MEDQUIST INC

MEDQUIST INC

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Company Overview
MedQuist Inc. is the leading provider of medical transcription technology and services in the United States. MedQuist leads the healthcare industry in captivating, handling and coding health information at the point of care and along the document workflow process. The company was originally founded as Transcriptions, Ltd. in 1970. Its headquarters is based in Mount Laurel, New Jersey.
MedQuist’s mission is to provide innovative technologies and outstanding service for electronic healthcare documentation, allowing clients to enhance the continuity of patient care, accelerate revenue cycles and lower costs. The company serves health systems, hospitals and large group of medical practitioners throughout the United States, integrating clinical documentation workflow. It provides medical transcription technology and services, digital dictation, speech recognition, electronic signature and medical coding technology and services. In realizing this, the company develops dynamic health information and document workflow solutions that enhance medical reporting, improve patient care and reduce costs. It also explores innovative and comprehensive solutions, along with advances in technology.
MedQuist offers a complete suite of flexible and scalable software and hardware solutions supporting the enterprise, department and office. Among its products and solutions are DocQmentT Enterprise Platform, a system for digital dictation, transcription and Internet-hosted service system offered to physicians requiring tape-based solutions, departments or small offices requiring cost-efficient workflow digital solutions, and for medium to large-scale facilities with multiple department workflows; SpeechQT, a speech recognition solution for medical documentation; and CodeRunnerT, a complete spectrum of coding capacities.
MedQuist Inc. has membership of the following organizations: AHIMA (American Health Information Management Association), HIMSS (Healthcare Information and Management Systems Society), the Medical Transcription Industry Alliance (MTIA), AAMT (American Association for Medical Transcription) and HL7 (Health Level Seven).
Business Summary
MedQuist Inc. is a provider of technology-enabled clinical documentation services. It offers health systems, hospitals and group medical practices integrated solutions for voice capture, speech recognition, medical transcription, document management and clinical documentation improvement using natural language processing, as well as coding services. Its solutions are designed to facilitate electronic access to clinical information by healthcare providers and to improve overall revenue cycle performance and adoption of the Electronic Health Record (EHR). It performs its services utilizing the DocQmenttm Enterprise Platform (DEP), its clinical documentation workflow management system. Its customers range from large hospitals and health systems with complex workflows and a large number of users to smaller hospitals and large group medical practices. In April 2010, the Company completed the purchase of the domestic business of Spheris Inc.
Description and history
MedQuist Inc., incorporated in 1984, is a provider of technology-enabled clinical documentation services. It offers health systems, hospitals and group medical practices integrated solutions for voice capture, speech recognition, medical transcription, document management and clinical documentation improvement using natural language processing, as well as coding services. Its solutions are designed to facilitate electronic access to clinical information by healthcare providers and to improve overall revenue cycle performance and adoption of the Electronic Health Record (EHR). It performs its services utilizing the DocQmenttm Enterprise Platform (DEP), its clinical documentation workflow management system. Its customers range from large hospitals and health systems with complex workflows and a large number of users to smaller hospitals and large group medical practices. In April 2010, the Company completed the purchase of the domestic business of Spheris Inc.

DocQmenttm Enterprise Platform

DEP is the Company’s Web-based dictation and clinical documentation management system. Its technologies enable its customers to manage their clinical documentation workflow, which begins when physicians or other medical professionals dictate findings and plans of care into one of several input devices, including standard telephones, handheld devices or personal computer (PC)-based dictation stations. Throughout this process, DEP utilizes and maintains security measures and audit trails that establish its compliance with and assist its customers in their compliance with privacy and security standards and regulations and the protection of the confidentiality of health records. It’s DEP and flexible dictation solutions provide its customers with access to technology. Its DEP integrates dictation capture, workflow management, speech recognition, medical transcription and editing, physician authentication and document distribution through multiple distinct.

SpeechQ

SpeechQ is the Company’s flexible front-end speech recognition software application. It allows physicians in all medical disciplines to dictate, edit and sign their reports in a single session or send them to an editor following dictation. The SpeechQ technology learns from changes to a specific physician’s dictation made by either the physician or an editor. During the year ended December 31, 2009, the Company introduced its SpeechQ for General Medicine solution based on radiology and increasing customer demand for real-time interactive speech recognition in other hospital departments. SpeechQ for General Medicine enables residents, attending and hospital physicians in dictation specialties, such as family practice, orthopedics, cardiology and surgery. In addition, many report types, such as progress notes, history and physicals, procedure notes and consultations lend themselves to interactive real-time speech recognition workflow. In real-time speech recognition, physicians dictate and self-complete reports in one sequence, bypassing the transcription process. The results include dramatic reductions in cost and turnaround time, while preserving physician preference for detailed narrative documentation.

DocQvoice

DocQvoice is the Company’s Web-based, enterprise digital voice capture and transport solution attached at the front end of DEP for premise-based voice capture. DocQvoice creates opportunities to improve productivity by providing an enterprise view that allows its customers’ health information management supervisors to easily manage in-house medical transcriptionists (MTs) and medical editors (MEs), medical transcription service organizations (MTSOs) and voice files from a single dashboard instead of using multiple systems. DocQvoice was engineered to be compatible with its previous generation dictation stations. DocQvoice supports its end-to-end solution from dictation to billing. DocQvoice’s enterprise configuration options allow administrators to track work and share resources to get voice files to the correct MTs and MEs.

The Company competes with Spheris Inc., Transcend Services, Inc., Webmedex, Inc., Nuance Communications, Inc., CBay Systems & Services, Inc., Multimodal Technologies, Inc., Epic Systems Corporation, Cerner Corporation, McKesson Corporation, Medical Information Technology, Inc., Eclipsys Corporation, and Allscripts-Misys Healthcare Solutions, Inc.

Founded as Transcriptions, Ltd.

Business Line
Provides medical transcription technology and services in the United States
Subsidiary
CODING CONCEPTS
Advisor
KPMG LLP
IPO date
5/1992
US SIC Code
7374
Company Address
Suite 300
1000, Bishops Gate Boulevard
City province or state postal code
08054, MOUNT LAUREL, NJ
Phone: +1 800 233 3030
Fax: +1 856 206 4020
Country address: UNITED STATES OF AMERICA
Website url: www.medquist.com

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