M-Modal_Holly Herndon_MGT4476_Week 1

M-Modal_Holly Herndon_MGT4476_Week 1 - Holly Herndon...

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Holly Herndon Written Assignment #1 MGT 4476 (Strategic Management) May 23, 2011 M*Modal is speech recognition software vendor that supplies frontend and backend speech recognition software applications for physicians and ancillary medical staff, as well as medical transcription company use (M*Modal, 2009). “Frontend” means the physician or ancillary medical staff dictates the text of the medical record out loud into a telephone system or handheld recording device and then immediately receive a computer-generated draft containing the text of what they have dictated. At this point, the dictator would edit the draft document themselves. “Backend” means the physician or ancillary healthcare staff dictates the text of the medical record in the same way they would with frontend, but instead of editing the draft themselves up front, the draft of what they have said is sent to a medical transcription company. At this stage, a medical transcriptionist picks up the draft, along with the voice file containing the dictation and edits the draft while listening to the accompanying recording of the dictation. Once the reports are edited for accuracy, grammar, and punctuation, they are sent back to the healthcare facility that the physician works for and become a permanent part of the patient’s medical record. Regarding the population size of the demographic segment M*Modal is affiliated with, employment opportunities for medical transcriptionists are expected to increase by approximately 11% between 2008 and 2018 (United States Department of Labor, 2009). This is an opportunity for M*Modal because speech recognition medical records are able to be processed more quickly than traditional medical records, which are typed from scratch (M*Modal, 2009). This is an opportunity for M*Modal because doing more with fewer people correlates with improved margins and lowered overhead costs for their customers. As CEO of M*Modal, I would capitalize on this by publishing white papers, case studies, and marketing campaigns geared towards medical transcription companies. I would promote the productivity
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Holly Herndon Written Assignment #1 MGT 4476 (Strategic Management) May 23, 2011 gains and margin improvements other customers have realized as a direct result of utilizing M*Modal’s product. The political segment includes an impressive opportunity for M*Modal currently. In 2009, the Health Information Technology for Economic and Clinical Health (HITECH) Act was passed (U.S. Department of Health & Human Services, 2011). One part of this act is related to educational philosophy and policy – specifically, electronic health record (EHR) development and training of healthcare workers to ensure they are ready to use EHRs (U.S. Department of Health & Human Services, 2011). This is an opportunity for M*Modal because they are subject
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This note was uploaded on 05/31/2011 for the course MGT 3371 taught by Professor Starling during the Spring '09 term at Troy.

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M-Modal_Holly Herndon_MGT4476_Week 1 - Holly Herndon...

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