MD-IT Completes $3M Private Placement

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MD-IT, a provider of medical transcription services and software to physicians and ambulatory clinics, announced today that it has completed a $3 million private placement of Series A preferred stock.

MD-IT, a provider of medical transcription services and software to physicians and ambulatory clinics, announced today that it has completed a $3 million private placement of Series A preferred stock. The financing will be used to fund the company's continued growth through acquisition of regional transcription companies, as well as to expand its sales and marketing activities and enable additional investment in its technology platforms.

"Our investors are excited by the rapid growth we have shown over the past year," stated Thomas Carson, president and CEO of MD-IT. Carson noted that revenues have tripled this year over the same period last year. "We are seeing great response from physician practices and ambulatory clinics to our combination of personalized transcription services supported by leading edge technology. With our services, clinic managers can meet the diverse dictation needs of their medical staff while still producing uniform digital patient records."

MD-IT's goal is to make it easy for physicians to replace their tape recorders and paper-based records systems with twenty-first century technology. "The biggest problem with physician acceptance of most electronic medical records systems is that they either distract from physician-patient interactions or add to the already high administrative workload," stated Peter Tippett, MD, PhD, who served on the President's Information Technology Advisory Committee for healthcare and is chairman of MD-IT. "We've designed our services so that physicians can concentrate on patient care, not documentation, and let technology take care of creating the electronic record of the patient visit."

About MD-IT

MD-IT provides Intelligent Transcription services and software to over 1900 physicians and clinicians in 280 medical practices and clinics throughout the United States. The company combines the benefits of local office ownership with the resources of a national company to offer personalized service supported by leading technology. The privately held company is located in Boulder, CO, with regional offices in Colorado, Florida, Maryland, Minnesota and Texas. Additional information can be found at http://www.md-it.com.

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Robin Daigh
MD-IT
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