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NextGen Healthcare Expands Relationship with InstaMed to Simplify Payment Processing for Patients and Providers
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
NextGen Healthcare (NASDAQ: NXGN) announced an expansion of its partnership with InstaMed to enhance patient payment processing. The updated NextGen® Pay platform enables online payments and automates collections, benefiting both patients and healthcare providers. With features like data encryption and options for Apple Pay and Google Pay, the service aims to streamline the payment experience. A survey indicated that 83% of patients prefer digital payment options, highlighting the need for modernized solutions in healthcare.
Positive
Expanded partnership with InstaMed to enhance payment processing.
NextGen Pay platform supports online payments and automates collections.
Offers secure payment through data encryption and options for Apple Pay and Google Pay.
Addresses 83% of patients' preference for digital payment options, improving market competitiveness.
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NextGen® Pay powered by InstaMed Provides More Choices for Patients, Better Process for Practices
ATLANTA--(BUSINESS WIRE)--
NextGen Healthcare, Inc. (Nasdaq: NXGN), a leading provider of innovative, cloud-based healthcare technology solutions, today announced that it has expanded its long-term relationship with InstaMed, a J.P. Morgan company, in a deal that modernizes payment processing through NextGen® Pay powered by InstaMed. This solution expands payment options and convenience for patients, who can pay online when visiting providers that utilize the NextGen® Practice Management solution. The platform also enables healthcare practices to automate collections and manage and view payments all in one system. The payment solution is not only convenient but secure, utilizing best-in-class data encryption protections.
“With NextGen Pay powered by InstaMed, we’re taking the friction out of the patient-provider payment experience,” said Srinivas (Sri) Velamoor, chief growth and strategy officer for NextGen Healthcare. “Patients want a simple and streamlined process for paying their medical bills; providers want to focus on delivering the best care possible without being mired in collection inefficiencies. Our integrated solution delivers on both needs.”
InstaMed is an industry leader in collecting healthcare payments throughout the patient journey. A recent trends report published by InstaMed highlights the importance of payment convenience to patients. According to the survey, 83% of patients want to continue using virtual and self-service options for care post-pandemic. Another 74% prefer online payment for medical bills. Additionally, 74% of millennials would switch providers for a better healthcare payment experience.
“The expansion of our work with NextGen Healthcare is the evolution of our longstanding relationship rooted in delivering better healthcare payment experiences for both providers and patients,” said Jon Neal, head of business development at InstaMed and managing director at J.P.Morgan. “The demand and need for digital, automated and simple payment processes have never been higher. We are excited to see our solution drive real change for providers and patients.”
Several NextGen Healthcare clients are already benefiting from NextGen Pay powered by InstaMed, which allows patients the convenience of saving credit card information within the online portal for quick payments on the go. With the expanded relationship, patients will also have the option to use Apple Pay® mobile payment solutions or Google Pay™ payment services at in-person care visits.
“Now, our practice is a one-stop shop for patient collections,” said Matthew Pierre, chief executive officer of Loden Vision Centers, a NextGen Healthcare client based in Nashville. “The billing department can manage, view and collect payments all in one place. NextGen Pay powered by InstaMed improves the entire payment process, start to finish.”
A webinar titled Trends in Healthcare Payments Annual Report: A Roadmap to the Future, set for July 21 at 2 p.m. EST, will delve into survey results and trends. Click here to register.
To find out more about NextGen Healthcare’s practice management and patient engagement solutions, please visit nextgen.com.
About NextGen Healthcare, Inc.
NextGen Healthcare, Inc. (Nasdaq: NXGN) is a leading provider of innovative healthcare technology solutions. We are reimagining ambulatory healthcare with award-winning solutions that enable high-performing practices to create healthier communities. We partner with medical, behavioral and dental providers in their journey toward whole person health and value-based care. Our highly integrated, intelligent and interoperable solutions go beyond EHR and Practice Management to increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a quest to achieve better healthcare outcomes for all. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn,YouTube and Instagram.
About InstaMed
InstaMed, a J.P. Morgan company, is part of the firm’s Healthcare Payments business that supports clients across the Corporate and Investment Bank, Commercial Bank and Chase Business Bank. J.P. Morgan Healthcare Payments has integrated InstaMed’s solutions to deliver an end-to-end suite of payments, treasury, and banking solutions to healthcare organizations of all sizes. InstaMed powers a better healthcare payments experience and connects consumers, providers and payers for every healthcare payment transaction. InstaMed’s patented, private cloud-based technology securely transforms healthcare payments by driving electronic transactions, processing payments and moving healthcare data seamlessly, and improving consumer satisfaction. Consumers, providers and payers benefit from InstaMed’s exclusive focus on healthcare, integration into any healthcare IT system, robust analytics and proven scale.
