MD-IT Acquires ProMed Transcription

MD-IT, an industry leader in developing automated tools to assist physicians in documentation of medical care, announced today that it has completed the acquisition of ProMed Transcription, a Colorado-based company providing medical transcription services to physician practices and clinics.

FOR IMMEDIATE RELEASE

DENVER, CO (PRWEB) October 6, 2005 -- MD-IT, an industry leader in developing automated tools to assist physicians in documentation of medical care, announced today that it has completed its acquisition of ProMed Transcription, a Colorado-based company providing medical transcription services to physician practices. Under terms of the agreement, ProMed owners will receive a combination of cash and shares and will join the management team of MD-IT.

The acquisition is the first of many planned as part of MD-IT’s strategy to provide Intelligent Transcription services. Intelligent Transcription uses new technology to transform old services by providing a full range of automated tools that enable fast and easy document creation and exchange among physician offices, medical transcriptionists and information systems, while retaining personalized service to support individual physician preferences. MD-IT will be adding state-of-the-art technologies, such as voice and handwriting recognition, customized physician templates that capture important patient data, and "dictation to database" data exchange, to ProMed’s transcription services performed by medical transcriptionists.

While the US health care industry leads in scientific and technology advances, most medical care is still documented using hand-written notations, phone dictation and typed notes. In May 2004, then Secretary of Health and Human Services Tommy Thompson remarked at the Health Information Technology Summit, "the most remarkable feature of this twenty-first century medicine is that we hold it together with nineteenth-century paperwork."

MD-IT's goal is to make it easy for physicians to use twenty-first century technology in their medical practices without complicating their workload or distracting from physician-patient interactions. "Physicians have enough time demands just keeping up with medical advances in their specialty area, much less having time to research and apply the latest advances in information technology," noted Thomas Carson, president and CEO of MD-IT. "Our business is to integrate new technology seamlessly into the medical transcription process, so that when an individual physician is ready to try a new tool, such as automated voice recognition, we can switch on that function as part of their existing transcription service. The best part is that the more technology is used, the less expensive documentation becomes, so we can actually help a medical practice decrease operating costs over time while creating an electronic record.

"We are very pleased to become part of MD-IT and its vision to provide a full array of technology tools that complement traditional transcription services," stated Marcia Fine, former ProMed owner and newly announced Director of Transcription Services for MD-IT. "Both our physician customers and our medical transcriptionists will now have access to tools that can decrease dictation and transcription time, speed document creation and distribution, and enable patient clinical data to be automatically extracted from dictated notes and added to electronic medical records."

About MD-IT

MD-IT provides Intelligent Transcription services and products to over 300 physicians in 90 group practices. Intelligent Transcription uses new technology to transform old services by providing a full range of automated tools that enable fast and easy document creation and exchange among physician offices, medical transcriptionists and information systems, while retaining personalized service to support individual physician preferences. Located in Denver, Colorado, the company is financed by equity investments from strategic partners and private investors. Additional information can be found at www.md-it.com.

Intelligent Transcription -New Technology Transforming Old Services

Media Contact

Thomas Carson President and CEO 720-932-6262 x411

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