PRA Health (PRAH) Chosen by MedChi to Offer Telehealth Services
PRA Health Sciences, Inc.’s PRAH company, Care Innovations, was recently selected by Maryland State Medical Society (MedChi) to offer remote patient monitoring, telehealth, and digital health services to its network of above 22,000 licensed physicians practicing across more than 50 medical specialties. This deal offers Maryland physicians a bankable provider that can quickly establish a secure and privacy-compliant system, which can remotely maintain patients’ care (comprising routine visits and management of chronic diseases).
Notably, remote patient monitoring is a crucial part of healthcare, which leads to better patient outcomes and higher patient satisfaction. With the COVID-19 pandemic proving the clinical and economic benefits of remote patient monitoring, the selection of Care Innovations underscores the importance of this component of digital health that can manage patient care effectively.
This development is likely to boost PRA Health’s Data Solutions segment, which offers data, analytics, technology and consulting solutions to the life sciences market.
Deal Rationale
On the back of this selection, physicians will reap the benefits of physician and patient-facing technology, comprising the remote patient monitoring platform, Health Harmony mobile app, nurse-led coordinating center, and internet-connected devices, like blood pressure cuffs, pulse oximeters, and glucometers.
Per management, PRA Health’s digital health solutions offer the infrastructure, technology and payer reimbursement plans to lend support to physicians’ practice requirements and patients’ healthcare needs.
With Care Innovations, MedChi has provided physicians with a comprehensive provider and extend patients’ access to such vital services.
Market Prospects
Per a report by Grand View Research, the global remote patient monitoring system market was worth $956.5 million in 2020 and is projected to witness a CAGR of 19.7% from 2021 to 2028. Hence, this announcement is well-timed for PRA Health.
Recent Developments
This month, PRA Health announced that Merck KGaA, Darmstadt, Germany, which is known as EMD Serono in the United States, chose PRA Health’s remote patient monitoring platform to operate along with its human growth hormone (HGH) treatment system.
In March, the company introduced its Patient-Centric Trial Development Toolkit that is currently available to clinical development sponsors specializing in rare diseases. Notably, the toolkit was created by PRA Health’s Center for Rare Diseases in partnership with the company’s Rare Disease Advisory Committee (RDAC) and other patient stakeholders.
Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 85.9% in a year’s time, compared with the industry’s rally of 20.1%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are AmerisourceBergen Corporation ABC, DENTSPLY SIRONA Inc. XRAY and Cantel Medical Corp. CMD, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AmerisourceBergen’s long-term earnings growth rate is expected at 11.4%.
DENTSPLY SIRONA’s long-term earnings growth rate is estimated at 20%.
Cantel Medical’s long-term earnings growth rate is estimated at 19%.
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