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February 11, 2016 9:22 PM ET

Healthcare Providers and Services

Company Overview of MModal Inc.

Company Overview

MModal Inc. provides clinical documentation solutions for the healthcare industry primarily in the United States. Its clinical documentation solutions include clinical narrative capture services, Speech and Language Understanding technology, and clinical documentation workflow solutions. The company offers dictation and transcription solutions and services that automate the input and management of medical information; and speech recognition solutions for radiology, cardiology, pathology, and related specialties that help healthcare providers dictate, edit, and sign reports without manual transcription. Its speech and workflow products that are marketed under the M*Modal Fluency umbrella bran...

9009 Carothers Parkway

Suite C-2

Franklin, TN 37067

United States

Founded in 1998

12,000 Employees

Phone:

615-261-1740

Fax:

866-796-5127

Key Executives for MModal Inc.

MModal Inc. does not have any Key Executives recorded.

MModal Inc. Key Developments

MModal Inc. Updates Fluency Direct Speech Software with CAPD for Real-Time Physician Feedback

MModal Inc. announced the availability of computer-assisted physician documentation (CAPD) for its M*Modal Fluency Direct(TM) speech software. This capability provides real-time feedback to physicians as they dictate or type clinical documentation in electronic health record (EHR) systems. MModal is demonstrating Fluency Direct with CAPD at the 2014 AHIMA Convention and Exhibit, held September 27 - October 2 in San Diego, Calif. MModal Fluency Direct is cloud-based, front-end speech recognition software that enables doctors to conversationally create and edit clinical data directly within the EHR, promoting system adoption. Embedded within Fluency Direct, CAPD automatically identifies the most common documentation deficiencies and automatically generates feedback to the physician, asking for additional information or clarification when appropriate. This helps to eliminate costly and time-consuming queries later in the care cycle for clinical documentation improvements (CDI) or coding.

Second Amended Reorganization Plan Approved for Legend Parent, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Legend Parent, Inc. on July 21, 2014. The debtor had filed its amended plan in the Court on June 2, 2014. As per the amended plan, the allowed amount for First Lien Claims will be $508.10 million, of which $8.24 will be paid in cash and the remaining will be paid off by issuing 93% equity stake in the reorganized debtor. Also, General Unsecured Claims of $277.3 million will be paid $0.86 million cash and issuing 7% equity stake in the reorganized debtor and New A Warrants and New B Warrants. Allowed amount of U.S Trustee fees, administrative claims, professional fee claims, priority tax claims, priority claims, DIP claims, other secured claims and convenience class claims will be paid in full in cash. The allowed amount of first lien claims of $507.68 million will be settled in exchange of 93% of equity of the reorganized company, new term loan of $320 million and $8.2 million in cash. Subordinated claims will get no distribution. Holders of intercompany claims and equity interests will get no distribution as their claim is cancelled. Intercompany interests will be reinstated. The plan will be funded by cash in hand amounting to $74 million. The debtor will issue a new term loan of coupon 9% amounting to $320 million along with the new exit facility of $50 million. The debtor will issue common stock of face value $0.01, new Warrants A and new Warrants B to pay off claims.

Exit Financing Approved for Legend Parent, Inc.

The US Bankruptcy Court gave an order to Legend Parent, Inc. to obtain exit financing on July 17, 2014. As per the order, the debtor has been authorized to obtain a senior secured exit revolving credit facility in the amount of $50 million from Wells Fargo Bank, National Association, pursuant to senior secured exit revolving loan facility commitment letter dated June 25, 2014. As per the terms of the exit financing agreement, the loan carries a commitment fee of $0.15 million. The exit facility would mature on 5 years from the closing date. The closing date would be on August 15, 2014. The proceeds of exit facility would be used to fund the debtor to pay off the claim of debtor’s secured lender.

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