MedQuist pays the price for inconsistent billing
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Posted By:
sm on 2005-11-13
MedQuist pays the price for inconsistent billing
Last year, Mt. Laurel, NJ-based transcription vendor MedQuist, Inc., admitted to longstanding billing irregularity. Preliminary financial results from 2005 are showing the damage.
In 2004, Medquist announced that 2002 and 2003 financial results were inaccurate. The company, faced with lawsuits from customers, transcriptionists, and shareholders, replaced leadership; consolidated offices and cut staff; lost its NASDAQ stock listing; and instituted new billing and corporate-ethics policies.
Medquist brought in $214 million in the first six months of 2005, compared with $232 million during the same period last year, and expects revenue in the second half of 2005 to fall from first half levels. The company reported a preliminary $8 million operating loss for the first half of 2005, when the company incurred $16 million in costs related to the ongoing internal investigation and litigation. The company gave no indication when the internal investigation will end or when official financial reports will be filed. It has about $100,000 in debt.
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