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NextGen Healthcare

“Can a legacy ambulatory EHR reinvent itself, under PE ownership, as the AI-powered financial and clinical OS for independent medical practices?”

Founded1974
HQIrvine, California, USA
FoundersSheldon Razin
Latest roundAcquired by Thoma Bravo, 2023 ($1.8B)
Valuation$1.8B (2023 take-private)
IndustryVertical SaaS / Healthcare
Websitenextgen.com ↗
The story

Founded 1974 as Quality Systems, Inc. — one of the earliest players to digitize ambulatory health records. Rebranded to NextGen Healthcare in 2018 and repositioned as a cloud-based EHR + PM + RCM platform for ambulatory practices. Taken private by Thoma Bravo in 2023 in a $1.8B deal, accelerating the shift toward AI-powered clinical workflows, embedded patient payments (via InstaMed), and RCM services (via Waystar partnership).

Last 12 months
—
Product timeline
1974
Sheldon Razin founds Quality Systems, Inc. (QSI), digitizing health records long before HITECH mandates.· pivot
2018
Quality Systems rebrands as NextGen Healthcare; ticker changes to NASDAQ:NXGN.· pivot
2023
Thoma Bravo takes NextGen Healthcare private for $1.8B.· acquisition
2023
Founder Sheldon Razin passes away at 85.· pivot
Same company
NextGen Healthcare was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Next Gen0 layers →
The stack
3 layers disclosed in NextGen Healthcare’s embedded-finance stack
Payments / PSP
InstaMed
KYC
ID.me, Exostar
Accounts Receivable
Waystar
Payments / PSP
  • InstaMed
Hover or tap a floor for details.
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Accounting gap: minor

NextGen Healthcare — frequently asked

Who is NextGen Healthcare's payment processor?

NextGen Healthcare processes payments through InstaMed (JPMorgan Chase).

Which KYC provider does NextGen Healthcare use?

NextGen Healthcare uses ID.me and Exostar for KYC and identity verification.

What is NextGen Healthcare's embedded finance stack?

The Embedded Finance Index 2026 maps 3 layers in NextGen Healthcare's stack: Payments / PSP (InstaMed (JPMorgan Chase)); KYC (ID.me and Exostar); Accounts Receivable (Waystar).

Who founded NextGen Healthcare?

NextGen Healthcare was founded by Sheldon Razin and is founded in 1974, headquartered in Irvine, California, USA.

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