Vemics acquires healthcare software firm NuScribe for $9 million
Published:23-October-2006
By BR staff writer
Vemics, a provider of hosted, real-time collaboration and meeting services, has acquired NuScribe for $9 million in an all-stock transaction with Vemics' stock valued at $.90 per share.
Vemics says the acquisition of Austin-based NuScribe, a developer of voice recognition software applications and web-based productivity tools for the healthcare industry, will lead to the first single-sourced, real-time online productivity system for a market of more than 600,000 physicians nationwide. This may help to reduce the cost and time spent creating electronic medical records.
Vemics and NuScribe will deliver single-sourced online services for electronic medical record creation, live, interactive virtual medical education and collaboration and real-time marketing for pharmaceutical companies
Vemics says physicians nationwide will benefit from simplified electronic medical records creation, freeing more time for patients. In addition, doctors will have real-time access to medical records and other healthcare professionals nationwide, lowering medical costs and improving clinical results. Also, the new web conferencing platform eliminates travel to live continuing medical education seminars and medical events. Medical professionals can also utilize the platform to deliver online seminars.
NuScribe SMR, NuScribe's flagship product, is a web-based, speech-enabled medical documentation system designed to help medical professionals save time, increase revenue and cut costs while streamlining the entire medical transcription process. The system enables physicians to create, edit, sign and dispatch patient notes, electronic medical records, prescriptions, and referral letters.
During the transition period, scheduled to be complete by mid first-quarter 2007, both companies will maintain current business activities while working collectively to produce the new integrated collaboration and productivity tools.
"We are very impressed with Vemics' custom online instructor-led education and collaboration solutions. There is tremendous value in combining NuScribe's technology, development capability and customer base to produce the next-generation of fully collaborative, hosted productivity tools for the healthcare industry," said Tom Dorsett, CEO and co-founder of NuScribe.
Dorsett will be senior vice president, business development for Vemics overseeing continued sales into the US hospital and medical markets, building strategic alliances and the development of physician-centric online tools. Dorsett will also lead the integration of the NuScribe transition into Vemics.
