iMedX, a health information solutions company and a provider of medical documentation solutions, recently announced that it has added nearly $50 million in acquisition revenue over the past 12 months thanks to eight deals, including five in 2014. iMedX, the third-largest company in the industry in terms of revenue, combines technology with exceptional customer service to deliver unparalleled solutions for medical documentation, high-value medical coding services, and data analytics solutions.
The medical documentation solutions industry continues to grow in the United States, driven by the implementation of the Affordable Healthcare Act and ICD-10 coding initiative. While these new regulations are changing the landscape of health care in the United States, hospitals and large acute care institutions look for companies to help them through the transition.
“These transactions cement iMedX’s role as a major player in medical transcription,” says iMedX CEO Christopher Foley. “We have been able to add significant amounts of capacity, while broadening our base of services by acquiring large and significant best-in-class companies to bring a unique combination of best-of-breed technology and exceptional service to our clients. Health care is in a great transition, and technology can’t meet these challenges alone. iMedX delivers a unique combination of technology and people to help our customers.
“The medical documentation market is a high-growth market, and we’ve made acquisitions that specifically complement our financial goals and core company values,” Foley continues. “The revenue growth is an exciting byproduct of our growth strategy and enhances our own organic growth through the addition of high-value medical coding services and data analytics solutions.”
The growth comes on top of a round of equity and debt financing through both new and existing investors late last year. The financing enabled iMedX to build out its clinical documentation and transcription business and complete these significant strategic acquisitions. It provides additional resources for iMedX’s growth strategy in the health documentation solutions market that includes medical transcription, medical coding services, and data analytics.