Last session, the stock of healthcare practice management company Nexteligent Holdings (OTC: NXGT) flew by 227.59%, bringing it to $0.0950 at the ring of the bell. During the trading day, approximately 5.36 million shares of NXGT stock were traded whereas the average daily transaction volume was 193K shares. Increased business projections by NXGT contributed to a spike in the Nexteligent stock price.
What was the business projection?
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As a healthcare professional services company, Nexteligent, provides financial management solutions and business process optimization services. Within its growth strategy, Nexteligent acquires small- and medium-sized healthcare technology companies and leverages their strengths with its proprietary technology and processes to unlock their full potential. Hospitals, clinics, doctors, labs, telemedicine providers, and skilled nursing facilities rely on Nexteligent for revenue cycle management, preventative wellness, telemedicine, and consulting services.
Yesterday, Nexteligent announced that it has tripled the amount it expects to generate in new business during the first quarter of 2021 for its revenue cycle management business.
NXGT has acquired Professional Revenue Management Services (PRMS) in November 2020. Nexteligent has been using PRMS as an anchor for its revenue cycle management division. Knowing the potential of the newly joined company, NXGT has upped its annual sales projection for the division to more than $2 million to recruit new clients and increase sales for existing clients. Previously, the projection for the same was $684,000.
New contracts and expanded business from PRMS will begin to generate revenue for Nexteligent in Q2, 2021. By 2022, the annualized revenue from new contracts and expanded business is likely to surpass $3,500,000. NXGT’s revenue cycle management-based business model will continue to be further developed through multiple sales and marketing campaigns.
Through strategic acquisition and commitment to deepening its product mix, revenues will continue to grow for Nexteligent Holdings (NXGT), while client services are optimized. And this will also contribute to NXGT continuing to grow while expanding its business.