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Patterson Companies' (PDCO) New Launch to Boost Patient Service
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Patterson Companies, Inc.'s (PDCO - Free Report) subsidiary, Patterson Dental Supply, Inc., recently announced a new product, Patterson CarePay+. The product is available to new and existing Eaglesoft practice management software customers.
Patterson CarePay+, which is powered by seamless integration with Wellfit Technologies, Inc., will likely provide dental offices with software solutions for patient financing, dental insurance plans and payment processing.
The latest addition to Patterson Companies’ product portfolio is expected to significantly boost its Dental business unit.
Significance of the Launch
With Wellfit's healthcare financial technology applications, Patterson CarePay+ is expected to provide patients and dental practices with a frictionless payment experience, allowing customization and patient choice.
Per management, patients (both with and without other dental insurance) can now be offered alternative payment options via customizable dental plans, patient financing options and payment processing with the Patterson CarePay+ solution. For dental offices, Patterson CarePay+ can aid in increasing patient retention, improve overall patient care and streamline practice operations.
Industry Prospects
Per a report by Grand View Research, the global dental practice management software market was estimated at $2.6 billion in 2023 and is anticipated to witness a CAGR of approximately 10.2% between 2024 and 2030. Factors like increasing dental visits and the growing adoption of healthcare IT solutions in oral practice procedures are likely to drive the market.
Given the market potential, the latest launch is expected to solidify Patterson Companies’ foothold in the niche space.
Notable Developments
In March, Patterson Dental expanded its Eaglesoft claims processing and insurance services to include Vyne Dental. The collaboration with Vyne Dental will likely ensure rapid resolution of insurance claims and attachments, real-time eligibility checks and electronic remittance advice.
In February, Patterson Companies’ reported its third-quarter fiscal 2024 results, wherein it recorded an uptick in its internal sales driven by dental consumables growth and a year-over-year increase in internal sales of dental consumables (excluding the deflationary impact of certain infection control products).
Price Performance
Patterson Companies’ stock has lost 8.4% over the past year against the industry’s 4% rise and the S&P 500's 23.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Patterson Companies carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Boston Scientific Corporation (BSX - Free Report) and Ecolab Inc. (ECL - Free Report) .
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 48.4% compared with the industry’s 21.3% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 7.5%.
Boston Scientific has gained 46.9% compared with the industry’s 1.9% rise in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%.
Ecolab’s shares have rallied 33.3% against the industry’s 9.7% decline in the past year.
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Patterson Companies' (PDCO) New Launch to Boost Patient Service
Patterson Companies, Inc.'s (PDCO - Free Report) subsidiary, Patterson Dental Supply, Inc., recently announced a new product, Patterson CarePay+. The product is available to new and existing Eaglesoft practice management software customers.
Patterson CarePay+, which is powered by seamless integration with Wellfit Technologies, Inc., will likely provide dental offices with software solutions for patient financing, dental insurance plans and payment processing.
The latest addition to Patterson Companies’ product portfolio is expected to significantly boost its Dental business unit.
Significance of the Launch
With Wellfit's healthcare financial technology applications, Patterson CarePay+ is expected to provide patients and dental practices with a frictionless payment experience, allowing customization and patient choice.
Per management, patients (both with and without other dental insurance) can now be offered alternative payment options via customizable dental plans, patient financing options and payment processing with the Patterson CarePay+ solution. For dental offices, Patterson CarePay+ can aid in increasing patient retention, improve overall patient care and streamline practice operations.
Industry Prospects
Per a report by Grand View Research, the global dental practice management software market was estimated at $2.6 billion in 2023 and is anticipated to witness a CAGR of approximately 10.2% between 2024 and 2030. Factors like increasing dental visits and the growing adoption of healthcare IT solutions in oral practice procedures are likely to drive the market.
Given the market potential, the latest launch is expected to solidify Patterson Companies’ foothold in the niche space.
Notable Developments
In March, Patterson Dental expanded its Eaglesoft claims processing and insurance services to include Vyne Dental. The collaboration with Vyne Dental will likely ensure rapid resolution of insurance claims and attachments, real-time eligibility checks and electronic remittance advice.
In February, Patterson Companies’ reported its third-quarter fiscal 2024 results, wherein it recorded an uptick in its internal sales driven by dental consumables growth and a year-over-year increase in internal sales of dental consumables (excluding the deflationary impact of certain infection control products).
Price Performance
Patterson Companies’ stock has lost 8.4% over the past year against the industry’s 4% rise and the S&P 500's 23.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Patterson Companies carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Boston Scientific Corporation (BSX - Free Report) and Ecolab Inc. (ECL - Free Report) .
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 48.4% compared with the industry’s 21.3% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 7.5%.
Boston Scientific has gained 46.9% compared with the industry’s 1.9% rise in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%.
Ecolab’s shares have rallied 33.3% against the industry’s 9.7% decline in the past year.