Quality Systems, Inc.
, also known as NextGen Healthcare, recently announced that its electronic health record (EHR) ambulatory product NextGen Office has been integrated with CoverMyMeds. Notably, CoverMyMeds, the largest electronic prior authorization (ePA) solution of the United States, is owned by McKesson Corporation (MCK - Free Report
It enables providers, pharmacists and their staff to fill out Prior Authorization (PA) requests electronically digressing from the manual methods of obtaining PAs through paper, faxes, and phone calls between providers, pharmacies and insurers.
The latest developmentwill help NextGen Office users get faster Prior Authorization (PA) and lessen the time spent by providers.Some of the benefits of the alliance include faster completion of PA requests, streamlined communications, ease of workflow and tracking the status of PAs.
What is PA?
For investors’ notice, PA in healthcare implies planning the necessaryhealth careservice, treatment plan, prescription drug or durable medical equipment by health insurers. However, traditional methods of PA are time-consuming.
Per an article in HealthPayer Intelligence, the largest tax payers of the United States like Aetna, Anthem, Cigna and Humana have committed to the use of electronic prior authorization to streamline approval procedures for providers and patients. This decreases turnaround time.
An article by P&S Market Research states that the global EHR market is projected to reach a worth of $30.4 billion by 2023.
The market is mainly driven by the increasing need for advanced healthcare information system, growing investments by healthcare IT players, rising demand for better healthcare facilities and increasing government initiatives.
Hence, Quality System’s latest move has been a well-timed one.
In the past year, shares of Quality Systems have rallied 45.4% compared with the industry
’s 8.6% rise.
Want More From the Industry?
Quality Systems carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the Medical Info Systems industry are athenahealth and FULGENT GENETIC (FLGT - Free Report
FULGENT GENETIC has a projected earnings growth rate of 11.1% for the next year. The stock carries a Zacks Rank #2 (Buy).
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