Global Payments Inc.’s (GPN Quick QuoteGPN - Free Report) AdvancedMD recently announced 30 plus new features for its upcoming 2024 summer product release in a bid to enhance its offerings for medical practices. The company launched updates in electronic health records, practice management, and tools for patient engagement.

Amongst the new launches is the Certified PAX A920 credit card processing terminal, integrated with the AdvancedMD Pay system, allowing clients to manage online and in-person credit card payments through a unified system. This innovation is expected to aid medical practices to streamline workflow and reduce complexities. Initially, this terminal will be available to clients by invitation, and thereafter, it will be provided to all clients. Another enhancement to its offerings includes processing payments through Patient Billing Wizard. This would allow practices to track installment payments and improve financial predictability.

This move bodes well for GPN as healthcare providers face continued challenges like late payments, and claim denials. Per a recent poll from the Medical Group Management Association, 33% plus medical groups have less than 20% of revenue cycle operations automated. Per the poll, one out of five customersagreed that they plan to automate revenue cycle elements this year. Enhanced offerings are expected to help with the retention of clients and improve transaction-based revenues in the future.

Other new features include a Carrier Update tool for updates of multiple carriers and automated payment terms for cancelations and no-shows, amongst others, for Practice Management. EHR updates include improved ePrescribing features, streamlined electronic case reporting functions, and better adherence to medications. Patient engagement updates include enhanced administrative controls and security of user level for appointment reminder templates and better visibility of patient system management among others. Move like this is expected to aid GPN in catering to the evolving needs of medical practices.

Shares of Global Payments have lost 23% in the past year compared with the industry’s 5.5% decline. GPN currently carries a Zacks Rank #2 (Buy).

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Other Stocks to Consider

Investors interested in the broader Business Services space can look at some other top-ranked stocks like Envestnet, Inc. , Paysafe Limited (PSFE Quick QuotePSFE - Free Report) , and Fiserv, Inc. (FI Quick QuoteFI - Free Report) . Each stock presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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The Zacks Consensus Estimate for Fiserv’s 2024 earnings of $8.69 per share suggests 15.6% year-over-year growth. It beat earnings estimates thrice in the past four quarters and met once, with an average surprise of 2.3%. The consensus estimate for FI’s current-year revenues is pegged at $19.3 billion, indicating a 7.2% increase from a year ago.