Henry Schein, Inc.’s HSIC U.S. medical business — Henry Schein Medical — recently announced the expansion of its SolutionsHub with a new addition, CueSquared MobilePay. The new platform enhances the collection of patient self-pay balances. This enables patients to access and pay their bills at any place and time.
This initiative is expected to boost patient revenues, accelerate payments and curb collection costs. This consumer-centric solution will make payment process hassle-free for patients.
More About the Platform
CueSquared MobilePay reinforces existing self-pay collection strategies by converting patient statement data to SMS text-based statements. This enables patients to conveniently make payments within hours of receiving MobilePay statements. With MobilePay, patients receive secure text statements and can make payments without logging into a portal or download an application. Following a medical visit, patients will receive a text notification alerting that a payment is due, and once received, the patients can view their history, statement details and pay the required amount with a click.
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There are no implementation fees for CueSquared MobilePay. Through the CueSquared Analytics Dashboard, medical practitioners will develop an understanding of patient payment behavior. Providers will also enjoy organizational efficiencies by tracking revenue cycle management metrics.
Market Prospects
Per Market Research Future, the global medical billing market is estimated to see a CAGR of 6.5% during forecasted period 2017-2023. Hence the adoption of CueSquared MobilePay is strategically timed.
Recent Developments
Lately, Henry Schein has been adopting several technological options to maximize its operational efficiency.
In August 2019, Henry Schein announced the expansion of SolutionsHub into the behavioral health segment with GreenLight Behavioral Assessments. It is a cloud-based digital platform equipped with patient-administered behavioral evaluations to improve efficiency, enhance clinical outcomes and expand the portfolio of mental health offerings.
In July, Henry Schein Medical, in exclusive partnership with Medpod Inc, announced the availability of Medpod MobileDoc 2 that is integrated with Uber Health. This technological offering will aid health care practitioners to conduct remote telediagnostic examinations for patients in non-traditional care settings.
Price performance
In the past six months, the stock has outperformed its industry. The stock has inched up 0.8% against the industry’s 2.7% dip.
Zacks Rank and Stocks Worth a Look
Henry Schein currently carries a Zacks Rank # 3 (Hold).
A few better-ranked stocks in the broader medical space are Medtronic MDT, Baxter BAX and Amedisys AMED, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Medtronic’s long-term earnings growth rate is expected at 7.13%.
Baxter’s long-term earnings growth rate is projected at 12.8%.
Amedisys’ long-term earnings growth rate is expected to be 16.26%.
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