NexTech Systems Strengths, Domain Expertise, and Key Differentiators
Nextech provides specialty-focused technology solutions meticulously crafted to meet the unique workflow demands of specialty providers. These personalized solutions aid practices in optimizing efficiencies across clinical, administrative, financial, and marketing functions through a consolidated platform. Positioned as a premier provider, Nextech delivers comprehensive, ONC-certified electronic medical records (EMR/EHR), practice management, revenue management, and patient engagement software and services. Renowned for its excellence, Nextech is recognized as the preeminent single solution provider specifically tailored to serve ophthalmology, plastic surgery, and dermatology practices.
NexTech Systems Recent Developments
In August 2023, Nextech announced the launch of Nextech Med Spa, marking the industry's inaugural end-to-end software solution exclusively crafted for med spas. This groundbreaking platform endeavors to revolutionize med spa operations by simplifying workflows, enriching client/patient experiences, and fostering business growth. Nextech Med Spa is strategically designed to tackle the distinctive challenges encountered by med spa owners and staff, offering a unified and comprehensive platform for both business and client/patient management. The platform affords owners holistic visibility and management capabilities, optimizing business processes and enhancing care delivery—from front desk operations to consultations in the exam room and beyond.
In September 2020, Nextech Systems introduced a new glaucoma flowsheet and additional feature enhancements for its ophthalmology-specific EHR, IntelleChartPRO. The recent additions to the chart aim to enhance efficiency and elevate documentation accuracy by offering a longitudinal perspective of relevant data, images, and patient progress over time. These features are seamlessly integrated within a patient's chart, consolidating information on a single page.
In April 2020, Nextech Systems, announced the upcoming rollout of several new features and products aimed at evolving the provider and patient care experience to address the disruption caused by the COVID-19 public health emergency. In the realm of Remote Accessibility, Nextech is launching a series of features to enhance accessibility and enable users to manage their practices remotely. Providers can now manage their clinical workload from any location with the introduction of the brand-new Provider Mobile App, currently available for download in the Apple App Store.
Additionally, a new Appointment Worklist Tool streamlines clinical and administrative appointment change request processes, allowing for more efficient patient assessment and rescheduling. To facilitate expedited virtual care, Nextech is introducing a fully integrated Telehealth solution across all three EHR platforms, seamlessly integrating with users' existing workflows. In the pursuit of Exposure Risk Reduction in situations requiring in-person care, Nextech is promoting contactless processes through the launch of the myPatientVisit Mobile Patient App. This app includes features such as a virtual waiting room with remote check-in capabilities, transferring administrative tasks from the office.
NexTech Systems Mergers and Acquisitions (M&A) Activities
In July 2023, a global alternative asset management firm, TPG, made the announcement that it has entered into a definitive agreement to acquire Nextech. Nextech, a prominent provider of clinical and administrative healthcare technology solutions tailored for specialty physician practices, will be acquired from Thomas H. Lee Partners (THL) for $1.4 billion. The investment in Nextech is facilitated through TPG Capital, the U.S. and European late-stage private equity platform operated by TPG.
In October 2022, Nextech has officially acquired TouchMD. TouchMD is recognized for its visual consultation, marketing, and imaging software platform tailored for plastic surgery, medspa, dermatology, and ophthalmology practices. This strategic acquisition, combining TouchMD with Nextech's platform, serves to elevate both the digital and in-person patient experiences and enhances the clinical environment for specialty practices.
In January 2021, Nextech Systems made an announcement regarding its acquisition of MyMedLeads, a patient engagement and marketing software company located in Austin, TX. Established in 2010, MyMedLeads specializes in delivering innovative lead management, marketing automation, and patient communication solutions to support medical providers in business management. This strategic acquisition aligns with Nextech's overarching strategy of investing in comprehensive solutions, including EHR, practice management, patient engagement, and other value-added services. It further expands Nextech's offerings into elective specialties such as Ophthalmology, Plastic Surgery, and Dermatology.
In June 2019, Thomas H.Lee Partners LP, a specialist in middle-market growth companies, acquired Nextech from Francisco Partners and its other stockholders. Francisco Partners, a technology-focused private equity firm, had made a strategic investment in Nextech in October 2013. The partnership was designed to enhance and support Nextech's infrastructure and growth in medical specialties. The terms of the transaction between Nextech and Thomas H. Lee Partners are not disclosed.
In January 2019, Nextech Systems acquired EMR solution provider SRS Health Software LLC. The Montvale, New Jersey-based SRS Health had developed specialized solutions across the ambulatory sector with a particular focus on Orthopedic practices. The strategic acquisition expanded Nextech's specialty physician focus beyond its core ophthalmology, dermatology, and plastic surgery focus. The acquisition resulted in Nextech servicing more than 10,000 providers across specialty ambulatory physician markets and solidified Nextech's position as a premier provider of specialty healthcare technology solutions.
Nextech Systems acquired SupraMed, a developer of a web-based practice management system and electronic health record (EHR) tailored for the unique needs of plastic surgeons. The acquisition further solidifies Nextech's dominance in the plastic surgery market and illustrates its dedication to delivering top-tier specialty-specific EHR and practice management solutions.
NexTech Systems Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying NexTech Systems applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of NexTech Systems and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified NexCloud, customers.
NexTech Systems Overview
4221 W Boy Scout Blvd, Suite 200
Tampa, FL, 33607, United States
1 866-654-4396
https://www.nextech.com/
Ownership: - Thomas H. Lee Partners
Number of Employees: 420
Functional Markets: CRM, ERP Services and Operations,
Key Verticals: Healthcare,
NexTech Systems Key Enterprise and Cloud Applications
NexCloud,
NexTech Systems Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
NexTech Systems Revenue Breakdown By Type, $M:
NexTech Systems Enterprise Applications Revenues By Functional Markets, $M:
NexTech Systems Enterprise Applications Revenues By Verticals, $M:
NexTech Systems Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
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| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
NexTech Systems Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
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| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
NexTech Systems Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified NexTech Systems Customers
No. of NexTech Systems Customers: 16000
No. of NexTech Systems Enterprise Applications Customers: 16000
No. of NexTech Systems Cloud Customers: x
No. of NexTech Systems Cloud Subscribers: 60000
Nextech serves a clientele exceeding 16,000 physicians, 5,550 practices, and more than 60,000 office staff members across various clinical specialties, including Dermatology, Ophthalmology, Orthopedics, Plastic Surgery, and Med Spa.
NexTech Systems Market Opportunities, M&A and Geo Expansions
On June 2023, Nextech along with Synchrony (NYSE: SYF), a leading consumer financial services provider, jointly announced the expansion of their integration functionality. The integration now includes Synchrony's CareCredit health and wellness credit card within Nextech's software. Nextech's cutting-edge technology offers a unified, specialty-specific solution, streamlining the delivery of exceptional patient care. The intuitive solution contributes to operational efficiency by alleviating administrative burdens, improving patient care, and optimizing financial performance. The newly integrated patient payment feature provides Nextech customers with increased flexibility, allowing them to deliver an outstanding patient experience while enhancing the financial performance of their practice.
In March 2023, Nextech, a prominent provider of electronic health records (EHR) and practice management (PM) software tailored for specialty practices, is delighted to declare its integration partnership with DermPRO. DermPRO stands out as a premier provider of managed e-commerce solutions for aesthetics practices, dedicated to simplifying online order management and facilitating robust, targeted e-commerce marketing solutions. As an advanced e-commerce platform designed specifically for aesthetics practices, DermPRO offers integrated solutions to enhance and support seamless workflows.
In February 2021, Nextech Systems unveiled a partnership with Stripe, the global technology company focused on constructing economic infrastructure for the internet. This collaboration aims to provide advanced integrated payment capabilities to the extensive customer base of Nextech, benefiting thousands of users.
In January 2021, NextTech acquired MyMedLeads, a patient engagement and marketing software company. This acquisition accelerates Nextech’s strategy of investing in comprehensive EHR, practice management, patient engagement and other value add solutions.
In October 2020, Nextech Systems announced the launch of IntelleChartPRO's new integrated, ophthalmology-specific Ambulatory Surgery Center (ASC) charting solution. This specialized solution is crafted to enhance clinical and ASC communications by introducing an integrated chart tailored to the ophthalmology field. The objective is to improve efficiency and documentation accuracy while offering enhanced transparency of data, facilitating better patient management across all care points.
In November 2019, Nextech Systems partnered with Encoda, a leader in healthcare reimbursement automation and revenue cycle management tools and services. This partnership enables Nextech to bring greater performance into the revenue cycle for clients through consolidated, patented claims rejection and denial management software, robust dashboard reporting, analytics and customizable RCM services performed by experienced medical claim associates. Through this partnership, Nextech and Encoda aim to tackle ongoing RCM challenges faced by specialty practices, including collecting payments in a timely manner, effective claims scrubbing, rejection and denial management, and more.
In March 2019 Nextech Systems has partnered with Relatient, a provider of patient engagement technology. This partnership will allow Nextech's network of clients to utilize Relatient's suite of products for patient-centered engagement which has a track record of reducing costs, improving the patient journey and growing revenue for all sizes of practices.
All Nextech specialties including Ophthalmology, Dermatology, Plastic Surgery, and Orthopedics will have the ability to rely on Relatient to manage appointment communications through text, email and or voice with built-in best practices, all compliant to HIPAA and TCPA regulation. Integrating Nextech's Practice Management with Relatient's next-generation platform, specialty physician practices will see an increase in productivity and revenue while continuing to provide patient-centered care.
NexTech Systems Risks and Challenges
In August 2021, Bill Lucchini joined the company as CEO. He will be focused on expanding Nextech’s product suite into a true end-to-end ecosystem designed specifically for specialty practices. With the change of CEO, the course of the company can be shifted.
NexTech Systems Ecosystem, Partners, Resellers and SI
In April 2019, Luma Health and Nextech Systems forged a partnership aimed at elevating patient engagement and enhancing practice revenue. Through this collaboration, Nextech's clientele gains access to Luma Health's innovative features, encompassing Smart Conversations with patients, Intelligent Scheduling, and automated Referral Management. This integration allows Nextech's network of clients, spanning specialties such as ophthalmology, dermatology, plastic surgery, and orthopedics, to leverage Luma Health's patient engagement platform. By doing so, they can effectively involve patients in their care, granting physicians more quality time for administering care.
In August 2018, Nextech Systems established partnerships with Solutionreach and SkinIO. The collaboration with Solutionreach empowers Nextech's customers to utilize Solutionreach's patient management package, enhancing the patient experience and increasing practice earnings. Additionally, the partnership with SkinIO facilitates integration for Nextech's dermatology clients, providing them with access to cutting-edge in-office full-body imaging technology.
Nextech's extensive network of partners includes TriZetto Provider Solutions, Intuit, CardConnect, DrFirst, Legacy Health Group, RxPhoto, MyMedLeads, ConnectOnCall, DoctorConnect, TSYS, PatientPop, Concord Fax, CellTrust, NewCorp, Nuance, BirdEye, and Advantage Administration, Inc.
NexTech Systems Cloud Infrastructure Insights
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Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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