Augmedix Inc. (NASDAQ: AUGX) is an artificial intelligence (AI) powered ambient medical documentation solutions provider in the medical sector. It utilizes generative AI for documenting medical records and transcribing medical notes and conversations, which are seamlessly integrated into the electronic health record (EHR) system used by healthcare systems, insurers, offices, and practices. Accurately and comprehensively documenting medical notes is a burdensome and time-consuming task for medical providers.
Improvement metrics
Augmedix optimizes provider workflows by automating the medical documenting process using ambient AI. Doctors can spend up to 25% of a patient's visit documenting the medical notes. Freeing up this time means more time spent with patients and less time spent writing (legibly) in a patient's chart. According to the company, providers save up to three hours per day and increase productivity by 20% while improving work-life satisfaction by 40% and patient satisfaction by 35%.
Consequences of illegible handwriting.
Doctors aren't known to have the best handwriting. Due to time constraints, efficiency, medical jargon, and habits, ineligible doctor's notes can have serious consequences in healthcare. These can range from misinterpretation of treatment plans and medical doses, delays in patient care due to deciphering notes, increased potential for medical errors and overall frustration amongst patients and staff.
This is one of the reasons behind the push for electronic health records (EHR), which provides convenient access to medical records as well as legibility. However, the process of manually transcribing or typing in medical notes and documentation can be time-consuming, resulting in longer wait times and delayed care. Get AI-powered insights on MarketBeat.
The Augmedix solution
Augmedix automatically transcribes medical notes and natural conversations into medical records. Captured audio is converted into structured medical notes that automatically document significant details, including medications, diagnoses, treatment plans, and procedures. This results in more accurate notes and optimizes providers' time as they spend less effort on burdensome administrative tasks and charting and more time with patients. Augmedix also provides data services that generate additional insights, including quality metrics and performance analytics.
HCA Healthcare validates the technology
The nation's largest hospital system, HCA Healthcare Inc. (NYSE: HCA), has undertaken a pilot program for doctors to use Augmedix Go to produce medical records through the Alphabet Inc. (NASDAQ: GOOGL) Google Cloud. The program is being integrated into 75 emergency departments at four HCA hospitals. Providers will use the Augmedix app on a hands-free device to record and transcribe patient engagements to extract, transcribe and transform conversations into medical notes.
Doctors can review the notes to verify accuracy before transferring the information into the patient's EHR. Feedback has been positive. Emergency departments are chaotic, with different doctors taking over patient care coverage. The accuracy of medical notes is paramount. HCA believes in the service so much that it's also an investor in Augmedix. Check out the sector heatmap on MarketBeat.
Preliminary Q4 2023 update
On January 5, 2024, Augmedix provided preliminary revenue results and operational metrics for Q4 2023. The company expects Q4 2023 revenues of around $12.5 million and full-year 2023 revenues of approximately $44.7 million. Annual recurring revenue (ARR) rose 46% YoY to 51 million. Clinicians using the service rose 41% YoY to 1,830. Augmedix Go went live for ambulatory setting in mid-December. The actual Q4 2023 release is expected in March 2024.
Augmedix CEO Manny Krakaris commented, "Augmedix is committed to playing an essential role in unburdening clinicians and improving the operating efficiency of healthcare organizations. We have assembled the industry's broadest portfolio of documentation solutions, tailored to a range of healthcare settings, from primary care physician visits to emergency medicine to mental health sessions."
Krakaris continued, "Our ability to provide the right technology, with the appropriate level of human intervention and machine learning, gives us a durable competitive advantage within this rapidly evolving industry.
Augmedix analyst ratings and price targets are at MarketBeat. Augmedix peers and competitor stocks can be found with the MarketBeat stock screener.
Daily ascending triangle pattern
The daily candlestick chart on AUGX illustrates an ascending triangle pattern. The flat-top upper horizontal trendline resistance is at $5.99. The lower ascending trendline commenced off the $3.98 lows on November 16, 2023. The daily 50-period moving average support is rising at $5.30, followed by the 200-period moving average support at $4.39. The daily relative strength index (RSI) has fallen back under the 50-band. Pullback support levels are at $5.28, $4.62, $3.98 and $3.61.
