3M Co. (3M) recently announced it will acquire cloud-based tech solutions provider organization M*Modal for $1 billion. The Pittsburgh, Pennsylvania-based technology organization generates roughly $200 million in revenue each year, and currently employees about 750 individuals.
Expected to close by mid-2019, the transaction will see M*Modal becoming part of 3M’s health care business, helping to build upon its strategy of investment in health information systems and expanding the capabilities of its revenue cycle management and population health priority growth platform. 3M leadership has expressed the expected impact of joining together the two organizations is enhanced documentation accuracy, improved health care experience for consumers, and bolstered operational efficiency for provider organizations and consumers alike.
3M Co. is an American multinational conglomerate corporation operating in the field of industry, health care, and consumer goods. M*Modal is helping to close the loop in clinical documentation by creating tech-enabled solutions for streamlining EHR documentation and driving action at the point of care.
This was reported by Star Tribune on December 19, 2018.
Contact Information: 3M Co., 3M Center, St. Paul, Minnesota 55144; (651) 733-1110; Website: www.3m.com
Contact Information: M*Modal Corporate Office, 5000 Meridian Boulevard, Suite 200, Franklin, Tennessee 37067; (800) 233-3030; Website: www.mmodal.com