M*Modal Closes $70 Million Debt to Equity Investment Reflecting Investor Confidence in the Company’s Growth, Market-Leading Artificial Intelligence Technology, and Patent Portfolio
Published on February 21, 2018
With its significantly enhanced financial position, M*Modal will increase market leadership in innovative speech, natural language understanding and artificial intelligence platform
Franklin, TN – February 21, 2018 – M*Modal, a leading provider of clinical documentation and Speech UnderstandingTM solutions, today announced that its largest investors have completed an investment of $70 million in the Company by converting debt into equity. This transaction will allow M*Modal to further accelerate its investment in technological innovation and client acquisition.
“We are pleased with this strong vote of confidence from our investors, which acknowledges our unmatched business momentum and global growth. M*Modal’s market-leading technology, consistent customer focus and strong financial performance continue to be differentiating advantages for the Company,” said Scott MacKenzie, CEO of M*Modal. “As always, we are focused on leveraging this financial advantage to deliver added value to our clients so that they can provide better-quality patient care more cost effectively.”
M*Modal’s artificial intelligence (AI) and speech-powered solutions create time to care for over 250,000 physicians across more than 150 EHRs, including Epic®, Cerner®, MEDITECH®, athenahealth®, eClinicalWorks®, and Allscripts®. The Company’s continued leadership in speech-driven solutions and excellence in client satisfaction is validated by its consistent top ranking as Best in KLAS, #1 Speech Recognition: Front-End EMR. The annual Best in KLAS award recognizes companies like M*Modal that lead the market and deliver the broadest operational and clinical impact on healthcare organizations.
M*Modal’s advanced technology solution suite is backed by an extensive intellectual property (IP) and patent portfolio for AI in healthcare. Continuously driving incremental innovation and disruption in healthcare technology, M*Modal is set to meet the growing market demand for virtual provider assistants and conversational documentation to decrease the administrative burden on clinicians at this time when physician burnout is a real concern.
To experience the M*Modal momentum and see its leading-edge solutions at work, please visit booth #4416 at the 2018 HIMSS conference being held in Las Vegas from March 5 to 9.
M*Modal is a leading healthcare technology provider of advanced clinical documentation solutions, enabling hospitals and physicians to enrich the content of patient electronic health records (EHR) for improved healthcare and comprehensive billing integrity. As one of the largest clinical transcription service providers in the U.S., with a global network of medical editors, M*Modal also provides advanced cloud-based Speech Understanding™ technology and data analytics that enable physicians and clinicians to include the context of their patient narratives into electronic health records in a single step, further enhancing their productivity and the cost-saving efficiency and quality of patient care at the point of care. For more information, please visit https://mmodal.com, Twitter, Facebook and YouTube.
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