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3M (NYSE: MMM), St. Paul, Minn., has agreed to acquire the technology business of M*Modal, Franklin, TN, for a total enterprise value of $1 billion. The transaction is expected to close in the first half of 2019.
M*Modal is a healthcare technology provider of cloud-based, conversational Artificial Intelligence (AI)-powered systems that help physicians efficiently capture and improve the patient narrative so they can spend more time with their patients and provide higher quality of care.
“This acquisition builds on our strategic commitment to invest in our Health Information Systems business and expands the capabilities of our revenue cycle management and population health priority growth platform,” said Mike Vale, executive vice president, 3M Health Care Business Group. “Together, we will enable doctors to improve the patient experience, while enhancing documentation accuracy and operational efficiency for both providers and payers.”
3M will maintain a strategic business relationship with M*Modal’s remaining transcription, scribing and coding services business, which is not part of this transaction, to help ensure continuity and strong customer support. Annual revenue of M*Modal’s technology business is estimated to be $200 million.