Ecolab Inc. (ECL - Free Report) recently added digital dashboards, which will provide greater visibility, measurement and analysis of current practices, including predictive analytics to help forecast and reduce infection rates. Notably, Ecolab’s Hand Hygiene Compliance Monitoring System and the Operating Room and Patient Room Programs utilizing DAZO monitoring and Central Sterile Process Indicators connect with Ecolab’s digital dashboards.
The company thus expanded its healthcare offerings with advanced digital capabilities which fortified its foothold in the global healthcare information technology (HCIT) space.
How Does Ecolab Stand to Gain?
Ecolab’s digital dashboards are designed to gather millions of data on hand hygiene compliance, surgical instrument cleanliness in the central sterile department, high-touch object cleanliness and room turnover time for patient and operating rooms. The goal is to reduce spending related to healthcare-associated infection (HAI).
Per management, hospitals in the United States incur millions of dollars of ancillary costs and longer patient stays due to HAIs.
Hence, data from Ecolab will help provide greater visibility into hygiene behaviors and overall cleanliness.
Use of Data Takes MedTech Fraternity by Storm
The phenomenal rise of data analytics is helping MedTech companies rake in billions.
The latest trend of electronic health records, electronic medical records, predictive analytics, real-time alerting and revenue cycle management services in the U.S. MedTech space has been gaining prominence.
Some other players in the HCIT space who deserve a mention are Allscripts Healthcare Solutions (MDRX - Free Report) and Cerner Corporation (CERN - Free Report) . Allscripts’ Sunrise and Paragon face robust demand while Cerner's HealtheIntent is a big data platform, which provides the company with significant exposure to artificial intelligence trends in the medical world.
Research and Markets shows that the global big data market is expected to see a CAGR of 10% to reach a value of $76 billion by 2020.
Hence, Ecolab’s move has been a well-timed one.
Over the past year, shares of the Zacks Rank #3 (Hold) company have rallied 39.2% compared with the industry’s 6.5% gain.
A better-ranked stock in the broader medical space is DENTSPLY SIRONA (XRAY - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DENTSPLY’s long-term earnings growth rate is expected at 11.5%.
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