3M Completes Acquisition of M*Modal’s Technology Business
3M announced that it has completed the acquisition of M*Modal’s technology business for a total enterprise value of $1 billion. M*Modal’s technology business provides cloud-based, conversational Artificial Intelligence (AI)-powered systems that will expand the capabilities of 3M’s Health Information Systems business.
M*Modal’s technology business provides AI-powered systems that help physicians efficiently capture and improve the patient narrative so they can spend more time with their patients and provide higher quality of care. Annual revenue of M*Modal’s technology business is estimated to be approximately $200 million.
3M’s Health Information Systems business works with more than 8,000 healthcare organizations worldwide, both providers and payers, to deliver software and services across the continuum of care. Its offerings combine clinical documentation systems and risk assessment methodologies to help accurately capture, analyze and advance patient information.
Adding M*Modal’s technology business to 3M’s Health Information Systems will enable physicians to improve the patient experience, while enhancing documentation accuracy and operational efficiency for both providers and payers.
The financial impact of this acquisition was reflected in the company’s full-year 2019 guidance as the company discussed on its 29 January 2019, earnings conference call.
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