Quality Systems ticks double-digit gains in income, revenue
Quality Systems, the parent company of NextGen Healthcare, has announced the results of operations for its fiscal 2011 first quarter, which ended June 30.
The Irvine, Calif.-based company reported record net revenues of $82.9 million for the fiscal 2011 first quarter, an increase of 24 percent from $66.6 million in the same quarter last year. The company also reported net income of $12.1 million, up 17 percent versus $10.3 million in net income for the comparable period a year ago.
The fiscal 2011 first quarter results included approximately $800,000 in expenses related to the integration of the company’s previously acquired revenue cycle management entities, Healthcare Strategic Initiatives and Practice Management Partners. Both of these acquisitions are now administered and aggregated in the company’s new NextGen Practice Solutions division.
“The company continues to prepare for the expected incentives to be distributed from the American Recovery and Reinvestment Act. Now that the requirements for defining Stage 1 meaningful use criteria have been completed, physicians and hospitals can feel comfortable and confident in moving ahead with their EHR decisions,” noted Steven T. Plochocki, CEO of Quality Systems.
The Irvine, Calif.-based company reported record net revenues of $82.9 million for the fiscal 2011 first quarter, an increase of 24 percent from $66.6 million in the same quarter last year. The company also reported net income of $12.1 million, up 17 percent versus $10.3 million in net income for the comparable period a year ago.
The fiscal 2011 first quarter results included approximately $800,000 in expenses related to the integration of the company’s previously acquired revenue cycle management entities, Healthcare Strategic Initiatives and Practice Management Partners. Both of these acquisitions are now administered and aggregated in the company’s new NextGen Practice Solutions division.
“The company continues to prepare for the expected incentives to be distributed from the American Recovery and Reinvestment Act. Now that the requirements for defining Stage 1 meaningful use criteria have been completed, physicians and hospitals can feel comfortable and confident in moving ahead with their EHR decisions,” noted Steven T. Plochocki, CEO of Quality Systems.