M*Modal emerges from Chapter 11 bankruptcy
August 6, 2014
FRANKLIN, Tenn. – M*Modal, a leading provider of clinical documentation and Speech Understanding solutions, announced that it has successfully completed its financial restructuring, reducing its debt by 55%, and has emerged from Chapter 11 Bankruptcy protection.
“With renewed financial strength, M*Modal is firmly positioned to deliver the highest quality and most advanced clinical documentation to hospitals and physician practices,” said Duncan James, M*Modal’s Chief Executive Officer.” Our new capital structure will better support M*Modal’s continued investment in delivering innovative transcription, coding and speech technology solutions, and will provide a stronger foundation to execute on our strategic plans.
“Specifically, M*Modal is uniquely capable of delivering integrated clinical documentation solutions that accurately and efficiently document speech narratives of complex patient and physician interaction into electronic health records,” James said. “Our solutions support the capture and care collaboration of over 60 million medical visits each year, enabling physicians to save time, hospitals to receive appropriate reimbursement, and patients to receive better care.”
M*Modal’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York by an order entered on July 21, 2014.
M*Modal currently provides clinical documentation solutions to more than 3,800 hospitals and physician groups, including 65% of the hospitals on the recent 2014-15 U.S. News & World Report Best Hospitals “Honor Roll.”
“We thank our customers, partners and suppliers for their confidence and support throughout this process, and in particular we thank our employees for their focus and dedication to delivering continued quality services,” James said.
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) or electronic medical records (EMR) 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 www.mmodal.com, Twitter, Facebook and YouTube.