Brightree, a wholly owned subsidiary of ResMed, Inc. (RMD - Free Report) , recently announced an expansion of its patient contact management solution, ReSupply, formerly known as ConnectPRO. Per news, this ReSupply solution for home medical equipment (HME), which traditionally used to cater to only sleep therapy patients, has now been stretched to support additional categories including incontinence, diabetic and enteral segments.
The extended usage of this solution will result in broadening the customer base of Brightree, thereby boosting the company’s HME business. ResMed stated that HMEs’ service to a wide range of medical supply patients can now benefit from Brightree ReSupply solution.
Notably, Brightree ReSupply is a scalable and automated solution that includes live-agent inbound and outbound calls for more personal engagement with patients as well as email reminder capabilities.
According to the company, this solution will help HME providers seamlessly fill up resupply orders, enable patients to achieve a long-term therapy adherence, meet payer requirements, reduce denials, improve overall resupply revenues and revenues per order as well.
In this regard, the company noted that its ReSupply integrates well with other Brightree software. In other words, HMEs can now use Brightree technologies across nearly every aspect of business operations.
Bright Prospects of HME Market
Per an Allied Market Research report, the global HME market generated $23.36 billion in 2017 and is projected to reach $35.18 billion by 2023, registering a CAGR of 7.1% from 2017 to 2023. Considering the abundant market potential, this latest development by Brightree is strategically timed.
Innovations by Brightree in HME
Of late, Brightree is making quite a few strategic developments for HME providers. The latest development came close on the heels of the company’s last week’s announcement of unveiling Advanced Analytics, the first analytics platform for HME providers. It provides workflow insights and facilitates KPI (Key Performance Indicator) tracking plus peer benchmarking without requiring users to aggregate the data themselves.
The launch of this platform aligns with the company’s goal of allowing HME providers to make smarter business decisions for revenue cycle management, business operations and resupply programs so that they can attain better patient outcomes.
Over the past three months, the ResMed stock has underperformed its industry it belongs to. The stock has declined 10.5% versus the industry’s rise of 12.8%.
Zacks Rank and Key Picks
Currently ResMed carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Stryker Corporation (SYK - Free Report) , Penumbra, Inc. (PEN - Free Report) and Amedisys, Inc (AMED - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stryker’s long-term earnings growth rate is projected at 10%
Penumbra’s long-term earnings growth rate is estimated at 20.9%.
Amedisys’s long-term earnings growth rate is forecast at 19.7%.
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