NextGen Healthcare SWOT and PESTLE Analysis

Strength

1. Enjoys high brand value and trust in healthcare industry: Nextgen Healthcare is a company that has high brand value, which is evident from the percentage of new client bookings that clocked around 24% in FYTD21. It has broadened partnerships through priority business Development opportunities. Nextgen Healthcare has service extenders in OptimizeRx and Cloud security from amazon web services. It has a research partner in the form of Paradigm. Operational excellence is enhanced through various practical implementations such as migration of hosting infrastructure to Amazon Web Services, decreasing global footprint, promoting automation, and expanding global headcount through new branches. It is increasing diversity at the workplace for enhancing the work culture to gain top talents. This is coupled with enhanced performance management programs with the realigned business unit structure to functional alignment.

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Weakness

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Opportunity

1. Potential growth in RCM business: According to a poll from Akasa, healthcare revenue cycle teams are dealing with personnel issues, including high recruitment expenses and extended wait times to fill unfilled positions. According to a survey of about 500 chief financial officers and revenue cycle leaders at healthcare businesses, entry-level revenue cycle talent costs $2,100 on average to acquire and takes 84 days to fill vacant posts. NextGen's technology can automate RCM procedures as firms struggle to find talent to handle revenue cycle management. NextGen Healthcare's RCM services are used by about 6% of the company's customers, according to James Arnold, executive vice president and chief financial officer. There's a lot of cross-selling potential there, and that's where they are concentrating their efforts as one of their primary growth areas.

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Threat

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Political

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Economic

1. Increase in healthcare spending due to covid: Numerous factors contribute to America's high and rising healthcare expenses. Medical technologies; an increase in the number of people with chronic diseases and their treatment prevalence; a fee-for-service payment system that incentivizes volume but does not encourage or reward coordination, integration, or management of health care delivery; the high cost and high intensity of care; and a fee-for-service payment system that incentivizes volume but does not promote health care management. But the good thing is things are already happening. The federal government, state governments, private payers, and municipal governments are among them. There is a slew of pilots in the works, a slew of successful initiatives, and a lot of positive momentum. In addition to fighting for payment and delivery system reform, one of the significant problems is disseminating what works.

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Social

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Technological

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Legal

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Environmental

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