Transcription firm iMedX acquires Worldtech

Source: MHT, The Journal of New England Technology

Just days after it received a $13 million investment intended in part for acquisition, medical transcription firm iMedX Inc. of Shelton, Conn., yesterday announced its second acquisition of another transcription company, Worldtech Inc., of San Antonio, Texas. Financial terms weren’t disclosed.

IMedX, which provides software and transcription services, said the addition of Worldtech and its Indian operations, Worldtech Pvt. Ltd. gives iMedX access to Worldtech’s customer base of many small clinics and solo practitioners around the globe. Worldtech serves more than 800 physicians’ offices in the U.S. and will operate as a division under iMedX.

IMedX develops TurboScribe, a Web-based transcription service; TurboRecord, its electronic medical record service; and TurboRx, the company’s e-Prescription software. With additional offices in Ohio and Florida, iMedX has clients in more than 60 health systems and more than 500 health clinics.

Earlier this month, iMedX announced that it had received a $13 million equity investment from RFE Investment Partners of New Canaan, Conn. IMedX officails said at that time that the financing will be used to develop new software products, grow sales and marketing efforts and engage in new acquisitions. As part of the investment, iMedX bought medical transcription services company Medware Inc. of Florida.