FRANKLIN, TN--(Marketwire - Mar 1, 2013) - M*Modal, a leading provider of clinical documentation and Speech Understanding™ solutions, today announced a strategic alliance with The Claro Group, LLC, providers of management consulting and financial advisory services to hospitals and health systems, to help acute care hospitals improve clinical quality and maximize revenue cycle performance. Through the M*Modal Catalyst™ analytics platform and The Claro Group's consulting services, physicians and healthcare professionals can more effectively identify and address clinical documentation improvement (CDI) opportunities.
The Claro Group has a proven track record of increasing profitability and the competitive position of hospitals and health systems through improving quality and other operating metrics, strategic cost reduction and enhanced revenue realization. As part of this strategic alliance, The Claro Group will be able to offer its clients additional advisory services powered by the M*Modal suite of software offerings. Through access to M*Modal's technology platform The Claro Group can deliver increased value to its clients in the areas of quality measures and revenue leakage, and also further facilitate an efficient transition to ICD-10, a new clinical coding standard due to be implemented across the U.S. in 2014.
"We are very excited to work with M*Modal and its innovative set of technologies," said Venanzio Arquilla, Managing Director and Healthcare Practice Leader of The Claro Group. "Hospitals are under more pressure than ever to demonstrate quality through accurate capture of the patient encounter in order to get properly reimbursed. We already have deep experience helping hospitals improve their operational performance, reduce compliance risk and drive accurate reimbursement through our CDI Insight® services. We believe that M*Modal's speech and analytics platform is a perfect complement to The Claro Group's focus on working with our clients to implement best-practice CDI and HIM processes, technology and infrastructure. We look forward to collaborating with M*Modal and offering our clients an impactful and sustainable solution."
M*Modal Catalyst solutions aggregate clinical documents from across an enterprise to reveal insights and make clinical information embedded in narrative text quickly available and shareable. M*Modal's technology features Natural Language Understanding™ capabilities that go beyond rudimentary word spotting or tagging found in other competing solutions to provide true understanding of context and meaning in clinical documentation. With M*Modal Catalyst solutions, healthcare providers can identify, address and prevent documentation deficiencies with immediate feedback to create complete, compliant, structured and encoded documentation.
"We are delighted to welcome The Claro Group as a strategic partner. By combining Claro's extensive revenue cycle and best-in-class CDI consulting expertise with M*Modal's capabilities in Natural Language Understanding and unstructured data analytics, we can enable healthcare systems to unlock financial and clinical value from physician clinical documentation," said Vern Davenport, CEO of M*Modal. "Through this alliance, customers can leverage expertise from both companies to achieve accurate reimbursement, improve quality ratings, and maintain compliance with CMS rules and regulations."
About The Claro Group
The Claro Group, LLC is one of the nation's top privately owned management consulting firms with offices in Chicago, Houston, Los Angeles and Washington, D.C. Founded in 2005 by former Big 5 accounting and consulting firm partners, The Claro Group, one of Consulting Magazine's "Seven Small Jewels," provides financial and management consulting services focused on financial advisory services (corporate recovery services, insurance claims, litigation support) and business improvement consulting (strategic sourcing/procurement and healthcare provider solutions, including clinical documentation, strategic cost reduction, charge capture, revenue cycle and ICD-10 consulting services). For additional information, including an overview of business solutions, client case studies and career opportunities, visit The Claro Group's website at www.theclarogroup.com.
About M*Modal and MModal Inc.
M*Modal is a leading healthcare technology provider of advanced clinical documentation solutions, enabling hospitals and physicians to enrich the content of patient electronic health records (EHR) for improved healthcare and comprehensive billing integrity. As the largest clinical transcription service provider in the U.S., with a global network of medical editors, M*Modal also provides advanced cloud-based Speech Understanding technology and data analytics that enable physicians and clinicians to capture and include the context of their patient narratives in a single step into electronic health records, further enhancing their productivity and the cost-saving efficiency and quality of patient care at the point of care. M*Modal has been recognized as one of the fastest growing technology companies in North America, placing in the top third of Deloitte's Technology Fast 500 for 2012. For more information, please visit www.mmodal.com, Twitter, Facebook and YouTube.