Transcend and M*Modal Sign Technology Agreement
Transcend Services, a provider of clinical documentation solutions to the U.S. healthcare market, has entered into a new agreement with Multimodal Technologies (M*Modal) under which M*Modal will continue to provide Speech Understanding technology to Transcend.
The new agreement, which amends a 2006 agreement, has an initial term ending on December 31, 2012, followed by four one year renewal terms through December 31, 2016, unless Transcend elects not to renew for any such one-year renewal term. After the fourth renewal term, the agreement automatically renews for successive one-year terms unless terminated by either party with proper notice. Pricing remains unchanged based on current volume levels.
"Since we entered into our partnership in 2004, M*Modal's technology has been integrated into our clinical documentation workflow platform, which has allowed us to dramatically improve the productivity of our medical transcriptionists, improve turnaround times for our customers, and reduce our cost per document," stated Larry Gerdes, Transcend's CEO. "With our new Encore clinical documentation platform, customers with in-house transcription departments can now take advantage of M*Modal's Speech Understanding technology and our workflow expertise to drive the same types of improvements at their hospitals."
"Transcend shares our view that narrative content will continue to be a crucial component of medical records,” said Michael Finke, M*Modal's CEO. "We are pleased that this new agreement expands Transcend’s strong documentation portfolio to include real-time speech recognition solutions, which support the growing number of physicians who want the option to create and self-complete their own narrative documentation."