Skip to content Skip to navigation

M*Modal Announces Financial Restructuring Plan

April 4, 2014
by Gabriel Perna
| Reprints

M*Modal, the Franklin, Tenn.-based provider of medical transcription and clinical documentation software and services, has reduced its debt with a financial restructuring plan, the company announced this week.

The announcement comes a few weeks after M*Modal filed for Chapter 11 bankruptcy protection and had to complete a court-supervised restructuring within the 120 days after that announcement. With this financial restructuring plan, the company says it reduced its debt by more than 55 percent and established a capital structure that will allow it to continue investing various clinical documentation services and products.

“This agreement will dramatically reduce our debt, strengthen our balance sheet and provide the Company with significant financial flexibility,” Duncan James, M*Modal’s CEO said in a statement. “By reducing our debt by more than $350 million we will successfully align our capital structure with our strategy and operations, and position M*Modal for continued success. This agreement will accelerate the Company’s emergence from the financial restructuring process by providing a controlled and expedited roadmap to emergence."

Last year, for the Healthcare Informatics 100, it was estimated that the company's revenue was $450,722,000. According to Nashville Business Journal the company has between $500 million and $1 billion in both liabilities and assets.

The agreement is subject to court approval. 

Read the source article at M*Modal



CMS Awards Funding to Special Innovation Projects

The Centers for Medicare & Medicaid Services (CMS) has awarded 20, two-year Special Innovation Projects (SIPs) aimed at local efforts to deliver better care at lower cost.

Center of Excellence in Genomic Science to be Established in Chicago

The National Human Genome Research Institute has awarded $10.6 million over five years for the establishment of a new research center in Chicago to advance genomic science.

EHNAC and HITRUST Combine HIPAA Security Criteria, CSF Framework

The Electronic Healthcare Network Accreditation Commission (EHNAC) and the Health Information Trust Alliance (HITRUST) announced plans to streamline their accreditation and certification programs.

Halamka on MACRA Final Rule: “CMS is Listening and I Thank Them”

Health IT notable expert John Halamka, M.D., CIO of Beth Israel Deaconess Medical Center in Boston, recently weighed in on the Medicare Access and CHIP Reauthorization Act (MACRA) final rule.

Texas Patient Care Clinic Hit with Ransomware Attack

Grand Prairie, Texas-based Rainbow Children's Clinic was the victim of a ransomware attack on its IT systems in August, affecting more than 33,000 patients, according to multiple news media reports this week.

Healthcare Organizations Again Go to Bat for AHRQ

Healthcare organizations are once again urging U.S. Senate and House leaders to protect the Department of Health and Human Services’ Agency for Healthcare Research and Quality (AHRQ) from more budget cuts for 2017.