Nextech supports more than 11,000 specialty providers and 4,000 practices. When COVID-19 changed how patients interact with their medical practitioners, Nextech saw the need to create a secure location for offering payments both in the office and online. By partnering with a payments platform like Stripe, Nextech could build a solution that would not only improve the patient payment experience, but also allow Nextech to grow new revenue streams through payments without the burden of maintaining PCI compliance.
Nextech selected Stripe for its launch of Nextech Payments. Nextech implemented Custom Connect, Payments, Terminal, Elements, and Radar to create a safe and easy-to-use integrated payments solution that accepts multiple payment methods across all devices and practice management solutions. With Custom Connect’s flexible API, Nextech was able to build its product set and fully control the user experience.
With Stripe, Nextech was able to launch a fully-integrated online and offline payments experience. Because Nextech Payments was built on Stripe's platform, it will continue to evolve alongside Stripe's growing product portfolio to introduce new products and monetization opportunities.
“Stripe's simplified integration capabilities allow us to regularly bring new features to market and prioritize high-demand items in our roadmap,” said Chuck Danner, Nextech’s General Manager of Payments.
Streamlined reporting and reconciliation
When Nextech first launched a beta version of its payments solution, it was able to pull data and reporting from the Stripe Dashboard for customers while continuing to build the full integration. The flexibility of the Stripe Connect model and its off-the-shelf features enabled Nextech to launch in a fraction of the time it would have taken with other partners. Nextech integrated their solution across several Stripe accounts to easily differentiate payments volume from its monthly fees and core payment processing business. Its accounting and reconciliation process has become much more streamlined since moving to Stripe.
Built-in security and fraud prevention
Protecting patient payment data is critical, so Nextech leverages Stripe’s key security features to avoid any potential loss of cardholder data—encryption via Stripe Terminal devices, PCI compliance via Stripe Elements, and tokenization for secure storage of PAN numbers. The combination of these three security features inherent in Stripe's product offering helps eliminate all card data from Nextech, which eases the company's burden of protecting cardholder data and maintaining PCI compliance for their practices.
Additionally, Nextech uses Radar’s machine learning and advanced fraud protection tools to gain insights on suspicious charges. Radar also helps Nextech reduce chargeback costs and increase overall authorization rates. As more of its customers opt in to a recurring payments engine (e.g., subscriptions and memberships), fraud prevention will be a continued investment for Nextech.
“As we expand into other vertical segments, we intend to continue to hone our ability to leverage Radar and other fraud prevention tools Stripe offers for our practices and their patients,” Danner said.
We’re happy that we can build multiple platforms under the Nextech umbrella with Stripe. The multiplatform capability allows us to account for each payment type uniquely, and as we grow, provide the flexibility for us to structure our business as needed. It meets our long-term goal of having full control over our portfolio.