M*Modal, Cymetrix Form Strategic Partnership
Published on March 29, 2012
Embeds Innovative Business Intelligence Portal for the Entire Revenue Cycle, Including Clinical Documentation and Coding Improvement
FRANKLIN, Tenn. – March 29, 2012 – Cymetrix, a national leader in providing healthcare organizations and hospital-affiliated physician practices with comprehensive revenue cycle management solutions, and M*Modal (MModal Inc. – NASDAQ/GS: MODL), a leading provider of clinical documentation services and Speech Understanding™ technologies, today announced a strategic partnership aimed at increasing efficiencies within the revenue cycle through improved clinical documentation and reporting.
Through this partnership, healthcare organizations can leverage M*Modal’s Speech Understanding, transcription and coding solutions to enhance reporting provided by the Cymetrix Business Intelligence Portal. The Cymetrix Business Intelligence Portal is a Web-based application that provides revenue cycle performance transparency with advanced analytics, offering key performance indicator dashboards and reports on demand. Accessing key clinical documentation information and usage statistics from M*Modal’s solutions will provide real-time performance reporting and user data for transparency and continuous process improvement. As a result, clients should experience improvements in coding, lower operational costs, improved revenue cycle performance and increased physician and patient satisfaction.
“At Cymetrix, we are committed to providing our customers with innovative revenue cycle solutions that significantly improve net revenue and reduce costs,” said Michael Halberda, Cymetrix President and CEO. “Our Business Intelligence Portal affords our customers the unique ability to easily maintain command and control while providing complete performance transparency. Partnering with M*Modal uniquely complements our existing suite of revenue cycle solutions and will allow our customers to focus on their primary mission of delivering the highest quality of patient care.”
“Our partnership with Cymetrix provides our combined clients with a great new opportunity to help streamline their operations,” said Vern Davenport, Chairman and CEO of M*Modal. “As a valued partner, Cymetrix can now fully leverage our latest advances in Speech Understanding and comprehensive workflow technologies for clinical documentation. The resulting structured output provides downstream clinical documentation improvement. When combined with more clinical and financial data, business operations are finding much needed new efficiencies through more accurate coding output which leads to precise and timely reimbursement.”
Cymetrix, a comprehensive revenue cycle management company, is a national leader in providing healthcare organizations and hospital-affiliated physician practices with custom revenue cycle solutions and consulting services that deliver sustained improvement in performance and profitability. A privately held Delaware Corporation, Cymetrix has corporate headquarters in Irvine, Calif., and business processing centers in Los Angeles, Dallas, and Nashville. Cymetrix’s equity partner is Riordan, Lewis & Haden, a private equity investment company based in Los Angeles. For more information, please visit www.cymetrix.com.
M*Modal is a leading provider of clinical narrative capture services, Speech and Natural Language Understanding technology with complementary clinical documentation workflow. M*Modal’s enterprise solutions – which include mobile voice capture devices, speech recognition, Natural Language Understanding, Web-based workflow platforms and global network of medical editors – help healthcare organizations facilitate the adoption of electronic health records (EHRs), improve patient care, increase physician satisfaction and lower operational costs. For more information, please visit www.mmodal.clientcreative.com.
Information provided and statements contained in this press release that are not purely historical, such as statements about our expectations regarding our future business 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.