MedQuist and M*Modal Merger Complete.
Click Here to Read MedQuist’s August 18, 2011 Merger Completed News Release
Click Here to Read MedQuist’s July 11, 2011 Proposed Merger Announcement News Release
Click Here to Read an Open Letter to the Healthcare Industry Regarding M*Modal/MedQuist Proposed Merger
Frequently Asked Questions: Proposed MedQuist + M*Modal Merger
Q: Who is M*Modal?
A: M*Modal
is a technology developer that provides the healthcare industry with
Speech Understanding™ solutions, a unique combination of native speech
recognition and natural language understanding (NLU) that goes beyond
basic speech-to-text conversion and creates structured, clinically
encoded documents. For more information about M*Modal, please visit www.mmodal.com.
Q: Why is the proposed merger beneficial to the industry?
A:
Healthcare has entered into a new era of accountability in which
hospitals and physicians are coming under unprecedented pressure to
align reimbursement with appropriateness and results of care
delivered. Complex government and commercial payer rules/regulations
and quality-based reimbursement models are increasing the need for
improved clinical documentation.
The combined entity will
provide unique and intuitive workflow technology and services to
capture, manage, validate and disseminate actionable clinical
intelligence.
- The combined technology offerings will:
- Engage
physicians to enable closed-loop clinical documentation and decision
support within their workflow, and accelerate electronic health record
(EHR) adoption.
- Enhance the value of transcription
and open new and accelerate existing growth opportunities for our
customers by providing meaningful, structured documents along with
robust tools to query and access the information inherent in those
documents.
With unmatched expertise in
capturing the physician narrative and delivering clinical documentation
technology as well as Collaborative Intelligence, fact extraction,
adaptive natural language processing, reconciliation of health
information, learning from user behavior, and speech processing in the
cloud, MedQuist customers will benefit from new, innovative solutions
that improve the quality of patient care, increase productivity, and
optimize revenue yields.
Q: What changes will MedQuist customers experience?
A:
Customers will benefit from technology advancements and innovation.
Spheris (which was acquired by MedQuist in 2010) utilized the M*Modal
CDS platform in their technology platforms.
With new products
on the horizon, we anticipate that M*Modal-powered technology will
further voice-power Electronic Health Record (EHR) systems, enabling
providers to seamlessly dictate narrative patient information directly
into the EHR as well as establish voice “command and control” to simply
and easily navigate through screens of the EHR. This technology
automatically encodes clinical facts in real-time, translating the
physician’s dictation into a rich blend of clinical reasoning and
structured data. The result is a meaningful clinical document that can
be used by both people and systems in the care process. Providers’
success depends on enhanced clinical intelligence, now more than ever,
and our new company will have the advanced technology to give them most
powerful tools available to meet their goals.
Q: Does the proposed merger mean that MedQuist is getting out of the Transcription Services business?
A:
No. MedQuist maintains the largest overall MT workforce and largest
North American domestic workforce. Capturing the physician narrative is
and will continue to be a key component of healthcare provider’s
documentation needs. Transcription and editing services will remain a
core component of our business. We will continue to lead the industry
as the premier supplier of technology-enabled transcription and coding
services as well as full range of clinical documentation workflow
solutions.
Q: Who is Vern Davenport? What experience does he bring to MedQuist and the new company?
A:
Vern Davenport has three decades of senior executive experience in
building and transforming healthcare IT businesses in the United States
and globally.
Vern was CEO of Misys Healthcare and led the
strategic merger of Misys Healthcare Solutions and Allscripts. He also
handled the establishment of a Public and Payer Sector, which focused
on payer provider integration and State Medicaid transformations.
Vern
has a broad range of experience across the entire healthcare IT
spectrum including radiology, modalities and software technology. He
has served as an executive for companies such as IBM, Shared Medical
Systems, Kodak and Siemens Medical Solutions.
Q: Will there be management changes?
A:
The statutory regulatory review period for the proposed merger is 30
days, which can be extended in certain circumstances. The two
companies will operate separately until the closing of the merger.
Upon completion of the proposed merger, we will provide additional
information about any management changes.
Q: Can
customers continue to use the technology they have, or will they be
forced to make changes? If so, will changes be more expensive or
require staff retraining?
A: There is no intention to force
customers to change anything that would cause disruption. As our
future technology roadmap evolves with M*Modal, we will be bringing new
and innovative products to market. Typically the applications and
enhancements M*Modal will bring can be embedded in our applications
in a manner that is transparent to the customer experience.
Any retraining would be
a result of a new or different user interface or application that
brings value to the customer, and is therefore worth any time or
resources invested.
Q: What will the name of the combined organization be?
A: The
statutory regulatory review period for the proposed merger is 30 days,
which can be extended in certain circumstances. The two companies will
operate separately until the closing of the merger. Upon completion of
the proposed merger, we will provide additional information about the
name of the combined organization.
Q: What is the future vision and strategy of the combined company?
A:
We are seeing accelerating demand for accurate and complete clinical
documentation captured in ways that respect physician workflow and that
generates structured information from narrative which can be readily
used and shared. We believe the combined company assets can extend
existing products and services, and create new ones, that will
transform the traditional capture and delivery of clinical
documentation into the creation of actionable clinical intelligence
necessary to improve quality, clinical efficiency, financial
performance, and EHR adoption.
Q: Is MedQuist becoming a company that offers technology only?
A:
No. Transcription and editing services will remain a core component of
the company’s business. We will continue to lead the industry as the
premier supplier of technology-enabled transcription and coding
services as well as full range of clinical documentation workflow
solutions.
Q: How long after this announcement will it take for the proposed merger to be finalized through regulatory entities?
A:
The statutory regulatory review period for the proposed merger is 30
days, which can be extended in certain circumstances. We will continue
to communicate more information about the progress of the transaction
on a regular basis as information becomes available.
Information provided and statements contained in this presentation
that are not purely historical, such as statements regarding the
Company’s 2011 financial and operating performance, 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 presentation and MedQuist
Holdings Inc. assumes no obligation to update the information included
in this presentation.
Statements made in this presentation 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 disclosures
and public filings made by MedQuist Holdings Inc., including filings
with the SEC. Although MedQuist Holdings 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.
In addition to the US GAAP results, MedQuist Holdings has provided
certain non-GAAP financial measures in this presentation such as
Adjusted EBITDA. The tables in the appendix to this presentation
include a reconciliation of the historical non-GAAP financial measures
to the most directly comparable GAAP financial measures. The Company
does not present in the presentation the comparable GAAP financial
measure and the related reconciliation for the forward looking non-GAAP
financial measures included in this presentation because management
cannot predict with sufficient reliability certain contingencies
required to estimate the comparable GAAP financial measures.
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