NextGen Healthcare

Last updated
NextGen Healthcare
Company type Private
Nasdaq: NXGN
Industry Health IT (Health Informatics)
PredecessorQuality Systems, Inc.
Founded1973;51 years ago (1973)
FounderSheldon Razin
Headquarters
Atlanta, Georgia
,
U.S.
Area served
US
Products electronic health records, revenue cycle management, medical billing, patient engagement and population health management
Owner Thoma Bravo (2023–)
Number of employees
2,900 (September 2018) [1]
1,500 (July 2011)
Website nextgen.com

NextGen Healthcare, Inc. is an American software and services company headquartered in Atlanta, Georgia. The company develops and sells electronic health record (EHR) software and practice management systems to the healthcare industry, as part of a range of software, services and analytics solutions for medical and dental practices. On September 7, 2018, Quality Systems, Inc. changed its name to NextGen Healthcare, Inc. and on September 10, their stock ticker symbol changed to NASDAQ: NXGN. [2]

Contents

In 2023, private equity firm Thoma Bravo acquired NextGen Healthcare for $1.8 billion. [3]

History

Quality Systems, Inc. (QSI) was formed by Sheldon Razin in 1973 [4] in Corona, California, as a dental software company. Sheldon started QSI in his home study with $2,000. [5] It went on to become incorporated in April 1974. [6]

In December 1982, QSI went public through NASDAQ under the symbol QSII. [6]

In 1994, Clinitec was formed by Pat Cline and Bryan Rosenberger to sell software for converting paper medical records into electronic medical records. After acquiring a smaller interest in 1995, QSI purchased the remaining equity of Clinitec in 1996. [7]

In May 1997, QSI purchased Micromed, which provided front- and back office practice management software. In April 1999, QSI combined Clinitec and MicroMed into one operating division to create the MicroMed division, [8] which was later renamed NextGen Healthcare Information Systems division in 2001.

In 2008, NextGen Healthcare then acquired HSI [9] of St. Louis, Missouri, and Practice Management Partners of Hunt Valley, Maryland, to expand its billing services and revenue cycle consulting division.

In 2009, NextGen Healthcare updated the name of its electronic medical record system from NextGen EMR to NextGen EHR. [10]

In February 2010, Quality Systems entered into an agreement to acquire Opus Healthcare Solutions, Inc. and announced it would be integrated with the assets of Sphere Health Systems, Inc., which were acquired by QSI in August 2009. Both software and services companies for the inpatient market would become part of NextGen Healthcare. [11]

Pat Cline retired from NextGen in 2011, and started up a new health informatics venture: Lightbeam Health Solutions. [12]

In 2013, Quality Systems acquired Mirth Corporation, developers of Mirth Connect, a popular open-source integration engine used by thousands of healthcare entities. [13]

In 2013, NextGen was ranked as one of the Top 20 Most Popular EHR Software Solutions on the market by Capterra. [14]

In 2014, NextGen earned KLAS Top Performance Honors for Ambulatory RCM Services. [15]

On October 30, 2015, Quality Systems announced an agreement to acquire HealthFusion for $165 million-plus potential additional contingent consideration of up to $25 million. Based in San Diego, Calif., HealthFusion was a privately held developer of web-based software for physicians, hospitals and medical billing services. [16]

In October 2019, NextGen Healthcare acquired Topaz Information Solutions. [17]

In November 2019, NextGen Healthcare announced the acquisition of Medfusion and completed the acquisition in December 2019. [18]

In December 2019, NextGen Healthcare announced an agreement to acquire OTTO Health [19]

In September 2023, Thoma Bravo announced it would take NextGen Healthcare private for a total enterprise value of $1.8 billion, [20] which was finalized couple of months later. [3]

Products and services

NextGen Healthcare's products include:

NextGen Healthcare's services include:

Former products

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References

  1. ↑ "Who We Are, A Healthcare Solutions Provider". NextGen Healthcare.
  2. ↑ "Quality Systems, Inc. Changes Name to NextGen Healthcare, Inc". www.businesswire.com. 2018-09-07. Retrieved 2022-02-22.
  3. 1 2 Dorbian, Iris (13 November 2023). "Thoma Bravo takes NextGen Healthcare private for $1.8bn". PE Hub.
  4. ↑ "Quality Systems, Inc. to Ring the NASDAQ Stock Market Closing Bell". www.businesswire.com. 2014-05-30. Retrieved 2022-02-21.
  5. ↑ Coffey, Brendan. "See Who Got Rich this Week: A Milkshake Drinker, A Man in Uniform & More". Forbes. Retrieved 2022-05-11.
  6. 1 2 "Quality Systems, Inc. to Ring the NASDAQ Stock Market Closing Bell | NextGen Healthcare, Inc". investor.nextgen.com. Retrieved 2022-05-11.
  7. ↑ "Quality Systems Completes Merger With Software Firm". Los Angeles Times. 1996-05-20. Retrieved 2022-05-11.
  8. ↑ "Quality Systems Press Release". Archived from the original on 3 October 2000. Retrieved 2022-05-11.
  9. ↑ Healthcare, NextGen. "Company History". NextGen Healthcare. Retrieved 2022-02-22.
  10. ↑ "nextgen healthcare shareholder | BTCC Knowledge". www.btcc.com. Retrieved 2023-09-08.
  11. ↑ "Quality Systems Acquires Opus Healthcare". Healthcare Innovation. 2011-06-24. Retrieved 2024-10-29.
  12. ↑ "HIStalk Interviews Pat Cline, CEO, Lightbeam Health Solutions | HIStalk". histalk2.com. Retrieved 2016-02-11.
  13. ↑ Rahul, Er (2018-07-26). "Mirth Connect change Healthcare IT World". Medium. Retrieved 2023-09-08.
  14. ↑ "Best Electronic Medical Records (EMR) Software - 2019 Reviews of the Most Popular Systems". www.capterra.com.
  15. ↑ "NextGen Media Release on KLAS".
  16. ↑ "Quality Systems, Inc. Announces Agreement to Acquire HealthFusion Holdings, Inc" (Press release). 30 October 2015.
  17. ↑ "Nextgen's acquisition of Topaz" (Press release). 23 October 2019.
  18. ↑ "Nextgen's acquisition of Medfusion" (Press release). 9 December 2019.
  19. ↑ "Nextgen's acquisition of OTTO health" (Press release). 12 December 2019.
  20. ↑ "Private-equity firm Thoma Bravo to take NextGen Healthcare private". Reuters. 6 September 2023.
  21. ↑ Chilmarkadmin (17 September 2013). "Can Mirth Revive NextGen?".
  22. 1 2 "Quality Systems sells off NextGen inpatient unit". Healthcare IT News. 23 October 2015.
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