Larger companies buying smaller companies is not limited to to the electronic health record space. This type of consolidation has been going on for quite some time now in the Medical Transcription (MT) world as well.
I read a study a few months back that claimed the overall transcription market has decreased by around 25% since 2008. This reduction in business is creating havoc with the 60,000+ smaller MT firms doing business in the US. Some are going out of business, while those who remain are forced to scramble for a decreasing amount of work.
The changes in the industry are not limited to the smaller firms, there is also consolidation taking place among the larger firms. In late April Nuance Healthcare acquired Transcend Services and just yesterday software and services company iMedX announced the completion of its acquisition of the medical transcription assets from Florida-based Electronic Medical Transcription Services. This acquisition will allow iMedX to add eMTS’s many major hospitals and surgery centers nationwide to its customer base.
According to iMedX, the acquiring company, eMTS’s customers will have access to advanced technology through iMedX’s cloud-based healthcare information solutions – TurboFlow® transcription management platform, TurboScribe® document management, and TurboRx® electronic prescribing. Additionally iMedX’s TurboDox™ should increase physician usage of EHRs through their existing dictation processes, and will help doctors to remain productive even as EHR’s are being implemented.
“eMTS has built a rock-solid reputation of great customer service and quality medical transcription to its customers,” said Mr. Sharma. “We are pleased to have the eMTS family join iMedX. eMTS customers will benefit greatly from iMedX’s clinical document management technology and innovative cloud-based healthcare information solutions to help hospitals and clinics improve productivity and documentation quality in this dynamic healthcare environment.”
“We felt very comfortable that iMedX will continue our history of personal service to our clients,” added Randy Conklin, CEO of eMTS. “iMedX brings the critical mass of a substantial company to support our larger clients and yet has the culture of a small company to work as an extension of our customers’ operations. We are also happy that our clients will now have access to great technology.”
I expect this consolidation to continue with the larger, more technically advanced firms continuing to acquire those MT firms who don’t have the resources to compete in today’s rapidly changing environment.
Photo Credit wistechcolleges
- What can the Nuance Healthcare acquisition of Transcend Services tell us about the future of the Medical Transcription business? (emrdailynews.com)