VMCS - Sector Spotlight: HealthCare Software Stocks For 2023
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Companies thatdevelop and market software solutions for the healthcare sector arereferred to as "medical management software stocks."Electronic health records (EHRs), practice management systems (PMSs),and software for managing the revenue cycle are all examples of thesekinds of solutions. The demand for efficient and cost-effectivesolutions to manage patient data and streamline administrative tasksis on the rise in the healthcare industry, a market that isexpanding.
Research and Markets says that the sector will grow at a CAGRof 5.69% between now and 2027, going from $22.6 billion to $31.9billion. The sector is increasing as medical industry specialists,ranging from hospitals, large players such as the Cleveland Clinic,and group practices to individual professionals, strive to digitizepatient records on health care systems.
The medical software market is large anddiverse, with notable innovators including NextGen Healthcare Inc. (NASDAQ: NXGN) and Veradigm (NASDAQ: MDRX).
NXGN offers a full suiteof solutions for the ambulatory healthcare market. The company offerscloud-based technology solutions, with products such as the NextGenPatient Experience Platform and NexGen Pay, as well as other softwareproducts.
OnJanuary 12, NXGN announced that Eye Health America, a rapidly growingpremier medical and surgical eye care services provider, added theNextGen Patient Experience Platform and NextGen Pay powered byInstaMed to their software systems.
Sara Rapuano, a senior vice president at Eye HealthAmerica, added, “We are using these integrated solutions as theywere intended, reducing the need for ancillary tools. This includespayment processing and appointment scheduling functionality that is inline with our patient-centric focus. NextGen Healthcare offers all thetechnology tools we need in one place.”
Veradigm (NASDAQ: MDRX) is a healthcareindustry data-driven technology company with numerous specialtysoftware platforms.
MDRX recently announced 2023 volume guidance in the range of$640 million to $660 million. It also recently set up a stockrepurchase program for up to $250 million of its common stock.
Veradigm purchased $57million in common stock in the fourth quarter of 2022, bringing itsannual total to $234 million.
Investors looking for a stock with significantupside potential in 2023 should consider InnovaQor (OTC: VMCS).
InnovaQordelivers innovative technology and software solutions for the medicalsector. Its software platform will facilitate communication andcollaboration between peers and allow the addition ofrevenue-generating bolt-on offers, including existing solutions and anew recruitment matching product for the healthcare sector.
InnovaQor CEO SharonHollis expanded on the VMCS opportunity in her interview with StockDay, stating:
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VMCS is focused on monetizingits already developed proprietary medical software such as ElectronicHealth Records (EHR) and MedTuning. Sales and marketing investmentcould mean significant volume gains and profit from these twoproducts
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VMCS’s plansinclude developing a new social media network for professionals withinthe medical industry. It would be a specialized platform for globalcontacts among healthcare peers. This would allow VMCS to addsubscription services for more communication and value added specialtyservices. Both would add sales volume and profit.
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VCMS also has a plan for a softwarehealthcare recruitment strategy. The company in the future could earnsignificant fees from matching employers with healthcare employees. Asubscription module on this new software solutions platform is thegoal.
CONCLUSION
The medical software market, which is growing to $31.9 billion,is dominated by large multinationals and smaller domestic players. Onecompany investors may watch is the innovative and aggressive InnovaQor (OTC: VMCS) . Its CEO has plans for creative andprofitable new products and platforms.
The CEO of VMCS, Sharon Hollis, is determinedto create innovative social media-like platforms and commerciallyviable products for the healthcare sector. The company is also keen onramping up sales of its existing proprietary products with more salesand marketing investments.
VCMSbecame a fully SEC-reporting company last year when its Form 10-12Gbecame effective. Investors should keep an eye on this aggressivesmall fish in a very large and profitable fiscalpond.
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