MedQuist Holdings Hires 28-Year Healthcare IT Veteran as Chairman and CEO
July 11 2011 - 4:54PM
MedQuist Holdings Inc. (Nasdaq:MEDH), a leading provider of
integrated clinical documentation solutions for the U.S. healthcare
industry, announced the Board of Directors has appointed Roger L.
(Vern) Davenport as Chairman and Chief Executive Officer of the
Company, effective immediately. Mr. Davenport assumes the positions
held by Bob Aquilina, Chairman, and Peter Masanotti, Chief
Executive Officer.
An industry leader, spokesman and lobbyist, Vern Davenport has
three decades of senior executive experience in building and
transforming healthcare IT businesses in the United States and
globally. He most recently served as special senior strategic
advisor to the Chairman of Quintiles. Previously, Mr. Davenport was
CEO of Misys Healthcare and led the strategic merger of Misys
Healthcare Solutions and Allscripts, creating the U.S. market
leader in acute and ambulatory clinical information systems.
Davenport also handled the establishment of a Public and Payer
Sector, which focused on payer-provider integration and State
Medicaid transformations. Davenport has a broad range of experience
across the entire healthcare IT spectrum including radiology,
modalities and software technology. He has served as an executive
for companies such as IBM, Shared Medical Systems, Kodak and
Siemens Medical Solutions. He earned a bachelor's degree and an MBA
from East Carolina University in Greenville, N.C.
Bob Aquilina, outgoing Chairman of MedQuist Holdings, stated,
"With a leading position in clinical documentation, we have a
strategic opportunity to leverage the embedded value of our
transcription services and accelerate the future growth of our
solutions. The acquisition of M*Modal being announced today
requires a unique skill set to execute a shared vision of
delivering collaborative intelligence through technology-enabled
services. Vern has a strong track record of successfully growing
healthcare businesses, developing an ecosystem of reseller
relationships and has executed a number of acquisitions, mergers
and divestitures in all of the businesses he has run. His
well-rounded experience is the right fit to lead the company at
this next stage in our history. Peter Masanotti and I are pleased
to transition leadership to Vern."
Mr. Aquilina added, "I'd also like to acknowledge Peter
Masanotti for his many contributions to MedQuist, leading to this
pivotal point. Peter is responsible for the successful acquisition
of Spheris, the turnaround of the Company, a successful IPO and the
development of a strategic vision for the future that reestablished
MedQuist as a leader in clinical documentation. The Board and the
Company are thankful for Peter's leadership over the last three
years."
Bob Aquilina will continue to serve as a Board member and Peter
Masanotti has agreed to serve as a consultant to the Company until
September 30, 2011.
To encourage Mr. Davenport to join the Company, the Company
agreed to grant him 250,000 restricted shares of its common stock.
These shares will vest proportionally over a three-year period
based on his continued service, subject to full acceleration upon
termination without cause, resignation with good reason or change
in control of the Company. The shares will be granted to Mr.
Davenport as an "inducement award" and therefore, consistent with
applicable NASDAQ rules, will not reduce the shares reserved for
issuance under the Company's shareholder approved equity plans.
About MedQuist Holdings
MedQuist Holdings is a leading provider of integrated clinical
documentation solutions for the U.S. healthcare system, and the
largest provider by revenue of clinical documentation based on
physicians' dictation of patient interaction, or the physician
narrative, in the United States. MedQuist Holdings serves more than
2,400 hospitals, clinics, and physician practices throughout the
United States, including 40% of hospitals with more than 500
licensed beds.
MedQuist Holdings' solutions convert the physician narrative
into a high quality and customized electronic record, and enable
hospitals, clinics, and physician practices to improve the quality
of clinical data as well as accelerate and automate the
documentation process. We believe our solutions improve physician
productivity and satisfaction, enhance revenue cycle performance,
and facilitate the adoption and use of electronic
health records. For more information, please visit our website
at www.medquistholdings.com.
Forward-Looking Statements
Information provided and statements contained in this press
release that are not purely historical, such as
statements regarding the acquisition and integration of M*Modal,
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Such forward-looking statements only speak as of the date of
this press release and MedQuist Holdings Inc. assumes no obligation
to update the information included in this press release.
Statements made in this press release that are forward-looking in
nature may involve risks and uncertainties. Accordingly, readers
are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict,
including, without limitation, specific factors discussed herein
and in other releases and public filings made by MedQuist Holdings
Inc. (including filings by MedQuist Holdings Inc. with the SEC).
Although MedQuist Holdings believes that the expectations reflected
in such forward-looking statements are reasonable as of the date
made, expectations may prove to have been materially different from
the results expressed or implied by such forward-looking
statements. Unless otherwise required by law, MedQuist Holdings
also disclaims any obligation to update its view of any such risks
or uncertainties or to announce publicly the result of any
revisions to the forward-looking statements made in this press
release.
CONTACT: Investor:
Tony James
Chief Financial Officer
tjames@medquist.com
(615) 261-1509
Tripp Sullivan
Corporate Communications, Inc
tripp.sullivan@cci-ir.com
(615) 324-7335
Media:
Thomas Mitchell
Director of Marketing
tmitchell@medquist.com
(615) 798-6630
Medx (CE) (USOTC:MEDH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Medx (CE) (USOTC:MEDH)
Historical Stock Chart
From Jul 2023 to Jul 2024