in Squirrel Hill is rapidly expanding in one of the hottest market segments today, assisting doctors and hospitals to digitally chronicle patient care through speech recognition technology.
Sixty percent of all health documentation today is produced through dictation by doctors who are trained to record notes verbally. M*Modal is one of the largest players in the transcription of these verbal records, capturing clinical information and turning it directly into accessible, retrievable and shareable electronic files, explains Mark Ivie, COO.
Formerly MultiModal Technologies, M*Modal currently serves more than 800 hospitals nationwide, including healthcare providers UPMC and GE. The company has grown in the last seven years to 75 people and has reported revenue increases of 50 to 100 percent in the last five years, says Ivie.
With the evolving healthcare standards and changes looming in the business, the company is in a position to leverage its leading edge technology. It also hopes to take a piece of the federal government's $20 billion stimulus package for the development of future electronic healthcare systems, the Health Information Technology for Economic and Clinical Health (HITECH) Act.
It's not just about speech recognition, but understanding the way doctors think and moving that information through the cloud to arrive at the best treatment options possible, says Ivie.
"M*Modal sees itself as taking unstructured information gained through dictation or other means and putting it into consumable, structured documents," he says. "We filter the information and present the physician with the option of seeing all the information and extracting the most relevant pieces."
The company was named a Rising Star by the Pittsburgh Technology Council and is a 2010 finalist in the Tech 50 IT category. M*Modal was also named a Cool Vendors in Healthcare by Gartner in 2010.
Writer: Debra Diamond Smit
Source: Mark Ivie, M*Modal