In a bid to progresswith effective medication management, MatrixCare, a wholly owned subsidiary of ResMed Inc. (RMD - Free Report) , recently entered into a national agreement with long-term care pharmacy solutions provider, PharMerica. Financial terms of the deal, based on Pharmacy Integration and Electronic Medication Administration Record (eMAR), have been kept under wraps.
Per MatrixCare, with the advent of patient-driven payment model, an integration like this holds immense importance. MatrixCare’s eMAR functionality with real-time facility-centric or pharmacy-centric order entry when combined with PharMerica, is expected to significantly improve the caregivers’ efficiency while checking medication-related errors.
A Peek Into the Agreement
The pact between MatriCare and PharMericacovers NCPDP (National Council for Prescription Drug Programs) Bidirectional ePrescribing with all MatrixCare customer facilities. The deal also integrates pharmacy-centric order entry (PCOE) with MatrixCare’s CareAssist platform. While the platform further consolidates eMAR and point-of-care functionality. This process aims to streamline workflows and documentation for frontline caregivers in skilled nursing, assisted living and senior living communities.
Under this contract, MatrixCare will be able to communicate with PharMerica’s proprietary AS400 software in multiple configurations, which are NCPDP Bidirectional (“facility centric”) and PCOE (“pharmacy centric”) workflows. According to ResMed, these real-time integrations will allow MatrixCare to decrease data-entry time and enhance medication order accuracy. The same will also help boost caregiver efficiency and drive medication safety for communities.
The medication management system market has huge global prospects at present. Per P&S Intelligence, the global medication management market size is projected to reach $4.3 billion by 2020, witnessing a CAGR of 26.1% during the period.
Shares of the company have outperformed the S&P 500 index over the past three months. The stock has gained 10.8% compared with the index’s growth of 4.5%.
Zacks Rank & Key Picks
Currently, ResMed has a Zacks Rank #3 (Hold). Better-ranked stocks in the broader medical space include ABIOMED, Inc., (ABMD - Free Report) , Penumbra, Inc., (PEN - Free Report) and Masimo, Inc. (MASI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ABIOMED’s long-term earnings growth rate is expected to be 27.67%.
Penumbra’s long-term earnings growth rate is estimated to be 20%.
Masimo’s long-term earnings are projected to grow 15.6%.
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