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NextGen's (NXGN) AI-Based Ambient Assist to Expedite Care Plans
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NextGen Healthcare, Inc. announced the availability of its Ambient Assist — an ambient listening solution that interprets patient-provider conversations in real time. The new resource will help in summarizing appointments and documenting care plans within a fraction of the time taken by the current manual process.
Ambient Assist uses artificial intelligence (AI) to generate subjective, objective, assessment and plan notes directly in the electronic health record (EHR) for provider convenience.
Price Performance
Shares of the company have risen 26.7% year to date compared with the industry’s 17.8% growth. The S&P 500 Index has gained 14.3% in the same time frame.
Image Source: Zacks Investment Research
AI-Enhanced Solutions
NextGen stated that Ambient Assist’s AI-driven technology uses relevant details to prepare concise documentation for each patient’s appointment with more than 90% accuracy and creates a SOAP within 30 seconds. Per the company, the addition of the Ambient Assist solution within the NextGen Mobile application can save as much as two hours of documentation per day, allowing more time for patient interactions.
Per a research report by the American Medical Association, approximately 63% of physicians report experiencing emotional exhaustion or another common sign of burnout at least once in any given week, which can lead to errors and reduced quality of care. The company believes that the time saved using Ambient Assist will help providers in serving patients more effectively.
Apart from Ambient Assist, NextGen has been actively adding other AI-based solutions to its portfolio. It started providing AI-enhanced solutions for intake and self-scheduling of patients, initially through its NextGen Patient Engage and NextGen Self-Scheduling programs earlier this year.
These programs are seamlessly integrated into the wider NextGen Enterprise EHR program. The new offering will help patients conveniently engage with their care providers from their mobile devices in more than 20 languages.
These programs will use AI for confirming or canceling appointments, interacting with the staff, providing relevant documents and completing pre-visit intake forms from the comfort of their home, without the need to log into a portal.
NextGen stated earlier that one of its clients, Houston ENT & Allergy, had generated additional revenues of $1.2 million with the adoption of Luma Health's smart waitlist and other products. This represents an exciting opportunity for NextGen’s clients, which, in turn, will likely lead to higher demand for its services.
Notable Developments
Last month, NextGen entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm. Upon the completion of the transaction (expected this quarter), NXGN will become a privately held company.
In August, the company announced that the Community Reach Center had chosen NextGen EHR and NextGen Enterprise PM to address mental health, substance abuse and primary care needs across the Denver area.
In July, NXGN reported its first-quarter fiscal 2024 results, wherein it registered a solid uptick in its top line and bottom line, along with strength in both Recurring and Non-recurring revenues. A robust increase in Subscription services, Managed services, and Transactional and data services revenues was also seen. An improvement in Other non-recurring services revenues was also recorded.
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 35% year to date compared with the industry’s 38% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 18.7% year to date compared with the industry’s 38% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 15.9% year to date against the industry’s 12.5% decline.
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NextGen's (NXGN) AI-Based Ambient Assist to Expedite Care Plans
NextGen Healthcare, Inc. announced the availability of its Ambient Assist — an ambient listening solution that interprets patient-provider conversations in real time. The new resource will help in summarizing appointments and documenting care plans within a fraction of the time taken by the current manual process.
Ambient Assist uses artificial intelligence (AI) to generate subjective, objective, assessment and plan notes directly in the electronic health record (EHR) for provider convenience.
Price Performance
Shares of the company have risen 26.7% year to date compared with the industry’s 17.8% growth. The S&P 500 Index has gained 14.3% in the same time frame.
Image Source: Zacks Investment Research
AI-Enhanced Solutions
NextGen stated that Ambient Assist’s AI-driven technology uses relevant details to prepare concise documentation for each patient’s appointment with more than 90% accuracy and creates a SOAP within 30 seconds. Per the company, the addition of the Ambient Assist solution within the NextGen Mobile application can save as much as two hours of documentation per day, allowing more time for patient interactions.
Per a research report by the American Medical Association, approximately 63% of physicians report experiencing emotional exhaustion or another common sign of burnout at least once in any given week, which can lead to errors and reduced quality of care. The company believes that the time saved using Ambient Assist will help providers in serving patients more effectively.
Apart from Ambient Assist, NextGen has been actively adding other AI-based solutions to its portfolio. It started providing AI-enhanced solutions for intake and self-scheduling of patients, initially through its NextGen Patient Engage and NextGen Self-Scheduling programs earlier this year.
These programs are seamlessly integrated into the wider NextGen Enterprise EHR program. The new offering will help patients conveniently engage with their care providers from their mobile devices in more than 20 languages.
These programs will use AI for confirming or canceling appointments, interacting with the staff, providing relevant documents and completing pre-visit intake forms from the comfort of their home, without the need to log into a portal.
NextGen stated earlier that one of its clients, Houston ENT & Allergy, had generated additional revenues of $1.2 million with the adoption of Luma Health's smart waitlist and other products. This represents an exciting opportunity for NextGen’s clients, which, in turn, will likely lead to higher demand for its services.
Notable Developments
Last month, NextGen entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm. Upon the completion of the transaction (expected this quarter), NXGN will become a privately held company.
In August, the company announced that the Community Reach Center had chosen NextGen EHR and NextGen Enterprise PM to address mental health, substance abuse and primary care needs across the Denver area.
In July, NXGN reported its first-quarter fiscal 2024 results, wherein it registered a solid uptick in its top line and bottom line, along with strength in both Recurring and Non-recurring revenues. A robust increase in Subscription services, Managed services, and Transactional and data services revenues was also seen. An improvement in Other non-recurring services revenues was also recorded.
NEXTGEN HEALTHCARE, INC Price
NEXTGEN HEALTHCARE, INC price | NEXTGEN HEALTHCARE, INC Quote
Zacks Rank & Stocks to Consider
NextGen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Align Technology (ALGN - Free Report) , McKesson Corporation (MCK - Free Report) and Medpace (MEDP - Free Report) .
Align Technology, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ALGN’s earnings surpassed estimates in two of the trailing four quarters and missed twice, delivering an average negative surprise of 1.76%. The company’s shares have risen 35% year to date compared with the industry’s 38% growth.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 18.7% year to date compared with the industry’s 38% growth.
Medpace, carrying a Zacks Rank #2 at present, has an estimated growth rate of 16.2% for 2024. MEDP’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 22.28%.
The company’s shares have rallied 15.9% year to date against the industry’s 12.5% decline.