iMedX Gains Momentum in the Growing Medical Documentation Solutions Market through Strong Organic Growth

iMedX, a leading health information solutions company and leader in medical documentation solutions, today announced that the company has made significant progress in the execution of its strategic plan, becoming a top three vendor in the medical documentation solutions business. iMedX has experienced more than 300 percent growth since June 2013, achieved through a combination of smart acquisitions and strong organic growth.

The medical transcription market is growing in the United States, driven by the implementation of Affordable Healthcare Act and the ICD-10 coding initiative. According to market research firm TechNavio the medical transcription market in North America is expected to reach US$30 billion by 2014 making it a high-growth market.

iMedX is seeing the new leadership team’s strategy of organic growth and growth through the acquisition of large and significant best-of-class companies come to fruition. CEO Christopher Foley, a successful clinical documentation industry veteran, joined iMedX in July 2013 with the specific goal of building one of the premier health information companies in the world.

“The medical documentation market is a high-growth market filled with a range of companies with varying levels of expertise, technology and customer service,” Foley said. “Based on our experience in building highly successful companies, we’re well on our way to achieving our growth goals and leadership with top-notch customer service and best-in-class solutions.”

In addition, iMedX has raised a new round of equity financing through both new and existing investors. The new financing enables iMedX to build out its clinical documentation and transcription business and to complete two significant strategic acquisitions of clinical documentation companies. The financing also will provide additional resources for iMedX’s future acquisition strategy in the health documentation solutions market, including medical transcription, medical coding and data analytics.

“Due to our strong financial partners and leadership, iMedX has struck the right combination of technology and services to make a significant impact in a crowded market,” Foley said. “We know that technology without service is not effective and have developed our solutions with that in mind.”

For example, the personalized iMedX Express transcription software and iMedX Mobile applications for iOS and Android make iMedX offerings among the most advanced in the industry. These new mobile applications will help physicians keep up with their clinical documentation demands.

“iMedX appreciates the continued support of our investors for this opportunity in the health information solutions market,” Foley said. “These investments validate our vision of the high-growth market and its long-term sustainability. Through our unmatched passion for excellence and innovation, iMedX strives to leverage our unique combination of customer service and best-in-class technology to lead the market.”