A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Cbay/Spheris/MQ in Tennessee? - mb
Posted: Oct 21, 2010
Spheris parent — now HQed in Franklin — files for IPO
Posted on October 20, 2010 at 8:17 am
Middle Tennessee soon will have another locally based public company — though its “localness” may come as a surprise.
CBaySystems Holdings — whose MedQuist subsidiary purchased Franklin-based Spheris out of bankruptcy for $116 million earlier this year — has filed for a $115 million initial public offering and listed Spheris’ Carothers Parkway office as its headquarters. Though CBaySystems never formally announced it was going to call Franklin its home after the Spheris deal closed in April, the 48,000-square-foot facility is now the “administrative headquarters for our United States operations” and the address of most of its executive officers and directors, including CEO Robert Aquilina.
Also deep inside the document are some details about Spheris’ finances: The company’s customer defections slowed early this year after topping $24 million in 2009 and integration cost savings are running at a $28 million annual pace.
CBaySystems Inc. owns about 82.5 percent of New Jersey-based medical transcription firm MedQuist and is already is listed in London, where it has a market cap of about $290 million
And we are STARVING!!! - BOO
[ In Reply To ..]Yeah, Happy Halloween!!! November is coming, the month of Thankstaking with MQ.
Dear CBAY/MQ - alphamt
[ In Reply To ..]c/o Toni Maldanado: It would go a long way toward acknowledgement of a job well-done during downtimes and slowdowns with new software learning curves and additional VR keystrokes features in the MQ DQS program, for CBAY/MQ to compensate by some formula for the overall production loss for each MT/ME.
The remaining work force of MT/MEs is most probably the best and most loyal to MQ, and are the ones training ASR to put them out of work eventually. There is no "promise" of a goal worth working for with a return to our original pay rate or salary compensation. There is nothing for the workforce looking ahead, not even job retraining. Do you find that the corporate direction needs to be more inclusive in its success, or do you feel that the workforce is a necessary but soon-to-be-eliminated anachronism not worth fair compensation? MQ still has some influence in CBAY, and I think I speak for may of the workforce when I ask that it exhibit its original aggressiveness and speak up for its employees in the rapidly changing VR software evolution.
It has always seemed from the home offices of MT/MEs in the U.S. that MQ's intent is one of payback for the lawsuits of years past to its workforce. I am deeply disappointed in the procedures and actions of its executives during this very difficult time of financial loss and disappointment for MT/MEs.
Very well-said. nm - Wow. nm
[ In Reply To ..]nm
very well said, thank you, I believe you speak for many - just want to work
[ In Reply To ..]nm
I wish the company officers would go on TV show Undercover Boss - nm
[ In Reply To ..]Does anyone watch that show? It would be so great to see some of MQ officers on there trying to do what we do day in and day out. On Google, put in: Reuters, stocks, officers, MEDQ. Scroll down and look on the right-hand side, there are some salaries listed. Of course, the newbie yuppies from Spheris aren't listed there yet, but you can google their names too. Interesting - we can see where the $$ is going.
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nm ...
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