Reduces debt 55%, strengthens healthcare market position
Franklin, Tenn. – July 31, 2014 – M*Modal, a leading provider of clinical documentation and Speech Understanding™ solutions, today announced that it has successfully completed its financial restructuring, reducing its debt by 55%, and has emerged from Chapter 11 Bankruptcy.
“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.”
As previously announced, 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, , and YouTube.
Information provided and statements contained in this press release that are not purely historical 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 public filings and press releases made by the Company. 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.