NextGen Healthcare, Inc. ( NXGN Quick Quote NXGN - Free Report) recently announced that Oak Orchard Health had chosen NextGen Enterprise as its electronic health record (EHR) and Practice Management (PM) solution. Oak Orchard Health is a federally qualified health center (FQHC) based in Brockport, NY.
NextGen, a well-known technology partner and advisor for FQHCs that collectively manage nearly 40% of the patient population in centers across the United States, had announced the launch of NextGen Community Health Collaborative in November 2021. This was aimed at offering data benchmarking, comparative analytics and reporting services, among other purposes.
With the latest adoption of its product, NextGen is likely to solidify its foothold in the global EHR and PM space, thereby boosting its Clinical Care Solutions business in the broader Enterprise domain.
Significance of the Adoption
Following the adoption, a full suite of NextGen solutions, including NextGen Virtual Visits, NextGen Mobile, NextGen Patient Experience Platform, NextGen Population Health and electronic dental records (all of which are managed in the NextGen Secure Cloud powered by Amazon Web Services) is expected to be utilized by Oak Orchard Health, which currently serves more than 30,000 patients at 12 locations. NextGen’s advanced services model designed to help FQHCs focus on providing quality patient care, eliminating technology burden and increasing provider satisfaction is also expected to be leveraged by Oak Orchard Health.
Per NextGen’s management, the company’s integrated platform will likely empower clinicians by offering insights at the point of care and enable FQHCs to deliver whole-person care.
Industry Prospects Per a report by Allied Market Research, the global EHR market was valued at $30,550.3 million in 2020 and is anticipated to reach $63,848.6 million by 2030 at a CAGR of 7.7%. Factors like technological advancements in the healthcare sector and EHR’s capabilities to manage and record patient data, as demonstrated during the pandemic, are likely to drive the market.
Given the market potential, the latest adoption of NextGen’s products is expected to significantly boost its business on a global scale.
This month, NextGen announced the newest release of its NextGen Behavioral Health Suite, built upon its NextGen Enterprise EHR and PM system. The suite is expected to be the industry’s first platform to date to integrate comprehensive physical, dental, behavioral health and human services.
In August, NextGen announced the addition of increased functionality to NextGen Virtual Visits, allowing practices and patients to participate in group virtual visits and invite additional stakeholders to telehealth appointments. These new features are seamlessly integrated into the NextGen EHR, benefiting providers, patients and others vested in their care.
In July, NextGen reported its first-quarter fiscal 2023 results, registering a solid uptick in the top line and strength in Recurring revenues. The robust increase in Subscription services revenues and continued strength in the NextGen Office and Enterprise domains as well as a host of surround solutions, such as mobile and telehealth, were also observed.
Comparison With Peers
A renowned peer of NextGen,
Change Healthcare Inc. , reported its first-quarter fiscal 2023 results in August, where it recorded robust revenue growth driven by continued momentum in core business and investment in expanded capabilities. CHNG also released InterQual 2022 during the reported quarter, which includes new criteria for emergent trends, restructured and interactive criteria to streamline workflows, and artificial intelligence to drive proactive insights and efficiency.
In June, Change Healthcare introduced Patient Engagement, a suite of technology solutions, by partnering with Luma Health.
Tabula Rasa HealthCare, Inc. ( TRHC Quick Quote TRHC - Free Report) , another key player in the EHR space and NextGen’s peer, announced a cooperation agreement with Indaba Capital Management, L.P. in September.
TRHC, in August, announced that a new peer-reviewed study from Tabula Rasa showed that pharmacist recommendations driven by its unique medication decision support system, MedWise Science, can aid prescribers in identifying and reducing the levels of potentially inappropriate medications among older adults, thereby reducing the risk of negative cognitive and physical outcomes.
Another well-known player in the EHR space and NextGen’s peer is
Allscripts Healthcare Solutions, Inc. ( MDRX Quick Quote MDRX - Free Report) . In September, MDRX’s business unit, Veradigm, announced a new agreement with Vytalize Health for the latter to integrate its solutions and services directly into the Practice Fusion EHR, a Veradigm Network solution.
In August, Allscripts announced its second-quarter 2022 results, registering a year-over-year uptick in the top line and revenues from both segments. On its second-quarter earnings call, Allscripts confirmed that it had inked deals with Spectrum Medical (a current client) OrthoBethesda.