I love the cloud, and the health cloud is the ultimate coronavirus equalizer.
I am also on record saying that the 2 cloud sub-sectors that will be lights out in 2020 are the health cloud and network security cloud.
I believe Veeva Systems (VEEV) is one example of a cloud play that many long-term investors need to add before it gets too expensive.
I have another health cloud play for you up my sleeve as well.
While many investors were lamenting the coronavirus meltdown in tech shares, the same cannot be said for Nuance Communications, Inc. (NUAN), who seek to transform patient care with AI‑powered solutions for physicians, radiologists, and hospitals.
This company has famed scientist Ray Kurzweil's fingerprints all over it.
In 1974, Raymond Kurzweil founded Kurzweil Computer Products, Inc. to develop the first omni-font optical character-recognition system – a computer program capable of recognizing text written in any normal font.
In 1980, Kurzweil sold this company to Xerox, later becoming known as Xerox Imaging Systems (XIS), and later ScanSoft which merged with Nuance in 2005.
Healthcare is a focus for the company who on their webpage describes their mission as a company that “empowers organizations to unlock value and meaning in the millions of interactions that happen every day.”
They also provide their A.I. services to other industries such as financial, transportation, telecommunications, and government.
Their crown jewel is the Nuance Dragon Medical One cloud-based platform and it just expanded its access to France, Belgium, and the Netherlands.
Integrated within the electronic health record (EHR), Dragon Medical One offers physicians the ability to capture a patient’s complete snapshot at the point of care in their own local language – reducing administrative workloads while improving documentation quality and care.
Nuance delivers intelligent systems that aid a more natural and insightful approach to clinical documentation, freeing clinicians to spend more time caring for patients.
Nuance healthcare solutions enhance and communicate more than 300 million patient stories each year, helping more than 500,000 clinicians in 10,000 global healthcare organizations to drive meaningful clinical and financial outcomes.
Nuance’s award-winning clinical speech recognition, medical transcription, CDI, coding, quality, and medical imaging solutions offer a unique end-product to medical professionals and patients.
Its intelligent voice technology helps physicians produce clinical documentation up to 45% and capture up to 20% more relevant data using personalized A.I. tools.
Clinicians simply open the application, select the section of documentation, and start speaking to update the EHR.
Doctors recognized a dramatic improvement in clinic letter turnaround times since integrating with the Dragon Medical One platform describing the process as efficient and improving overall patient experience.
Nuance has accelerated the adoption of the electronic paper records system maximizing resources by forcing medical records to go entirely digital.
The demand for AI-powered documentation solutions worldwide is agnostic to location - physicians face the same headaches of administrative workloads and have the same dire need for tools that help them focus on providing the best possible care to their patients.
This unique platform addresses care quality while maximizing patient satisfaction and minimizing workload and burnout pressures on providers worldwide.
As an integral healthcare cloud play for the short- and long-term future, the coronavirus should have benign impact on its business.
We could ever say that the outbreak could galvanize healthier long-term demand trends for Nuance.
The pandemic acts as almost a non-stop commercial to the next generation technology needs in healthcare in which Nuance plays into with its top-level health cloud tools.
Investors have agreed with my idea that this is the year of the health cloud and Nuance shares are up 20% since the introduction of the coronavirus.
If readers want to be part of the future, pick up a few shares of Nuance Communications.
