Nextech Systems Company Profile

Background

Overview

Nextech Systems, established in 1997 and headquartered in Tampa, Florida, is a leading provider of healthcare technology solutions tailored for specialty physician practices. The company offers a comprehensive suite of integrated software solutions, including electronic medical records (EMR), practice management, revenue cycle management, and patient engagement tools. Serving over 11,000 providers and 60,000 office staff members across specialties such as ophthalmology, dermatology, plastic surgery, orthopedics, and medspas, Nextech is recognized for its commitment to enhancing practice efficiency and patient care.

Mission and Vision

Nextech's mission is to empower specialty practices with innovative, intuitive, and integrated technology solutions that streamline workflows, improve patient outcomes, and drive operational growth. The company's vision is to be the premier partner for specialty physicians, providing tools that adapt to the unique needs of each practice, thereby fostering long-term success and sustainability.

Industry Significance

Operating within the healthcare technology sector, Nextech plays a pivotal role in the digital transformation of specialty medical practices. By offering specialized solutions, the company addresses the distinct challenges faced by these practices, contributing to improved clinical outcomes, enhanced patient engagement, and optimized financial performance.

Key Strategic Focus

Core Objectives

• Innovation: Continuously develop and integrate advanced technologies to meet the evolving needs of specialty practices.

• Customization: Provide tailored solutions that align with the specific workflows and requirements of each specialty.

• Growth: Expand market presence through strategic acquisitions and partnerships, enhancing product offerings and customer reach.

Areas of Specialization

• Electronic Medical Records (EMR): Developing specialized EMR systems that cater to the unique needs of various specialties.

• Practice Management: Offering tools that streamline administrative tasks, including scheduling, billing, and reporting.

• Revenue Cycle Management: Providing solutions that optimize financial processes, from coding to reimbursement.

• Patient Engagement: Implementing platforms that enhance communication and interaction between patients and providers.

Key Technologies Utilized

• Cloud Computing: Leveraging cloud infrastructure to ensure scalability, security, and accessibility of services.

• Data Analytics: Utilizing advanced analytics to derive actionable insights from clinical and operational data.

• Artificial Intelligence (AI): Incorporating AI to enhance decision-making processes and predictive capabilities.

Primary Markets Targeted

• Ophthalmology: Providing specialized solutions for eye care practices.

• Dermatology: Offering tools tailored to the needs of skin care specialists.

• Plastic Surgery: Delivering solutions that support surgical practices.

• Orthopedics: Catering to musculoskeletal care providers.

• Medspas: Addressing the unique requirements of medical spas.

Financials and Funding

Funding History

In June 2019, Nextech Systems was acquired by funds affiliated with Thomas H. Lee Partners, L.P. (THL), a premier private equity firm investing in middle-market growth companies. The terms and conditions of the transaction were not disclosed.

Utilization of Capital

The capital from the acquisition was intended to support Nextech's continued growth, innovation, and product leadership among technology providers to specialty healthcare practices. This included enhancing its cloud platform and pursuing strategic mergers and acquisitions.

Pipeline Development

Key Pipeline Candidates

Nextech has expanded its product offerings through strategic acquisitions:

• MDIntelleSys (2016): Acquired to enhance ophthalmology-specific solutions.

• SRS Health (2017): Acquired to strengthen orthopedic and surgical specialty offerings.

• TouchMD (2021): Acquired to improve patient consultation and engagement tools.

• MyMedLeads (2023): Acquired to incorporate advanced marketing automation and lead tracking features.

Stages of Development

These acquisitions have been integrated into Nextech's platform, with ongoing development to enhance functionality and user experience.

Target Conditions

The integrations aim to address the specific needs of various specialties, including ophthalmology, orthopedics, plastic surgery, and medspas.

Anticipated Milestones

Nextech continues to refine and expand its integrated solutions, with plans for future enhancements and potential new acquisitions to further strengthen its market position.

Technological Platform and Innovation

Proprietary Technologies

• Cloud-Based Infrastructure: Ensures scalability and security for healthcare data.

• Integrated Software Suite: Combines EMR, practice management, and patient engagement tools into a cohesive platform.

Significant Scientific Methods

• Data Analytics: Provides insights into practice performance and patient outcomes.

• AI Integration: Enhances decision-making and predictive capabilities within the platform.

Leadership Team

Key Executives

• Mike Scarbrough: Chief Executive Officer (CEO).

• Koo Kang: Chief Executive Officer (CEO).

• Wyn Partington: Chief Revenue Officer.

• Eddie Zambrana: President.

• Greg Tiefer: President.

• Janna McKhann: President.

• Mike Coughlin: Chief Financial Officer.

Professional Backgrounds and Contributions

• Mike Scarbrough: Serves as CEO, leading Nextech's strategic direction and growth initiatives.

• Koo Kang: Serves as CEO, overseeing company operations and innovation strategies.

• Wyn Partington: As Chief Revenue Officer, responsible for driving revenue growth and market expansion.

• Eddie Zambrana: President, focusing on operational excellence and customer satisfaction.

• Greg Tiefer: President, leading business development and strategic partnerships.

• Janna McKhann: President, overseeing product development and client relations.

• Mike Coughlin: Chief Financial Officer, managing financial strategy and operations.

Competitor Profile

Market Insights and Dynamics

The healthcare technology sector, particularly in specialty practices, is experiencing significant growth due to increasing demand for digital solutions that enhance efficiency and patient care. Nextech competes with several companies offering similar services, including:

• Health Prime: Provides healthcare IT solutions with a focus on revenue cycle management.

• AdvancedMD: Offers cloud-based medical office software for small to mid-sized practices.

• CareCloud: Delivers a suite of healthcare management solutions, including EMR and practice management.

Competitor Analysis

• Health Prime: Competes in the healthcare IT sector, offering services that overlap with Nextech's offerings.

• AdvancedMD: Provides similar cloud-based solutions targeting small to mid-sized practices.

• CareCloud: Offers a comprehensive suite of healthcare management solutions, competing directly with Nextech's integrated platform.

Strategic Collaborations and Partnerships

Nextech has strengthened its market position through strategic acquisitions, including MDIntelleSys, SRS Health, TouchMD, and MyMedLeads, enhancing its product offerings and expanding its customer base.

Operational Insights

Nextech differentiates itself through its specialized focus on the unique needs of specialty practices, offering tailored solutions that integrate seamlessly into existing workflows, thereby enhancing operational efficiency and patient care.

Strategic Opportunities and Future Directions

Nextech continues to explore opportunities for growth through strategic acquisitions and partnerships, aiming to expand its product offerings and market reach. The company is also investing in research and development to incorporate emerging technologies, such as artificial intelligence and machine learning, to further enhance its platform's capabilities.