Change Ahead for M*Modal and MedQuist

Today’s world is full of change.  In the world of health care, with new discoveries, new treatments, and new technologies found seemingly every day, change may be the only constant.

And so it is with businesses that support health care, where change can lead to the need for migration to new service and product offerings and to corresponding changes in business models.  Consolidations of businesses in the health information service and technology domains often occur as companies seek to increase revenues, take advantage of synergies, or as in the case I’m going to talk about here, to merge two companies with different but complementary talents as part of a growth strategy.

Most of you have probably heard that my employer M*Modal is about to be affected by such a change.  On Monday, July 11,  a merger between M*Modal, a leader in speech recognition and natural language understanding technologies, and MedQuist, a leading provider of medical transcription services and documentation workflow technology, was announced.  It was also announced that Vern Davenport, former CEO of Misys Healthcare and long-time HIT industry leader, will become the CEO of the combined company.

This announcement came as a surprise to many who know us as the small but quickly growing company whose senior executives are the very guys you came to know as industry innovators.  It may not have been a surprise to some, however, who in view of market activity in recent years wondered at M*Modal’s ability to compete against significantly larger companies.

And though we at M*Modal have rather enjoyed being David in a David-and-Goliath-like competitive environment, our leaders understood that now is the time when acceleration of our efforts is needed for our customers.

MedQuist too has been observing changes in the industry and sees value in combining their world-class services with the industry-leading technology that will allow them to offer their customers the best of both worlds – innovative technology offered by people who understand the world in which it will be implemented and used.

What does this mean to M*Modal customers and to its partner relationships?  It means only good things.  To the partners who rely on M*Modal technology to provide services to their customers, it means robust strength.  To the partners who incorporate M*Modal solutions into their technology offerings, it means partnership with a company with greater market presence.  To our health care provider customers, it means greater flexibility and options.  And since M*Modal understands that our customers need us to act fast in response to health care’s changing needs, then perhaps most importantly, this merger means that M*Modal will have the ability to bring solutions to health care faster.

Many of you have been kind enough to ask what this means to me personally.  To be honest, I was surprised at the announcement, and was admittedly concerned.  I mean, anyone who knows me knows that I believe in M*Modal and its vision with my whole heart.  But… after a visit from our future leader, Vern Davenport, my concerns have changed to excitement, hope, and even eagerness.

In speaking with the M*Modal team, he made it clear that this is not a case of one company absorbing another.  To the contrary, he explained that we are two companies joining forces to support health care providers as they continue to adopt electronic health records and as they embark on the transformation to value-based care.   He told us that his role as the CEO of the newly formed company will not be a job for him – it will be a mission.  He said he is here for one reason – to make an impact on health care. Well, for me that was the statement that clinched it.  I’m in.

In short, this new relationship will ensure that M*Modal can continue on its path towards creating a collaborative ecosystem for health information that supports the health care provider and which contributes to health care itself.  We have always strived to serve those who serve the patient – and now we’ll have the ability to do so with even greater impact.

For the immediate future, the two companies will continue to operate separately as all the i’s are dotted and t’s are crossed.  But stay tuned for more!  I’ll be sure to keep you updated…

In the meantime, like me, rest assured that we are not the Starship Enterprise and the Borg (you know, “you will be assimilated. Resistance is futile.”)  Like Jean Luc Picard, current M*Modal CEO Michael Finke and the other M*Modal leaders will continue to lead us as we “boldly go where no one has gone before” into the exciting times ahead.  (CBS Entertainment, 2010)

For more details, here is a link to the formal announcement  http://www.medquist.com/Home/tabid/36/Default.aspx

All my best as always,

Lynn

Still M*Modal

Disclaimer:  All nerdy Star Trek references are mine – not to be blamed on anyone else at MedQuist or M*Modal.

CBS Entertainment. (2010).  Star TrekTM. Retrieved July 14, 2011 from http://www.startrek.com/.

2 Responses

  1. I have been waiting for your post since I read about the merger. I was really banking on your opinion in this matter as I could always feel your passion for healthcare documentation in each of your posts. Thanks for being candid, and it helps that you have a positive take on this. All the best. Hope to keep hearing from you.

    • Thank you Renee…you’ll keep hearing from me for sure. 🙂

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