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AMN Healthcare's (AMN) New Tie-Up to Boost Patient Outcome
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AMN Healthcare Services, Inc. (AMN - Free Report) recently partnered with ALTA Language Services. Through the partnership, AMN Language Services will now likely offer language proficiency testing for hospital and healthcare systems via a new platform. The platform assesses and qualifies the bilingual staffs and full-time interpreters, thus solidifying their position as the ultimate resource for comprehensive language solutions and facilitating compliance with Section 1557 of the Affordable Care Act.
However, it is worth noting that ALTA Language Services is a language and cultural solutions company that provides translation, medical interpreter training and language testing services.
The latest partnership is expected to strengthen AMN Healthcare’s Technology and Workforce Solutions segment.
Rationale Behind the Collaboration
Section 1557 of the Patient Protection and Affordable Care Act, which prohibits discrimination on any basis in federally funded health programs and activities, requires that all bilingual staff be evaluated and qualified by passing an assessment before they can render care in another language besides English. For healthcare providers, compliance with Section 1557 regulations is a legal obligation and is also crucial to addressing health disparities, improving patient outcomes and enabling care without concern of miscommunication.
A recent AMN Healthcare Study showed, in an analysis of 204 million minutes of patient interpretation services, that 45 different languages are cited as being among the top 10 spoken in patient and provider encounters throughout the country. This underscored the ever-increasing complexity of these encounters.
The partnership will likely boost AMN Language Service's diverse portfolio of products and simplify the language procurement process for customers by providing the convenience of streamlined invoicing and a one-stop shop for language services, including translation and language proficiency testing.
AMN Healthcare’s management believes that the latest partnership will likely provide solutions that give patients the ability to better communicate their needs, actively participate in their care and improve their health outcomes.
Per ALTA Language Services’ management, both the patient and the healthcare providers are expected to benefit from the solution as it ensures compliance, reduces risks and validates practitioners' abilities to deliver medical services in languages other than English. This, in turn, will likely enhance the quality and accessibility of healthcare services for diverse patient populations.
Industry Prospects
Per a report by MarketsandMarkets, the global market for natural language processing in Healthcare & Life sciences is anticipated to grow from $2.7 billion in 2023 to $11.8 billion by 2028 at a CAGR of 34.4%. Factors like the focus on enhancing clinical decision support and the rapidly increasing globalization among staff are likely to drive the market.
Given the market potential, the latest partnership is expected to significantly strengthen AMN Healthcare’s business.
Another Notable Development
Last month, AMN Healthcare announced its third-quarter 2023 results, wherein it registered a solid uptick in its Language services revenues.
Price Performance
The stock has lost 40.2% over the past year compared with the industry’s 11.7% decline. The S&P 500 has witnessed 17.3% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, AMN Healthcare carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , DexCom, Inc. (DXCM - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 18.3%. DVA’s earnings surpassed estimates in all the trailing four quarters, with an average surprise of 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 42.2% compared with the industry’s 5.2% rise in the past year.
DexCom, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 33.6%. DXCM’s earnings surpassed estimates in all the trailing four quarters, with an average of 36.4%.
DexCom’s shares have gained 2.1% against the industry’s 2.6% decline in the past year.
Integer Holdings, flaunting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 11.9%.
Integer Holdings’ shares have rallied 22.4% against the industry’s 2.6% decline in the past year.
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AMN Healthcare's (AMN) New Tie-Up to Boost Patient Outcome
AMN Healthcare Services, Inc. (AMN - Free Report) recently partnered with ALTA Language Services. Through the partnership, AMN Language Services will now likely offer language proficiency testing for hospital and healthcare systems via a new platform. The platform assesses and qualifies the bilingual staffs and full-time interpreters, thus solidifying their position as the ultimate resource for comprehensive language solutions and facilitating compliance with Section 1557 of the Affordable Care Act.
However, it is worth noting that ALTA Language Services is a language and cultural solutions company that provides translation, medical interpreter training and language testing services.
The latest partnership is expected to strengthen AMN Healthcare’s Technology and Workforce Solutions segment.
Rationale Behind the Collaboration
Section 1557 of the Patient Protection and Affordable Care Act, which prohibits discrimination on any basis in federally funded health programs and activities, requires that all bilingual staff be evaluated and qualified by passing an assessment before they can render care in another language besides English. For healthcare providers, compliance with Section 1557 regulations is a legal obligation and is also crucial to addressing health disparities, improving patient outcomes and enabling care without concern of miscommunication.
A recent AMN Healthcare Study showed, in an analysis of 204 million minutes of patient interpretation services, that 45 different languages are cited as being among the top 10 spoken in patient and provider encounters throughout the country. This underscored the ever-increasing complexity of these encounters.
The partnership will likely boost AMN Language Service's diverse portfolio of products and simplify the language procurement process for customers by providing the convenience of streamlined invoicing and a one-stop shop for language services, including translation and language proficiency testing.
AMN Healthcare’s management believes that the latest partnership will likely provide solutions that give patients the ability to better communicate their needs, actively participate in their care and improve their health outcomes.
Per ALTA Language Services’ management, both the patient and the healthcare providers are expected to benefit from the solution as it ensures compliance, reduces risks and validates practitioners' abilities to deliver medical services in languages other than English. This, in turn, will likely enhance the quality and accessibility of healthcare services for diverse patient populations.
Industry Prospects
Per a report by MarketsandMarkets, the global market for natural language processing in Healthcare & Life sciences is anticipated to grow from $2.7 billion in 2023 to $11.8 billion by 2028 at a CAGR of 34.4%. Factors like the focus on enhancing clinical decision support and the rapidly increasing globalization among staff are likely to drive the market.
Given the market potential, the latest partnership is expected to significantly strengthen AMN Healthcare’s business.
Another Notable Development
Last month, AMN Healthcare announced its third-quarter 2023 results, wherein it registered a solid uptick in its Language services revenues.
Price Performance
The stock has lost 40.2% over the past year compared with the industry’s 11.7% decline. The S&P 500 has witnessed 17.3% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, AMN Healthcare carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , DexCom, Inc. (DXCM - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy), has an estimated long-term growth rate of 18.3%. DVA’s earnings surpassed estimates in all the trailing four quarters, with an average surprise of 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 42.2% compared with the industry’s 5.2% rise in the past year.
DexCom, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 33.6%. DXCM’s earnings surpassed estimates in all the trailing four quarters, with an average of 36.4%.
DexCom’s shares have gained 2.1% against the industry’s 2.6% decline in the past year.
Integer Holdings, flaunting a Zacks Rank of 1 at present, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 11.9%.
Integer Holdings’ shares have rallied 22.4% against the industry’s 2.6% decline in the past year.