M*Modal, a Franklin, TN-based provider of clinical documentation and Speech Understanding 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 in its natural language processing (NLP) and artificial intelligence platform as well as client acquisition. 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®.
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.
“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 in a statement. “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.”
