M*Modal signs new agreement with Transcend

With this new agreement, both the parties have made changes to the previous agreement signed in 2006.

The new deal has an initial term ending on 31 December 2012, followed by four one year renewal terms through 31 December 2016, unless Transcend (at its sole option) elects not to renew for any such one-year renewal term.

As per the terms of the agreement, following the fourth renewal term, the agreement automatically renews for successive one year terms unless terminated by either party with proper notice.

Transcend CEO Larry Gerdes said since they entered into the partnership in 2004, M*Modal’s technology has been integrated into their clinical documentation workflow platform, which has allowed them to improve the productivity of their medical transcriptionists, improve turnaround times for their customers and reduce the cost per document.

"With our new Encore clinical documentation platform, customers with in-house transcription departments can now take advantage of M*Modal’s Speech Understanding technology and our workflow expertise to drive the same types of improvements at their hospitals," Gerdes said.