NextGen Commended by Frost & Sullivan for Its User-centric Revenue Cycle Management Services
NextGen's services help clients effectively navigate regulatory changes, reduce administrative burdens, and optimize financial performance
SANTA CLARA, California, May 6, 2019 /PRNewswire/ -- Based on its recent analysis of the North American ambulatory revenue cycle management (RCM) services market, Frost & Sullivan recognizes NextGen Healthcare, Inc. (NASDAQ:NXGN) with the 2019 North American Enabling Technology Leadership Award. NextGen leverages innovative and holistic financial solutions to help providers identify gaps in revenue cycle, manage both fee-for-service and value-based reimbursement environments, and simplify operations. The company's proven expertise in clean claims preparation, rules-based intelligence, automated billing workflows, and robust RCM analytics enables care providers to thrive in the current healthcare environment.
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"NextGen's RCM solutions comprise both services and software. Its services include financial and clinical assessment and support, charge review automation, coding, and revenue opportunity and operational inefficiency identification," said Koustav Chatterjee, Industry Analyst at Frost & Sullivan. "Additionally, NextGen Connect offers state-of-the-art integration and interface with systems like LabCorp, Quest, and immunization registries, while Rosetta, a proprietary interface service, sends and receives HL7."
"Financial management for ambulatory practices is more than just billing and collections – it's optimizing revenue and collections at the lowest cost," said Rusty Frantz, CEO and President of NextGen Healthcare. "We have developed a full and robust suite of capabilities from RCM technology to our full-service, end-to-end ambulatory RCM managed services which can provide enhanced value for every provider, regardless of size. Clients can quickly and seamlessly benefit from improved clinical and financial performance, improved collections, operational efficiency and better outcomes, supported by the most capable financial management technology and experts."
NextGen expedites claims through a predictive rules engine that ensures up to 98% claims acceptance after the first submission. As a result, medical practices can reduce costs, prevent errors, and increase productivity. Furthermore, it expands providers' core capabilities with features such as a mobile workflow app that gives clinicians real-time visibility into their schedule and patient information, facilitates clinical documentation, secures provider messaging and collaboration, and improves the clinician/patient interaction. Importantly, NextGen's HIPAA-compliant software has laboratory services functionality and referral management, which gives medical staff and providers the flexibility to coordinate effective patient care delivery.
Recently, NextGen expanded its RCM portfolio through its NextGen Financial Suite, an advanced RCM technology platform that includes advanced patient access technologies, industry-leading rules engines, robust analytics, and clearinghouse solutions to streamline the entire RCM process and simplify medical billing. The NextGen Financial Suite Plus assigns professionals to manage clients' insurance accounts receivable, which alleviates the tedium in tasks like combating denials. Similarly, the NextGen Financial Suite Pro offers billing and collections services to improve the patient experience through greater patient visibility to their responsibility, clarity, and convenience.
VRF-Eye Specialty Group, an ophthalmology practice in Memphis, Tenn. serving the Mid-South, had seen a significant uptick in growth and required an RCM solution to better support that growth.
"As a 50-year old vision practice, our in-house billing team ballooned to more billers than providers as we grew," said Thomas Brown, CEO, JD, COE of VRF-Eye Specialty Group. "That was a wake-up call that it was time to transform our practice's financial management process. We outsourced revenue cycle management to NextGen and quickly improved efficiency, controlled costs and restored revenue predictability. We consider NextGen a critical member of our practice operations team."
Each year, Frost & Sullivan presents this award to a company that develops a pioneering technology that not only enhances current products but also enables the development of new products and applications. The award recognizes the high market acceptance potential of the recipient's technology.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Watch this testimonial on the value of NextGen's RCM solution.
About NextGen Healthcare, Inc.
NextGen Healthcare provides a range of software, services, and analytics solutions to medical and dental group practices. The company's portfolio delivers foundational capabilities to empower physician success, enrich the patient care experience, and enable the transition to value-based healthcare. Visit www.nextgen.com for additional information.
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About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.
Contact:
Samantha Park
Frost & Sullivan
P: 210.247.2426
E: [email protected]
Priya Dua
NextGen Healthcare, Inc.
P: 949.255.2600 x 75254
E: [email protected]
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