Medquist Holdings Acquires M*Modal
MedQuist Holdings, a provider of integrated clinical documentation solutions for the U.S. healthcare system, will acquire M*Modal and its advanced Speech Understanding technology for $130 million.
M*Modal is a provider of proprietary cloud-based software solutions that enable healthcare providers to convert speech into structured clinical information.
Vern Davenport, MedQuist Holdings' newly appointed chairman and CEO, noted, “This transaction combines MedQuist’s strengths of capturing the physician narrative, our large customer base, global presence, and deep domain expertise in healthcare with the innovations of M*Modal’s currently available technologies and strong product roadmap. Their scalable cloud-based solutions, Speech Understanding platform, strong technology pipeline, and a large team of speech and language scientists and engineers complement MedQuist’s clinical workflow solutions.”
Michael Finke, CEO of M*Modal, added, “Given the outstanding strategic fit between us, we are positioned to create a whole new level of clinical documentation workflow and analytics solutions that address some of the healthcare industry’s most pressing issues. This merger gives M*Modal the immediate resources and access to customers required to accelerate and extend our technology development efforts. ”
“We have an opportunity to jointly become a more visible, strategic technology enabler of healthcare organizations as they strive to successfully adopt electronic health records, navigate the move to a value-based healthcare system, and derive critical quality and outcomes data from the structured clinical intelligence we create,” he said.