The acquisition, expected to close in the first half of 2019, subject to customary closing conditions and regulatory approvals, expands 3M’s health information systems’ capabilities*. 3M will maintain a strategic business relationship with M*Modal’s remaining transcription, scribing and coding services business, which is not part of this transaction, to ensure continuity and customer support.
Led by Michael Finke, President, M*Modal is a healthcare technology provider of advanced clinical documentation solutions, enabling hospitals and physicians to enrich the content of patient electronic health records (EHR) for improved healthcare and comprehensive billing integrity.
The company 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 efficiency and quality of patient care at the point of care.
Annual revenue of M*Modal’s technology business is estimated to be approximately $200m.
*3M Health Information Systems (HIS) business works with more than 8,000 healthcare organizations worldwide, both providers and payers, to deliver software and services across the continuum of care. 3M HIS offerings – which include the 3MTM 360 EncompassTM software platform – combine clinical documentation systems and risk assessment methodologies to help accurately capture, analyze and advance patient information.
Approximately 750 employees supporting the technology business of M*Modal are expected to join 3M upon completion of the transaction.