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DrChrono.com Now Offering First Medical Speech-to-Text Functionality on iPad® Via M*Modal Speech Understanding™

M*Modal, the industry leader in advanced Speech Understanding technology, today announced that DrChrono.com, the premier publisher of dynamic point-of-care and practice management software, is offering M*Modal’s unique Speech Understanding technology as part of Dr.Chrono’s innovative iPad EHR app.

World’s First iPad EHR Utilizing M*Modal’s Powerful Technology to Voice-Enable Innovative Platform

Pittsburgh, PA – July 19, 2011 — M*Modal, the industry leader in advanced Speech Understanding™ technology, today announced that DrChrono.com, the premier publisher of dynamic point-of-care and practice management software, is offering M*Modal’s unique Speech Understanding technology as part of Dr.Chrono’s innovative iPad EHR app. This integration represents the first medical speech-to-text functionality for the Apple® iPad® and adds a significant enhancement to the DrChrono.com platform—the first native EHR application built for the iPad.

DrChrono.com allows physicians to streamline their daily workflows by giving them the ability to access all health records on demand via the iPad, iPhone, any Web browser or Android device.  For clinical documentation on the go, physicians dictate their notes into a Bluetooth headset, and M*Modal’s technology automatically transforms the voice into text directly in the digital patient record. M*Modal’s Speech Understanding permits conversational documentation that matches doctor preferences for workflow and promotes adoption of EHRs.

The iPad has achieved rapid adoption among physicians, reaching 30 percent of U.S. physicians currently and another 28 percent planning to acquire soon, according to a recent survey by Manhattan Research.  Meredith Ressi, president of that firm, noted, “Physicians’ response to the iPad has been overwhelmingly positive, especially for use in the practice setting. Physicians also express strong interest in being able to access electronic medical records through the iPad – as more EMR providers offer this ability, iPad accessibility may be a deciding factor for some practices when selecting an EMR provider.”

Michael Nusimow, CEO and Co-Founder ofDrChrono.com said, “Our mission is to deliver an EHR that physicians will actually use.  M*Modal’s ability to work on the iPad and its respect for doctors’ preferences and productivity needs made the company our choice for pioneering iPad-based speech-to-text.”

“DrChrono.com understands the need for mobility in clinical documentation with full context provided by the EHR,” said Michael Finke, CEO, M*Modal. “With the iPad appearing to be a true game-changer in healthcare, DrChrono.com’s collaboration with M*Modal has produced significant and beneficial innovation.”

M*Modal solutions support one-fifth of the physicians actively practicing medicine today in enterprise and clinic settings.  M*Modal partners with a wide range of EHR, radiology system and clinical documentation companies.

About DrChrono.com

DrChrono.com has created the world’s first native iPad Electronic Medical Record Platform available for free download in the iTunes App Store. The DrChrono.com iPad EMR platform is paired with a hosted SaaS (Software as a Service) practice management backend that provides electronic medical billing and scheduling over the web. The DrChrono.com solution allows healthcare providers to achieve meaningful use of EMR technology while modernizing and streamlining their medical billing and accounts receivable. The DrChrono.com solution has attained 2011/2012 Meaningful Use Stage I certification as a complete EHR from CCHIT.
About M*Modal:
M*Modal, the market leader in advanced Speech and Natural Language Understanding technology, transforms narrative medical documentation into structured, encoded information to create meaningful, valuable clinical intelligence that can be shared, analyzed, and used to inform collaborative care.  More than 800 healthcare organizations nationwide utilize M*Modal’s solutions to re-define the role of clinical narrative in improving and promoting quality of care, clinical efficiency, financial performance, and EHR adoption.  For more information, please visit www.mmodal.com.

July 23, 2011 I Written By

MedQuist Holdings and M*MODAL to Merge Creating the New Standard for Clinical Information Workflow

Financial Highlights
• Total consideration of $130 million, consisting of $77.2 million in cash and 4.1 million shares of common stock
• Positions the Company for stronger future revenue growth and enhanced margins, while achieving meaningful cost synergies
• Projected to increase the Company’s annualized Adjusted EBITDA run-rate  approximately $20 million by year end 2012
• Expected to be modestly accretive to Adjusted Net Income per diluted share in the second half of 2011

Strategic Highlights
• Existing products provide for tighter EHR integration leading to increased physician adoption and Meaningful Use
• Technology pipeline enables new growth opportunities associated with clinical analytics and revenue cycle management
• Leverages core transcription business and provides further differentiation within the HCIT market
• Enables opportunities for greater penetration of the in-house transcription market segment
Operational Highlights
• Provides ownership of speech and Natural Language Understanding technologies
• Facilitates consolidation to a single speech recognition platform
• Accelerates M*Modal’s technology roadmap
• Provides a broader product offering to local and regional transcription partners
• Leverages M*Modal’s cloud-based services to enhance gross margins

Franklin, TN, July 11, 2011 – MedQuist Holdings Inc. (NASDAQ: MEDH), a leading provider of integrated clinical documentation solutions for the U.S. healthcare system, announced the signing of a definitive agreement to acquire M*Modal and its advanced Speech Understanding™ technology for total consideration of $130 million. The transaction is subject to customary closing conditions, including review under the Hart-Scott-Rodino Act, and is expected to close prior to the end of the third quarter of 2011.

M*Modal’s current annualized revenue run rate of $24 million (which includes amounts billed to MedQuist Holdings) is derived from its proprietary cloud-based software solutions that enable healthcare providers to easily convert speech into structured clinical information. This improves physician efficiency, enhances the integration of the physician narrative into electronic health records (EHR), and contributes to the analysis of clinical information for quality and reimbursement requirements.

Vern Davenport, MedQuist Holding’s newly appointed Chairman and Chief Executive Officer, 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, Chief Executive Officer 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.”

MedQuist and M*Modal provide advanced speech understanding technologies and services that seamlessly capture the physician narrative, according to Davenport. “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 clincial intelligence we create,” he said.

The purchase price, which is subject to customary working capital and cash adjustments, is comprised of $48.4 million in cash paid at closing, $28.8 million in installments paid in cash over the next three years and 4.1 million shares of MedQuist Holdings common stock currently valued at $52.8 million, based on $12.76 per share using the average closing price over the trailing 10 trading days ending immediately prior to the date of signing the definitive agreement. The Company will fund the cash component of the purchase price from available cash. Additionally, the Company expects to incur fees and expenses, including additional restructuring and integration costs associated with this transaction, of approximately $13 million. The Company also expects to accelerate the amortization of approximately $12 million of certain prepaid licensing fees.

The Company obtained consents from the majority of both its senior and subordinated lenders to exclude this acquisition from the appropriate acquisition-related covenants. The Company’s subordinated lenders have agreed to certain additional modifications; principally, reducing the amounts due under existing make-whole provisions, if such debt is exchanged prior to maturity, increasing allowable leverage limits, uncapping the future use of common shares allowed to be used for acquisition and increasing annual amounts available for dividends and stock repurchases up to $25 million, plus available excess cash, as defined.

The Company intends to provide more detailed integration, organizational and branding plans at closing and any updates necessary to its previously issued performance goals for 2011 when it reports second quarter results in mid-August.

Investor Conference Call and Web Simulcast
MedQuist Holdings will host a conference call on July 12, 2011, at 8:00 a.m. CT to discuss the transaction. The number to call for the interactive teleconference is (212) 231-2903. A replay of the conference call will be available through Wednesday, July 19, 2011, by dialing (402) 977-9140 and entering the confirmation number, 21531191.

A live broadcast of MedQuist Holdings quarterly conference call will be available online at the Company’s website, www.medquistholdings.com, under Investor Relations or http://www.videonewswire.com/event.asp?id=80865 on July 12, 2011, beginning at 8:00 a.m. CT. The online replay will follow shortly after the call and continue for one year.

About MedQuist

MedQuist is a leading provider of medical transcription services and a leader in technology-enabled clinical documentation workflow. MedQuist’s enterprise solutions – including mobile voice capture devices, speech recognition, Web-based workflow platforms and a global network of medical editors – help healthcare facilities improve patient care, increase physician satisfaction, and lower operational costs. For more information, please visit www.medquist.com.

About M*Modal

M*Modal, a leader in advanced Speech and Natural Language Understanding technology, transforms narrative medical documentation into structured, encoded information to create meaningful, valuable clinical intelligence that can be shared, analyzed, and used to inform collaborative care.  More than 800 healthcare organizations nationwide utilize M*Modal’s solutions to re-define the role of clinical narrative in improving and promoting quality of care, clinical efficiency, financial performance, and EHR adoption.  For more information, please visit www.mmodal.com.

July 21, 2011 I Written By

Beth Israel Deaconess Medical Center Selects M*Modal to Provide Speech Understanding™ Platform

BIDMC selected M*Modal as part of a strategic initiative in which the medical center sought to provide a complete solution that would launch directly from BIDMC’s RIS and offer flexible workflow options for the radiologists. A major emphasis is on promoting self-completion of reports for optimal efficiency.

M*Modal to Integrate its Technology with Leading Medical Center’s Own Radiology Information System

Pittsburgh, PA — June 2, 2011 (SIIM Booth 818) — M*Modal announced today that it has been selected as a strategic partner by Beth Israel Deaconess Medical Center (BIDMC) of Boston, MA, one of the nation’s premier healthcare organizations.  M*Modal will integrate its Speech Understanding™ technology with BIDMC’s proprietary Radiology Information System (RIS) in order to provide voice-driven radiology reporting capabilities. The integrated system will support a department with over 600 full time employees (FTEs) that completes more than 300,000 exams annually across all modalities and generates approximately 800,000 minutes of dictation.

BIDMC selected M*Modal as part of a strategic initiative in which the medical center sought to provide a complete solution that would launch directly from BIDMC’s RIS and offer flexible workflow options for the radiologists. A major emphasis is on promoting self-completion of reports for optimal efficiency.

“M*Modal is best able to meet our requirements for a solution that tightly integrates with our RIS and that will produce higher quality and far more efficient reporting as a result,” said Allen Reedy, Radiology Business Director at Beth Israel Deaconess. “In addition, M*Modal’s ability to generate structured documentation automatically from narrative is a major plus and is consistent with BIDMC’s objectives.”

Unlike commonly used speech recognition technologies, M*Modal’s Speech Understanding technology combines advanced speech and natural language processing (NLP) technologies in one unified platform.  The results of this approach are superior speech recognition and automatic output not simply of tagged data elements but also of highly meaningful information that drives medical action. The M*Modal platform is deployed as a Software-as-a-Service (SaaS) model.

“BIDMC conducted a rigorous investigation of the technological options, and we are pleased that our platform has met their high standards,” said Michael Finke, M*Modal CEO. “Our strategy of delivering meaningful clinical content from narrative is a driving factor in M*Modal’s growing adoption by leaders such as BIDMC.”

M*Modal works with a wide variety of clinical documentation, RIS/PACS, EHR, and other solutions partners who leverage the unique Speech Understanding platform.

About M*Modal:
M*Modal, the market leader in advanced Speech Understanding technology, combines industry leading technology and clinical documentation services to produce highly accurate, structured, encoded and shareable medical documents to facilitate the use and adoptability of electronic health records.  More than 800 healthcare organizations nationwide utilize M*Modal’s solutions to increase patient safety and promote continuity of patient care. For more information, please visit www.mmodal.com.

About Beth Israel Deaconess Medical Center:
Beth Israel Deaconess Medical Center is a patient care, teaching and research affiliate of Harvard Medical School, and consistently ranks among the top four in National Institutes of Health funding among independent hospitals nationwide. BIDMC is clinically affiliated with the Joslin Diabetes Center and is a research partner of Dana-Farber/Harvard Cancer Center. BIDMC is the official hospital of the Boston Red Sox. For more information, visit www.bidmc.org.

June 5, 2011 I Written By

WebChartMD Partners with M*Modal to Enhance Transcription Workflow Platform with Speech Understanding™ Technology

M*Modal and WebChartMD today announced the completion of M*Modal’s Speech Understanding technology integration into the WebChartMD platform. The announcement is made in conjunction with the Clinical Documentation Industry Association (CDIA) Annual Conference in Charlotte, NC.

M*Modal’s Speech Understanding Brings Powerful Productivity Capabilities to WebChartMD Customers

Pittsburgh, PA and Johnson City, TN— April 13, 2011 — (CDIA Booths 100 and 101)  M*Modal, the industry leader in advanced Speech Understanding™ technology, and WebChartMD, an advanced web-based application used by thousands of healthcare professionals nationwide for the creation and management of clinical documentation, today announced the completion of M*Modal’s Speech Understanding technology integration into the WebChartMD platform.  M*Modal’s speech understanding technology, now part of WebChartMD’s robust transcription workflow platform, is already being adopted by the almost 100 medical transcription service organizations currently using the WebChartMD platform.  The announcement is made in conjunction with the Clinical Documentation Industry Association (CDIA) Annual Conference in Charlotte, NC.

As an advanced application service provider that works with hospitals, clinics and transcription companies, WebChartMD utilizes M*Modal’s Speech Understanding platform to provide an integrated back-end speech solution for its clients who need to drive efficiencies by turning transcriptionists into highly productive editors.  This move reflects WebChartMD’s strategy of incorporating advanced technologies into its end-to-end workflow system, and the selection of M*Modal brings a proven platform relied on extensively by most of the leading MTSO’s in the industry.

“We are always looking for technologies that will enable our clients to cut costs, grow their businesses, and help provide better healthcare to their patients,” said Mark Christensen, Manager, Business Development, WebChartMD. “M*Modal’s  Speech Understanding solution has a clear record of success in helping its customers deliver on these goals, making it our optimal choice.”

“The technology bar is being raised continually for clinical documentation platforms as MTSOs and other users demand more productivity and intelligence from their narrative documentation,” said Michael Finke, CEO, M*Modal. “We are thrilled that this partnership brings together two technology leaders committed to staying ahead of those growing customer requirements.”

M*Modal works with a wide variety of clinical documentation, RIS/PACS, EHR, and other software and service partners who leverage the company’s unique Speech Understanding platform.

About WebChartMD
WebChartMD is one of the newest and most technologically advanced application service providers in the healthcare industry. WebChartMD was written with entirely new code from cutting edge software advances like Microsoft .Net 3.5, Ajax user interface code and Asterisk open source telephony software. Commercially launched in January 2007, WebChartMD has grown an average of 15% per month, and today has over 5,000 daily users on the system. WebChartMD is based in Johnson City, Tennessee, and currently has 12 full-time employees.

About M*Modal
M*Modal, the market leader in advanced Speech Understanding™ technology, combines industry leading technology and clinical documentation services to produce highly accurate, structured, encoded and shareable medical documents to facilitate the use and adoptability of electronic health records. More than 800 healthcare organizations nationwide utilize M*Modal’s solutions to increase patient safety and promote continuity of patient care. For more information, please visit www.mmodal.com.

April 24, 2011 I Written By

M*Modal Integrates its Speech Understanding Technology with Greenway Medical Technologies’ Leading EHR

Strategic Partnership Offers PrimeSPEECH™ Module
Pittsburgh, PA – February 21, 2011 – (HIMSS Booth #1637) M*Modal announced today a partnership with Greenway Medical Technologies, Inc. under which M*Modal’s Speech Understanding™ technology is integrated with Greenway’s electronic health record (EHR), practice management and interoperability solution, PrimeSUITE® 2011.  PrimeSPEECH™, the first product developed as a result of this partnership and debuted in fall 2010, enables physicians to dictate patient information directly within the EHR’s templates and produce structured, encoded and validated clinical content as a direct outcome of their natural workflow.  The integrated solution will be demonstrated at M*Modal’s booth 1637 at the HIMSS 2011 conference.
Dictated narrative documentation remains a strong physician preference for its ease, speed, and ability to capture detail and context of patient information that matches the way doctors think, a goal requiring advancement beyond structured documentation models.   Greenway’s EHR provides the best of both worlds by permitting dictation of new narrative documents, the ability to dictate and voice-navigate within PrimeSUITE’s clinical templates, and full template data entry as required.
“We chose M*Modal’s solution because it allows us to go well beyond simple and basic integration of speech recognition as found in most EHR systems,” said James T. Ingram, MD, FACS, Chief Medical Officer at Greenway®.  “M*Modal shares our conviction that for many providers, speech will be an efficient and effective way to get complete and accurate patient information into the EHR.  Together, we can dramatically impact the ability of practices to achieve not just meaningful use, but also real improvements to the quality and continuity of care through meaningful information.”

Unlike commonly used speech recognition,  M*Modal’s Speech Understanding blends advanced speech and natural language processing technologies in one unified platform.  The results of this approach are superior recognition and automatic output not simply of tagged data elements but also of highly meaningful information that drives medical action.
M*Modal works with a wide variety of clinical documentation, RIS/PACS, EHR, and other solutions partners who leverage the unique Speech Understanding platform.
“We are seeing tremendous interest in our unique platform right now from leaders like Greenway that are continually advancing clinical solutions to match physician needs and broaden the implementation of EHRs,” said Michael Finke, M*Modal CEO. “Greenway’s integrated solution is out front in overcoming these challenges and optimizing benefits for its 27,000 healthcare provider  users.”

About Greenway Medical Technologies, Inc.
Greenway Medical Technologies provides innovative EHR, ambulatory healthcare and clinical research business solutions and services to more than 27,000 healthcare providers nationwide, in 31 specialties and subspecialties, by enhancing the delivery of patient care through advanced health IT software and on-demand services that allow physician practices to function at their highest level of efficiency.  PrimeSUITE® 2011 is an ONC-ATCB 2011/2012 Complete EHR.  Established in 1998, Carrollton, Ga.-based Greenway is a privately held company with more than 450 employees.  For more information about Greenway, visit www.greenwaymedical.com.

About M*Modal:
M*Modal, the market leader in advanced Speech Understanding technology, combines industry leading technology and clinical documentation services to produce highly accurate, structured, encoded and shareable medical documents to facilitate the use and adoptability of electronic health records.  More than 800 healthcare organizations nationwide utilize M*Modal’s solutions to increase patient safety and promote continuity of patient care. For more information, please visit www.mmodal.com.

February 21, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 5000 articles with John having written over 2000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 9.3 million times. John also recently launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.