Technology trends in the health care IT sector, such as mobility and social media, are being used by hospitals and physicians to improve doctor efficiency and ensure productivity remains high, as well as promote services to consumers to drive patient flow, says Leo Carpio, a Senior Research Analyst at Caris & Company, Inc.
“I think we are moving to that tipping point of how that technology is going to be mission-critical to hospitals, physicians, to the entire health care space, in general,” he said. “Technologies make more happen out of less. Technology also helps these hospitals and physicians save money, and they are facing a lot of margin pressures from a variety of places.”
Carpio likes M*Modal IP LLC (MODL), a company that offers speech-recognition software, which has combined with MedQuist, a transcription service. MODL now offers technology that can use software to create a preliminary transcript, which then can be edited and sent back to the doctor, who continues to send the standard dictation on the digital recording to the transcription company.
“That makes it more efficient, but also it makes that transcript quotable, such that they can then mine that transcript for data for an EMR and other systems,” Carpio said. “The other thing M*Modal is doing is they’re working with a lot of the EMR companies and trying to ensure that their technology is tied to iPhones and iPads.”
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