded agreement is expected to significantly boost its PM offerings of the broader Enterprise domain on a global scale by attracting more clients, some of whom are already benefiting from NextGen Pay powered by InstaMed.
Rationale Behind the Expansion
InstaMed, which is a renowned name in collecting healthcare payments throughout the patient journey, has published a recent trends report. The report highlights the importance of payment convenience to patients. The survey also indicates that the majority of patients would want to continue using virtual and self-service options for care post the pandemic and prefer online payment for medical bills. Additionally, the majority of the patient pool would even consider switching providers for a better healthcare payment experience.
NextGen Pay powered by InstaMed not only benefits patients who can pay online when visiting providers utilizing the NextGen PM solution, but also aids the healthcare practices to automate collections, and manage and view payments in one system. Additionally, the payment solution is secure and utilizes superior data encryption protections.
Per NextGen’s management, both patients and providers will have a better payment method, which meets both their individual requirements, in the form of NextGen Pay powered by InstaMed.
Industry Prospects Per a report by Grand View Research, the global digital payment market was valued at $68.61 billion in 2021 and is anticipated to expand at a CAGR of 20.5% between 2022 and 2030. Factors like growing customer preference for real-time payments, rising adoption of mobile wallets and increased online sales are expected to drive the market.
Given the market potential, NextGen’s recent collaboration is likely to provide a significant boost to its business globally.
In May, NextGen introduced NextGen Health Data Hub Insights, which is a tool that has been created to streamline data access, analytics and report generation for health information exchanges and healthcare providers throughout the United States.
Also in May, NextGen announced that NextGen Enterprise electronic health record and PM Solutions have been chosen by New York-based Federally Qualified Health Center (“FQHC”) — Morris Heights Health Center.
Again in May, NextGen announced a partnership with Circuit Clinical to bring clinical trial access to patients of FQHCs through over 14,000 providers that utilize NextGen’s solutions.
Shares of the company have gained 12.1% in the past year against the
industry’s 50.3% fall and the S&P 500’s 18.7% decline. Image Source: Zacks Investment Research Zacks Rank & Stocks to Consider
Currently, NextGen carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are
AMN Healthcare Services, Inc. ( AMN Quick Quote AMN - Free Report) , Patterson Companies, Inc. ( PDCO Quick Quote PDCO - Free Report) and McKesson Corporation ( MCK Quick Quote MCK - Free Report) .
AMN Healthcare, flaunting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 1.1%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 15.6%.
You can see
the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has gained 23.8% against the
industry’s 32.9% fall in the past year.
Patterson Companies, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 9.6%. PDCO’s earnings surpassed estimates in all the trailing four quarters, the average beat being 16.5%.
Patterson Companies has gained 1.2% against the
industry’s 11.9% fall over the past year.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 9.5%. MCK’s earnings surpassed estimates in three of the trailing four quarters, the average beat being 19.5%.
McKesson has gained 69.1% against the industry’s 11.9% fall over the past year.