NextGen (NXGN) to Offer AI-Based Patient Engagement Solutions
NextGen Healthcare NXGN announced the expansion of its existing alliance with innovator of the market-leading Patient Success Platform — Luma Health — to provide artificial intelligence (AI)-enhanced solutions for patient communications to clients using NextGen Enterprise electronic health records (EHR) program.
Luma Health's solutions have a proven record of success in engaging patients digitally and addressing their entire care journey. They also improve the experience of health care providers and staff who work with the patients. NextGen believes that the expanded alliance will empower patients to take even greater ownership of their care through its enhanced care offerings.
Price Performance
Shares of NextGen have lost 4.9% year to date against the industry’s 27.2% growth. The S&P 500 has witnessed 16.8% growth in the said time frame.
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AI-Enhanced Solutions
NextGen will start providing AI-enhanced solutions for intake and self-scheduling, initially through its NextGen Patient Engage and NextGen Self-Scheduling programs. These programs are seamlessly integrated in the wider NextGen Enterprise EHR program. The new offering will help patients to conveniently engage with their care providers from their mobile devices in more than 20 languages.
The programs will use AI for confirming or cancelling appointments, interacting with staff, providing relevant documents and completing pre-visit intake forms from the comfort of their homes and without the need to logging into a portal.
The clients using NextGen Enterprise EHR program will be able to send appointment reminders and surveys, inform patients about earlier appointment options and share time-sensitive information through automated conversational responses. The AI-based solutions are likely to reduce manual work and double-documentation for staff as well.
NextGen stated in the release that one of its clients, Houston ENT & Allergy, had generated additional revenues of $1.2 million with the adoption of Luma Health's smart waitlist and other products. This represents exciting opportunity for NextGen’s clients, which in turn will likely lead to higher demand for the company’s services.
Notable Developments
Earlier this month, NXGN announced that Community Reach Center had chosen NextGen Enterprise EHR and NextGen Enterprise practice management (PM) to address mental health, substance abuse and primary care needs across the Denver area. The center will also leverage NextGen Behavioral Health Suite, NextGen Virtual Visits, NextGen Mobile and NextGen Managed Cloud Services.
Last month, NextGen reported its first-quarter fiscal 2024 results, wherein it registered a solid uptick in the top and bottom lines, along with strength in both Recurring and Non-recurring revenues. Robust increases in Subscription services, Managed services and Transactional and data services revenues in the quarter were also seen. An improvement in Other non-recurring services revenues was recorded.
The same month, NextGen announced that Kymera Independent Physicians’ multi-specialty group selected NextGen Enterprise EHR to expand access to care while increasing clinical productivity, improving patient experience and ensuring healthy financial outcomes.
In June, NextGen announced that Haymarket Center chose NextGen Enterprise EHR and NextGen PM to deliver 24/7 whole-person care in Illinois.
NEXTGEN HEALTHCARE, INC Price
NEXTGEN HEALTHCARE, INC price | NEXTGEN HEALTHCARE, INC Quote
Zacks Rank & Stocks to Consider
Currently, NextGen carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Patterson Companies, Inc. PDCO, HealthEquity, Inc. HQY and McKesson Corporation MCK.
Patterson Companies, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 9.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PDCO’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 4.5%. The company’s shares have rallied 21% year to date compared with the industry’s 13.7% growth.
HealthEquity, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 22%. HQY’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.1%.
The company’s shares have risen 8.9% year to date against the industry’s 8.6% decline.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.1%.
The stock has gained 12.3% year to date compared with the industry’s 13.6% growth.
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