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Innovative Web-based Medical Dictation Service raises £250,000 from The Capital Fund


Dictate IT Ltd, which provides an innovative online medical transcription service for hospitals and GPs, has raised £250,000 from The Capital Fund, a £50 million venture capital fund which backs fast-growing, small and medium-sized enterprises in Greater London. Dictate IT will use the new funding to expand its sales team and progress IT development.

Dictate IT was established in 2004 after two of its founding directors, medical doctors John Horton and Stephen Graham, saw an opportunity to transform the existing slow and insecure systems for generating patient letters. Together with Mark Miller, Dictate ITís managing director, they created a fast, accurate and secure online medical transcription service. The Dictate IT service is attracting a growing client list that includes nine NHS Trusts, among them several of Londonís leading teaching hospitals, as well as 30 GP practices.

Using Dictate ITís service, clinicians dictate their correspondence into a digital voice recorder and send the voice files to a server. The letters and reports are transcribed by an outsourced team of medical secretaries, checked and returned within 24 hours. A unique feature of the system is its ability to combine the text of a letter with a patientís electronic medical record, at the click of a button, to produce a complete document.

Dr Stephen Graham, Medical Director of Dictate IT, said:
ďWe have been delighted by the response to our unique transcription service. The average hospital department produces around 24,000 letters a year, which can take months to reach GPs and patients and risks compromising patient treatment. Our 24 hour turnaround service enables doctors to communicate quickly and accurately with other doctors and patients. By using the service, doctors can also free up their support staff to spend more time helping patients.

Our service is extremely secure as the voice files are highly encrypted and transferred directly to and from our server. This contrasts with some existing providers who use old ftp and email technology to send files through a chain of servers before they reach their destination, which can leave copies scattered across intermediate computers.Ē

Dictate ITís service is already compatible with EMIS, the leading IT supplier in primary healthcare, which hosts over 33 million electronic patient records. The company is now preparing to launch a fully-integrated system for GP practices using the Vision system at the National Vision Users Conference on 24-25 November at the Stratford Moat Hotel, Stratford upon Avon.

Dr Graham commented on The Capital Fund:
ďThe Capital Fund was prepared to invest at a level below that of traditional venture capitalists, providing us with the crucial funding we need to grow our business. The fundraising process was completed promptly and the Fundís Investment Manager also introduced us to a contact who provided valuable sales advice. We are now expanding our sales team to capitalise on the many opportunities to extend our service, and we are conducting trials in a number of hospitals.Ē

The Capital Fundís Investment Manager, Helen Reynolds, said:
ďDictate IT offers a great product that is tailored to a significant and growing market niche. The management team benefits from medical directors who bring knowledge and understanding of NHS systems, and have designed their service to provide doctors with the flexibility and accuracy they need. The various factors driving change in this area in the NHS, including the increased use of electronic patient record systems, difficulties in recruiting medical secretaries and a focus on staff cost savings, are all creating opportunities where Dictate IT is well-placed to provide solutions. We wish the management team every success with their expansion plans.Ē

PHOTO AVAILABLE ON REQUEST
The management team at Dictate IT: L-R: Kenneth McLachlan, Chairman;
Dr Stephen Graham, Medical Director; Mark Miller, Man


Publisher Contact Information:

The Capital Fund
+44 (0)1865 811199
m.henry@oxin.co.uk

Company profile of The Capital Fund
Past press releases of The Capital Fund.

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