First Two Applications – M*Modal Catalyst for Quality™ and M*Modal Catalyst for Radiology™ – Interpret the Complete Patient Story for Quality Medical Outcomes and Greater Cost Controls
Franklin, TN – June 12, 2012 – M*Modal (MModal Inc. – NASDAQ/GS: MODL), a leading provider of clinical documentation services and Speech Understanding™ solutions, announced today the M*Modal Catalyst™ family of cloud-based applications, enabling healthcare decision-makers to extract actionable information from “unstructured” medical documentation, regardless of how that data was created, and combine it with structured data contained in electronic clinical systems. This new suite of solutions is designed to make full use of the untapped meaning contained within clinical documentation to improve the quality of patient care and better inform financial practices. Also announced today are the first two applications in the M*Modal Catalyst suite, M*Modal Catalyst for Quality™ and M*Modal Catalyst for Radiology™, built on the Company’s proprietary cloud-based Speech Understanding™ platform.
“M*Modal Catalyst uniquely positions us to assist providers in immediately revealing and extracting meaningful, actionable data from narrative text,” said Vern Davenport, chairman and CEO, M*Modal. “Every day, healthcare professionals are faced with clinical, financial and quality-related decision-making. The right decisions would be more apparent if all medical documentation could be accurately assessed based on the true meaning embedded in the clinical narrative.”
The majority of a healthcare organization’s data is captured in a traditional narrative or unstructured form, including dictated notes from the doctor-patient encounter and other sources. Until now, healthcare organizations have been severely limited in their ability to access, beyond searching for keywords, the real context and meaning behind a physician’s observations. This has hindered organizational efforts to uncover medical findings for more accurate reimbursements and improvements at the point of care. With M*Modal Catalyst, hospitals, physician practices and managed service organizations can, for the first time, quickly retrieve and assess this gold mine of information in their unstructured data, and make it immediately useable, actionable and shareable with providers across the organization.
“M*Modal Catalyst allows us an unparalleled level of visibility. It actually bridges the gap between structured data and language, and lets us mine the data hidden within the language,” said Stephen Willis, chief information officer, Canopy Partners. “We’re able to turn a static, text document into an actual living document so we can measure against the quality measures that our best practice operating committee has determined are most meaningful.”
M*Modal Catalyst offers customers:
- Visibility and understanding of key clinical concepts often lost in traditional documentation, such as patient fall risk factors, dietary practices and causes of events (e.g. collapsed lung due to medical procedure complications).
- Delivery via the cloud, allowing for greater flexibility and scalability to the whole enterprise, along with greater ease of use and access anywhere, anytime, on any PC/workstation.
- Speech recognition and natural language processing in one, single contiguous process, offering greater understanding and enhanced collaborative intelligence through tools for data annotation, feedback, and sharing.
- An open solution in which all medical documents, regardless of vendor, can be searched and utilized allowing for question-answering of both narrative and structured data sources.
- Content plus context; critically important capabilities since keyword searches are extremely limiting and potentially inaccurate if not applied in context, as no two physicians speak in the exact words in the exact order.
- Support of a broad spectrum of standard medical vocabularies such as SNOMED-CT, LOINC and RxNORM for seamless interoperability with other systems in order to deliver unprecedented clarity and insights.
- The only infrastructure for cost-effective, large-scale deployment of natural language understanding applications.
- Applications pre-packaged to address specific needs for improving clinical or financial processes, such as CDI, PQRS, patient safety, Meaningful Use, critical findings, and other quality and radiology-specific reporting requirements.
M*Modal Catalyst for Quality helps healthcare executives, administrators and physicians drive actions that improve documentation quality and assists the organization in achieving Meaningful Use compliance. M*Modal Catalyst for Radiology allows radiology organizations or departments to identify clinical information within radiology documents to drive compliance and quality. More applications within the M*Modal Catalyst product family are expected to be announced in the coming months.
Last month M*Modal announced its M*Modal Fluency™ family of clinical solutions to enable healthcare organizations to electronically capture patient stories for reimbursement via its Speech Understanding™ technology. M*Modal Catalyst then drives intelligence from this information, as well as from other medical documents. This previously static information is now useable and shareable to fully inform medical actions by presenting information to physicians and other stakeholders in the right context and at the right time.
M*Modal (NASDAQ/GS: MODL) is a leading provider of clinical transcription services, clinical documentation workflow solutions, advanced cloud-based Speech UnderstandingTM technology and unstructured data analytics. Recognized as the largest clinical transcription service in the U.S. with a global network of medical editors, M*Modal also offers voice to text solutions to capture the complete patient story, codifies the doctor’s narrative to automatically populate EHRs and other key healthcare information systems, delivers computer-assisted coding to support ICD-9 and the transition to ICD-10, and provides highly advanced analytical tools for exploring the richness within the “unstructured” narrative for improvements in quality of care, greater physician satisfaction and lower operational costs. For more information, please visit www.mmodal.com, Twitter, Facebook and YouTube.
M*Modal, Speech Understanding, M*Modal Fluency, M*Modal Fluency Direct, M*Modal Fluency for Transcription, M*Modal Fluency for Imaging, M*Modal Fluency for Coding, M*Modal Fluency for Practices, M*Modal Catalyst, M*Modal Catalyst for Quality, M*Modal Catalyst for Radiology and the Modal Man logo are trademarks of MModal Inc. or its subsidiaries in the United States and/or other countries.
Information provided and statements contained in this press release that are not purely historical, such as statements regarding the M*Modal Catalyst™ family of cloud-based applications, including, without limitation, statements regarding the functionality and the performance of such application, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this press release and the Company assumes no obligation to update the information included in this press release. Statements made in this press release that are forward-looking in nature may involve risks and uncertainties. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, specific factors discussed herein and in other releases and public filings made by the Company (including filings by the Company with the Securities and Exchange Commission). Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.
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