Expanding its software-aided medical transcription services, Nuance Communications will purchase medical transcription service provider Transcend Services for US$300 million, the two companies announced Wednesday.
Nuance will fold Transcend’s service into its own significant medical transcription and health care natural language processing (NLP) services. In particular, Nuance is interested in Transcend’s strong presence in the small- to mid-size hospital market, which accounts for about 90 percent of all hospitals in the US.
Medical transcription already accounts for approximately 30 percent of Nuance’s annual revenue, said Carina Edwards, Nuance vice president of healthcare solutions marketing. The purchase of the Atlanta-based Transcend will boost Nuance annual revenue by about $140 million to $150 million per year, the company estimates. The company’s health care practice accounted for $527 million in revenue for its fiscal 2011 — via redwolf.newsvine.com
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