A community of 30,000 US Transcriptionist serving Medical Transcription Industry

**** Spheris might tank. - Spheris might tank.

Posted: Jan 29, 2010

http://nashville.bizjournals.com/nashville/stories/2010/02/01/story1.html?b=1265000400%5E2811471

By closing the curtains on its finances, Spheris has opened the door to speculation regarding its future. Whispers range from a sale to a bankruptcy, with the former gaining steam in the past week after a blogger in India reported competitor Cbay Systems Ltd. had struck a deal to buy Spheris’ operations in that country.

Both Spheris and Cbay declined to address the potential sale. Spheris has three operations centers in India, along with its Franklin headquarters and locations in Minot, N.D., and Sterling, Va.

As of June 30, Spheris owed $75.2 million under its senior secured credit facility and another $125 million in senior subordinated notes. Bob Butler, a managing director in Capstone’s Atlanta office, has taken over former CEO Kohl’s duties and is serving as chief restructuring officer.

Transcription Industry in turmoil

Spheris is facing an uncertain future in a highly fragmented industry roiled by change. Players range from market leader Medquist Inc., with revenue of more than $233 million last year, to the independent transcriptionist working from home.

It’s estimated to be a $12 billion to $15 billion industry that’s poised to grow as an aging population drives demand for medical services. At the same time, the price for transcription services is being forced down as health providers look to cut costs.

Yep, MTs in general are tanking! nm - Sick of being ripped off

[ In Reply To ..]
nm

Ya git what ya pay fer - mte

[ In Reply To ..]
Medical records are legal documents. When you "cut costs" it impacts the quality of that document. So if they are angling to cut transcription costs, they will git what they pay fer.

LOL..hope they don't get tort reform...sm - Sick of being ripped off

[ In Reply To ..]
when they rely on their cheapie medical records, it's going to be good for a laugh anyway! (Everyday I SO want to send through the unedited garbage I get. I have to keep slapping that devil sitting on my shoulder. The biggest hospital chain in our area offshores everything, and I hear how wonderful that is before the skeleton MTs comb through it for all the errors.)

I think the big MTSOs tanking is the only thing that will save MTs... - mt68

[ In Reply To ..]
Since most experienced MTs are being forced out of the profession because of the low wages offered by MTSOs, and the MTSOs, even when having choked every dollar from everywhere, are still bankrupt, they are going to have to fold and the hospitals will have to go back to dealing directly with MTs, whether at home or in the office.

As far as VR technology and offshoring, for those of us who are dealing with it daily, we know that VR and work produced in India is not going to cut it going directly to a medical record. For those of us dealing with it daily, we know that editing it is not 3 times as fast, either, so you can't have 1 person doing the job of 3 or 4 people. It may save wear and tear on the hands, but it still requires intelligent decision making and dictators that can be understood.

I think we are going to see the top half of this deal crash and burn pretty soon. Just as MTs are going to transfer out to better jobs so will the big dogs used to making 600,000 a year.

mt68 - Nick

[ In Reply To ..]
If MQ tanked, I would buy everyone on this board a beer. If you don't drink, I would buy you a soda. I have daydreams about MQ going bankrupt. But I also believe in karma. The longer theirs takes to catch them the harder it will hit when it finally does.

Good Riddance to Bad Rubbish - Spheris sold out MTs years ago

[ In Reply To ..]
They deserve whatever they get. Horrible, horrible company!

Similar Messages:

Mar 15, 2010

. ...

Jan 16, 2013

I have NEVER in 20 years worked for such a sewer. ...

Apr 15, 2010

Having paid too much you can be assured their will be layoffs a plenty in about 6 mos time. ...

Apr 13, 2010

HOT OFF THE PRESS SEE BELOW Transcend Submits Bid to Acquire Spheris ATLANTA, Apr 09, 2010 (BUSINESS WIRE) -- TRANSCEND SERVICES, INC. /quotes/comstock/15*!trcr/quotes/nls/trcr (TRCR 17.43, +0.13, +0.75%) , the third largest provider of medical transcription services to the U.S. healthcare market, announced today that it has submitted a bid to acquire substantially all of the assets of Nashville, Tennessee-based Spheris, Inc. and the stock of ...

Nov 10, 2009

Hey Spheris MTs out there. I worked for Spheris for a while not too long ago but quit for another company. Nothing wrong with Spheris at all, just love the new company flexibility much, much more. I loved the expander program Spheris used (Shorthand 10.0) so much that I ended up buying the program to use on my new job. Problem is there are so many tips and tricks that Spheris provided for using Shorthand 10.0 that I never got to put into action and quit before I thou ...

Jan 08, 2010

Is it me or does it seem like Spheris is a sinking ship?. ...

Jan 14, 2010

Is it me or does it seem like the VR at Spheris is getting worse. Also, it seems like it is harder to make any lines at all. Just had to vent. ...

Jan 29, 2010

Just wondering. I worked there till May last year and will probably have to contact them to get mine. ...

Jun 08, 2010

my friend claims she only made $11000 with spheris last yr. but yet she had health benefits and 401K. how is it she's making so little is spheris really that bad of a company to work for . i've heard so many different stories i don't know what to believe anymore ...

Mar 19, 2011

Should we have a W2 from MQ as well as from Spheris? Was just putting my info together to have taxes done & don't understand the 2 from Spheris but noticed I don't have one that says MQ. Thanks in advance. ...

Oct 20, 2009

I currently work at Spheris but I would like to find out how things are at Keystrokes. I appreciate any information good or bad. Thanks ...

Oct 21, 2009

Does anyone know if Spheris sends their work overseas? How are they to work for? Do they have editing positions? Is the rate of pay any good? ...

Nov 18, 2009

That company is in trouble, and it is a terrible place to work. The MTs are very, very nice, but it is not a place to make a living! ...

Nov 21, 2009

Had nightmares about my company last night. I was told to go in the office of my boss and do some punishment work. I sat there in front of this blank computer, would not turn on, and something said to sit in her chair, since she was not there, and start opening all the books and do the worksheets about what a bad person/MT I was. Then, she popped up in the back of the office in black. Scary, evil woman! She said terrible things, and just as I kept telling myself thi ...

Jan 21, 2010

Is there anyone out there who has worked for Spheris and other large companies? If so, how does Spheris compare? Looking for other opportunities, but don't want to end up in a worse situation :) In particular, has anyone worked for both Spheris and Webmedx? thanks ...

Jan 30, 2010

I had an interview with Spheris yesterday. It sounds too good to be true - more per line than I'm making now, plus production bonus and weekend shift differential? And better insurance too. Okay. I worked for MQ. My check got smaller and smaller as they revamped the bonuses and brought in VR (which absolutely refused to be taught anything). So tell me the truth - would I be jumping back into the same fire with Spheris? ...

Jan 31, 2010

I'm not sure if this is a good move for me, especially after reading an article on them that was linked from this board. Recruiter says they have loads of work, but they seem really regimented. Anyone work for them and want to share? Thanks. ...

Feb 03, 2010

By Medquist and Cbay. My sister works there and just told me, is on a conference call as we speak. ...

Feb 03, 2010

SPHERIS SELLS OUT- ANNOUNCED BY EMAIL TO EMPLOYEES TODAY. SOLD TO MEDQUIST AND CBAY. WILL BE DONE BY JUNE. ...

Feb 04, 2010

Seems odd to me, but over on the other website, Sperhis is hiring. Who would accept a position with them at this point? ...

Feb 11, 2010

It probably has been discussed already, but I haven't been here in a while. But, what happened with them? Why did they go bankrupt? ...

Feb 19, 2010

Can any one shed light on whether Spheris MT and Editors are let go because of their fire sale to MedQuist? Are they losing any accounts? Which ones? Help please. ...

Feb 23, 2010

nm ...

Mar 10, 2010

Ok, Spheris wants to schedule a phone interview. I have not taken a test as of yet. Has anyone been interviewed without testing? Is the testing after the interview or do they not test or what? I know, why would I consider working for them? No job, that's why. Need part-time job. ...

Mar 14, 2010

I have recently quit my position with Spheris and want to know who to contact regarding getting our 401K or how to get a hold of this? Any help would be GREATLY appreciated! ...

Mar 15, 2010

Can anyone tell me if I were to survive the MQ buy out and was actually hired by MQ but "things" changed quite a bit, would I be eligible to draw unemployment? ...

Mar 16, 2010

I know they are going through a transition, but I accepted--I need a job. I just can't pass up their training program. As far as any upcoming changes, I will deal with it as it comes. ...

Mar 30, 2010

Very interesting comments about the changes at Spheris, from MTs... http://www.jobvent.com/spheris-job-reviews-C1561?PageNum=3 ...

Mar 31, 2010

I have a phone interview with them in April. I noticed there were posts about them going bankrupt, etc. I'm fairly new to this, and need a job right away. ...

Apr 14, 2010

Anyone hear what happened at yesterday's auction, as to who was the "winner"? ...