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NextGen Healthcare Welcomes Highly Regarded Healthcare Executive Darnell Dent to Director Slate for 2021 Annual Meeting
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Rhea-AI Summary
NextGen Healthcare (NASDAQ: NXGN) has nominated Darnell Dent as a director for its 2021 Annual Meeting of Shareholders. Dent brings nearly three decades of experience in managed healthcare, having previously served as CEO of FirstCare Health Plans. His expertise in technology-enabled healthcare solutions is expected to enhance NextGen's market capabilities. The Board aims to add more nominees and anticipates appointing a new CEO before the meeting. Currently, 50% of the director nominees are diverse, highlighting the company's commitment to representation.
Positive
Darnell Dent's nomination adds significant experience in managed healthcare to the Board.
Appointment of a new CEO is expected to strengthen the Board's expertise.
50% of director nominees are diverse, promoting inclusivity.
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Brings Wealth of Experience Growing Managed Care Health Plan Companies and Leveraging Technology to Drive Cost Efficiencies and Revenue Growth
ATLANTA--(BUSINESS WIRE)--
NextGen Healthcare, Inc. (Nasdaq: NXGN), a leading provider of ambulatory-focused technology solutions, today announced that Darnell Dent has joined the Company’s slate of director nominees for the 2021 Annual Meeting of Shareholders.
NextGen Healthcare Board Nominee, Darnell Dent (Photo: Business Wire)
Dent has nearly three decades of experience leading managed healthcare plan companies, including serving as Chief Executive Officer of FirstCare Health Plans. He is a current strategic advisor to Softheon, Inc., which provides healthcare payors, providers and government agencies with SaaS-based integrated technology solutions to help them reduce costs, increase efficiencies and grow revenues.
“Darnell brings a record of success leading managed healthcare companies and first-hand knowledge of the important role that technology-enabled solutions play in improving the lives of patients and providers,” said Jeffrey Margolis, Chair of the NextGen Healthcare Board of Directors. “His broad understanding of various benefit and payment mechanisms across the healthcare industry and his NACD governance credentials will be of great benefit to NextGen Healthcare as we extend our market solutions and evolve our capabilities to make healthcare better for everyone.”
Dent said, “NextGen Healthcare shares my belief that innovative healthcare technology is key to improving outcomes and advancing healthcare equity in all practices and communities. I look forward to working with the Board and management team to ensure that the important investments NextGen Healthcare is making continue to build on the Company’s momentum and its record in transforming ambulatory care.”
NextGen Healthcare’s Slate of Director Nominees for the 2021 Annual Meeting
Dent’s nomination follows NextGen Healthcare’s prior announcement that the Board intends to add two additional nominees to the Company’s director slate in advance of the Annual Meeting. The NextGen Healthcare Board is continuing to make good progress on the selection of a new CEO and expects that individual to be a valuable addition to the Board. The CEO is expected to be appointed by the Company before the Annual Meeting and included on the Company’s director slate.
Of the Company’s current slate of eight director nominees, four (or 50%) have been added in the past four years and are diverse across race and gender. Upon the CEO’s appointment to the Board, five of the Company’s directors (or more than 50%) will have been added in the past four years.
The Company’s current slate of independent director nominees includes:
Craig A. Barbarosh
George H. Bristol
Darnell Dent
Julie D. Klapstein
Jeffrey H. Margolis
Dr. Geraldine McGinty
Morris Panner
Dr. Pamela Puryear
The NextGen Healthcare Board of Directors recommends that shareholders vote “FOR” the election of each of NextGen Healthcare’s highly qualified director nominees and “FOR” ALL other proposals listed on the WHITE proxy card, including the proposals to reincorporate the Company into Delaware and eliminate cumulative voting. Approving the reincorporation and cumulative voting proposals will effectively result in giving NextGen Healthcare shareholders the opportunity to vote “FOR” ALL candidates on the NextGen Healthcare slate of director nominees under plurality voting, which is a “one share, one vote” standard, and the nine nominees with the most votes will be elected.
About Darnell Dent
Dent is Founder and Principal of Dent Advisory Services, LLC, a management consulting and governance services company. He serves as a strategic advisor to Softheon, Inc., a leading provider of cloud-based health insurance exchange (“HIX” or “marketplace”) technology. He serves in a similar capacity for Virgin Pulse, part of Sir Richard Branson’s Virgin Group, a global provider of employee well-being solutions, including integrated health, well-being, safety, benefits navigation and care guidance.
Previously, Dent was President and CEO of FirstCare Health Plans, a provider-owned health plan acquired by Baylor Scott & White Health System. Prior to that, he served as Chief Business Development Officer at the University of Pittsburgh Medical Center Health Plan. Earlier he held senior executive roles at United HealthCare, Community Health Plan of Washington, Health Net and Lincoln National Corporation.
He is a National Association of Corporate Directors (NACD) Board Leadership Fellow and serves as a director on the Board of the Texas TriCities Chapter. He is past Chair of the Association of Community Affiliated Health Plans, which plans serve more than seventeen million enrollees, representing nearly half of all individuals enrolled in Medicaid managed care plans, and past Chair of the Texas Association of Community Health Plans. Previously, he served as a Board member for Adaptis, a healthcare IT company.
Dent earned his bachelor’s degree from Norfolk State University in Psychology and his MPA from Pepperdine University in Public Administration. He served in the United States Marine Corps as an officer attaining the rank of Captain.
About NextGen Healthcare, Inc.
NextGen Healthcare, Inc. (Nasdaq: NXGN) is a leading provider of ambulatory-focused technology solutions. We are empowering the transformation of ambulatory care—partnering with medical, behavioral and dental providers in their journey to value-based care to make healthcare better for everyone. We go beyond EHR and PM. Our integrated solutions help increase clinical productivity, enrich the patient experience, and ensure healthy financial outcomes. We believe in better. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram.
Certain Information Concerning the Participants
NextGen Healthcare has filed a revised preliminary proxy statement with the U.S. Securities and Exchange Commission (the “SEC”), together with the associated WHITE proxy card, in connection with the solicitation of proxies for NextGen Healthcare’s 2021 Annual Meeting of Shareholders (the “Preliminary Proxy Statement”). WE URGE SHAREHOLDERS TO READ THE PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENTS) WHEN AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT NEXTGEN HEALTHCARE WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. NextGen Healthcare, certain of its directors and executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of NextGen Healthcare’s directors and executive officers and their respective interests in NextGen Healthcare by security holdings or otherwise are set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in NextGen Healthcare’s securities are not reported, or have changed since the amounts described, in the Preliminary Proxy Statement, such changes will be reflected in the Definitive Proxy Statement or on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of NextGen Healthcare’s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement.
Shareholders will be able to obtain, free of charge, copies of the applicable proxy statement, any amendments or supplements thereto and any other documents when filed by NextGen Healthcare with the SEC in connection with the Annual Meeting at the SEC’s website (http://www.sec.gov), at NextGen Healthcare’s website (https://investor.nextgen.com), by emailing NXGNproxy@mackenziepartners.com or by calling MacKenzie Partners at (800) 322-2885.
Forward Looking Statements
This communication may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding future events including but not limited to the COVID-19 pandemic, developments in the healthcare sector and regulatory framework, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future (including, without limitation, statements concerning revenue, net income, and earnings per share). Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements and additional risks and uncertainties are set forth in Part I, Item A of our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, including but not limited to: volatility and uncertainty in the global economy, financial markets and on our customers in light of the continuing COVID-19 pandemic, including the potential (i) slowdown or shutdown of preventive and elective medical procedures, (ii) delay in the contracting for additional products and services by our customers and (iii) delay in the sales cycle for new customers; a determination by the jury that the Company has liability in litigation advanced by a former director and shareholder; the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; seasonal patterns of sales and customer buying behavior; impact of incentive payments under The American Recovery and Reinvestment Act on sales and the ability of the Company to meet continued certification requirements; uncertainties related to the future impact of U.S. tax reform; the impact of governmental and regulatory agency investigations; the development by competitors of new or superior technologies; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; undetected errors or bugs in software; product liability; changing economic, political or regulatory influences in the health-care industry; changes in product-pricing policies; availability of third-party products and components; competitive pressures including product offerings, pricing and promotional activities; the Company's ability or inability to attract and retain qualified personnel; the impact of any proxy contest at the 2021 Annual Meeting of Shareholders; possible regulation of the Company's software by the U.S. Food and Drug Administration; changes of accounting estimates and assumptions used to prepare the prior periods' financial statements; disruptions caused by acquisitions of companies, products, or technologies; the extent to which the COVID-19 pandemic and measures taken in response thereto could adversely affect our financial condition and results of operations; and general economic conditions. A significant portion of the Company's quarterly sales of software product licenses and computer hardware is concluded in the last month of a fiscal quarter, generally with a concentration of such revenues earned in the final ten business days of that month. Due to these and other factors, the Company's revenues and operating results are very difficult to forecast. A major portion of the Company's costs and expenses, such as personnel and facilities, are of a fixed nature and, accordingly, a shortfall or decline in quarterly and/or annual revenues typically results in lower profitability or losses. As a result, comparison of the Company's period-to-period financial performance is not necessarily meaningful and should not be relied upon as an indicator of future performance. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
