Category: Press Release

Third-Largest Medical Documentation Company Continues to Grow the Market, Adding Medical Coding and Data Analytics Solutions

Atlanta, September 3, 2014 – iMedX, a leading health information solutions company and a leader in medical documentation solutions, today announced that it has added nearly $50 million in acquisition revenue over the past 12 months thanks to 8 deals, including five in 2014. iMedX, the third-largest company in the industry in terms of revenue, combines technology with exceptional customer service to deliver unparalleled solutions for medical documentation, high-value medical coding services and data analytics solutions.

The medical documentation solutions industry continues to grow in the United States, driven by the implementation of the Affordable Healthcare Act and ICD-10 coding initiative. While these new regulations are changing the landscape of healthcare in the United States, hospitals and large acute care institutions look for companies to help them through the transition.

“These transactions cement iMedX’s role as a major player in medical transcription,” said iMedX CEO Christopher Foley. “We have been able to add significant amounts of capacity, while broadening our base of services by acquiring large and significant best-in-class companies to bring a unique combination of best-of-breed technology and exceptional service to our clients. Healthcare is in a great transition, and technology can’t meet these challenges alone. iMedX delivers a unique combination of technology and people to help our customers.

“The medical documentation market is a high-growth market, and we’ve made acquisitions that specifically complement our financial goals and core company values,” Foley said. “The revenue growth is an exciting byproduct of our growth strategy and enhances our own organic growth through the addition of high-value medical coding services and data analytics solutions.”

The growth comes on top of a round of equity and debt financing through both new and existing investors late last year. The financing enabled iMedX to build out its clinical documentation and transcription business and complete these significant strategic acquisitions. It provides additional resources for iMedX’s growth strategy in the health documentation solutions market that includes medical transcription, medical coding services and data analytics.

iMedX, a leading provider of healthcare clinical documentation solutions, today announced the appointment of longtime industry veteran Christopher Foley to Chief Executive Officer and member of iMedX’s board of directors. Former CEO Venkat Sharma will remain active in the company and its board, transitioning to a new role focused on forward-looking entrepreneurial ventures.

Chris brings 25 years of senior executive leadership experience to the position, including seven at publicly traded CBay Systems – now known as M*Modal (NASDAQ:MODL) – where he served as President and a member of its board of directors. His career includes senior roles at Lanier Worldwide, a global market leader in document management solutions. He was CEO and Founder of BSI, an international telecommunications technology and services consolidator in partnership with AT&T. Mr. Foley was also Vice President of publicly traded MedQuist, a multinational medical services BPO provider, and CEO and Founder of Priam Limited, a healthcare strategic advisory and investment banking firm.

“Chris will be instrumental in the company’s continued efforts to increase market share and shareholder value,” said Venkat Sharma, iMedX’s Founder. “His proven track record and expertise will serve us well in our plan to rapidly expand into becoming a major force in the clinical documentation market.”

“iMedX is a well-established and respected company. With our existing team of experienced leaders and dedicated resources, world-class technology solutions, and rapid implementation and integration methods, we will drive continuous value to our shareholders, our clients and our employees. Our passion for excellence and innovation is unmatched within the industry, and is our foundation as we implement a number of strategic growth and value-add initiatives,” said Christopher Foley. “We will work to capitalize on what we view as a tremendous market opportunity. Our objective is to position iMedX as a market leader in integrated clinical documentation solutions by providing and enhancing the services that remain core and have the greatest impact on our clients.”