NextGen's (NXGN) Behavioral Health Suite Adopted by Mindful Care
NextGen Healthcare, Inc. NXGN recently announced that Mindful Care had selected NextGen Behavioral Health Suite to support its short-term and long-term goals. The same-day mental health company focused on providing urgent psychiatric care offers urgent mental health care in Connecticut, Florida, Illinois, Michigan, New Jersey and New York, with plans for nationwide expansion.
With the latest adoption, NextGen is likely to solidify its foothold in the online scheduling and appointment bookings space across the nation, thereby boosting its Enterprise domain.
Significance of the Adoption
Mindful Care’s management feels that urgent psychiatric care has been a crucial missing element in the U.S. care continuum for quite a long period. To bridge this gap and provide urgent help to those in need, a robust healthcare IT solution that offers seamless interoperability and scalability was needed. This is where NextGen came into play, and the collaboration materialized.
Per NextGen’s management, the company is also working toward bridging gaps so that providers have critical insights at the point of care as they deliver whole-person health. Management feels that Mindful Care’s approach will likely produce better healthcare outcomes by providing crucial care to patients as and when needed.
Industry Prospects
Per a report by Prophecy Market Insights published on GlobeNewswire, the global mental health market accounted for $381.98 billion in 2020 and is anticipated to reach $527.44 billion by 2030 at a CAGR of 3.4%. Factors like the rise in elderly population, the increase in prevalence of mental disorders and the growing number of people seeking mental health support are likely to drive the market.
Given the market potential, the latest adoption of NextGen’s product is expected to significantly boost its business.
Notable Developments
In March, NextGen announced the launch of Mirth Cloud Connect, a cloud-based solution that provides interoperability as a managed solution, at the ViVE 2023. Mirth Cloud Connect is built upon NextGen’s popular Mirth Connect.
In February, NextGen announced that Compass Health Network had chosen NextGen Behavioral Health Suite to provide whole-person care.
In January, NextGen reported its third-quarter fiscal 2023 results, where it saw a solid uptick in the top line and strength in Recurring revenues. Robust increases in Subscription services, Managed services, and Transactional and data services revenues in the quarter were also registered. The improvement in Other non-recurring services revenues was also witnessed.
Comparison With Peers
A renowned peer of NextGen, Omnicell, Inc. OMCL, along with Long Island University, announced the opening of the Center for Innovative Medication Management, a laboratory designed to provide an immersive pharmacy technology and analytics experience for the university’s pharmacy students.
In February, Omnicell announced its fourth-quarter 2022 results, wherein its adjusted earnings for the quarter exceeded OMCL’s revised guidance due to increased revenues, the lower cost of sales, solid expense management and lower performance-based compensations. The robust market demand for Omnicell’s Advanced Services was also encouraging. The company’s newest launch of Specialty Pharmacy Services is expected to boost its portfolio by providing enhanced clinical and business outcomes for customers across all settings of care.
Tabula Rasa HealthCare, Inc. TRHC, another key player in the electronic health record space and NextGen’s peer, announced fourth-quarter 2022 results in March. TRHC registered a robust uptick in its overall quarterly revenues year over year, with strength in Medication revenues.
The same month, Tabula Rasa announced that it had completed the sale of its SinfoníaRx business to Cureatr, following the sale of its DoseMeRx business to an affiliate of Fairlong Capital LLC earlier this year.
Another well-known peer of NextGen is Syneos Health, Inc. SYNH. In March, SYNH announced the launch of Medical Affairs Digital Amplifier, a program designed to drive smarter and more effective scientific exchange.
The same month, Syneos Health announced a strategic partnership with KX, maker of kdb. Through the KX partnership, SYNH aims to apply a data-driven approach to predict outcomes by leveraging artificial intelligence and machine learning abilities.
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