3M Co. has completed the $1 billion acquisition of M*Modal's technology business, officials announced Friday.
The move is expected to expand 3M's Health Information Systems business by giving it M*Modal cloud-based and conversational Artificial Intelligence powered systems that help doctors capture patient information.
M*Modal, which generates about $200 million in revenue a year, will add a new tool to 3M's Health Information Systems. The 3M entity already provides software and services to about 8,000 healthcare organizations worldwide, officials said.
"Adding M*Modal's technology business to 3M's Health Information Systems will enable physicians to improve the patient experience, while enhancing documentation accuracy and operational efficiency for both providers and payers," 3M officials said.
Earlier this week, 3M officials noted that the M*Modal deal will negatively impact earnings by 10 cents per share in 2019. 3M's 2019 earnings are now expected to be $10.45 to $10.90 per share.
