A community of 30,000 US Transcriptionist serving Medical Transcription Industry
For Those Wondering What's Happening - Alias
Posted: Feb 06, 2014
You do know or remember that MModal is considered a distressed company, carrying around $750 million in debt, and last month they hired restructuring advisors? This article came from the Wall Street Journal. IMHO, another round of American MTs are about to be "restricted" out of a job, with more and more jobs going to India. This would explain why there are no jobs in any region, not because of snow. They need to save as much money as they can, big time.
I wish they would lay me off. ready to retire but want to collect u/e for a year - anon
[ In Reply To ..]Please, please, please. so sick of this crap!
Ditto - 29 months til retirement
[ In Reply To ..]Have been working since I was 16, sometimes 2 and 3 jobs at a time (like many of us have done). Have never drawn unemployment.
I just got laid off (from a different company). - Have never gotten UE, and I have - sm
[ In Reply To ..]been working steadily, with never a single unemployed day between jobs, since 1970.
Bully for you - anon
[ In Reply To ..]No one cares if you have never had to live on UE. Does that make you better than anyone else?
Sorry, I guess my vague post invited your - RUDE reply. What I meant was - sm
[ In Reply To ..]more of a followup to what an above poster said, about this being the first time she'd been on UE. It wasn't meant as any kind of a brag, (what's to brag about anyway, in this lame-a$$ business?), it was meant as - I don't have a clue how to deal with all the paperwork, etc. Also, it's a new era for MT. In the olden days, I got every job I ever applied for. (Not because I was the cat's meow of MTs, but rather, because MTs didn't grow on trees back then). My most recent job took me close to 4 years to find. It was a great job, but it was short-lived, and our entire department was unceremoniously dumped when the doctors switched to a self-input/VR combo new system. It's the first time in my life I've ever left a job, without an immediate new job waiting for me the very next day. So that's what I'm talking about. Not how great it is I've never been on UE. That was mostly luck. I was never on UE because I've been an MT since 1975, and during most of those years, MT was a pretty bomb-proof, recession-proof, layoff-proof profession.
Note - do not pay "ANON" any attention - they are hateful and nasty by choice
[ In Reply To ..]Do not listen to anything "anon" has to say - "anon" just comes here to spread misery and hides behind the moniker - pay no mind. I believe it is a hobby of theirs to be as nasty as can be and hateful to all - haha. Like you, I thought this profession was golden, and now 20 years later, at a ripe old age I have to start over. As for UE, it is INSURANCE and you earned the right to draw from it now. Hang in there and good luck to you.
"Anon" stands for "anonymous", it could be dozens of different people - anon
[ In Reply To ..]I'm an "anon" and I'm not mean and nasty. I'm typically helpful and (I think), fairly pleasant.
I'm anon too and I loved the cats meow comment, cracked me up - originalanon
[ In Reply To ..]ha ha ha
Ready to retire - Just me
[ In Reply To ..]You cannot draw UE for a year unless you are enrolled in a job retraining program or going to school. 12 weeks is the standard benefit. Also, you have to actively look for work and have 3 job searches or contacts every week. If you are ready to retire, I hardly see the point of going through that. UE is not a "gift," it is meant to help you while you are between jobs. It also only pays about a third of your current wage. Personally, I am sick of people who think unemployment is a gift or a free ride.
ue - Effie
[ In Reply To ..]I don't see anything wrong with getting UE before you retire... After all, you DID get laid off if you are eligible so where is the problem? its quite possible to apply for three jobs per week, just apply to jobs you are not going to get... like any INHOSPITAL job, housekeeping, unit clerk, admission clerk, McDonald, Wal-mart, etc. If they want me to work, then the state can send me to training for a year and if I am then able to get a great paying job with flexible hours, maybe I won't retire.. lol.
Sorry but that is not true. I live in ca and know a bunch of people who have been drawing for almos - camt
[ In Reply To ..]It depends on your state. Don't make widespread assumptions unless you know for sure
two years - camt
[ In Reply To ..]ammend to prevoius post. Two years drawing ue.
She's probably not from CA, and is jealous. - I would be too, if I didnt live here! ;p
[ In Reply To ..]nm
I live in ca and nothing to be jealous of - camt
[ In Reply To ..]Living here is not all its cracked up to be
Yeah, and we're sick of rude know-it-alls. - We know what UE is. No explanation needed.
[ In Reply To ..]
who said they didn't know what ue meant?? - anon
[ In Reply To ..]huh??
saw this on the biz news website it is true - anon
[ In Reply To ..]JPMorgan-owned M*Modal hired restructuring advisers, WSJ reports
A JPMorgan Chase (JPM) private equity unit-owned medical services company called M*Modal, has hired restructuring advisers in recent weeks as it contends with a heavy load of buyout debt and declining sales, sources say, reports the Wall Street Journal. M*Modal, which transcribes doctors' voice recordings and develops voice-recognition software for the medical industry, was acquired about 18 months ago in a leveraged buyout, and has enlisted restructuring bankers at Lazard (LAZ), lawyers at Dechert LLP and turnaround advisers at Alvarez & Marsal, sources added. Bankruptcy isn't imminent for the company, sources say
I know how they can cut expenses - duh
[ In Reply To ..]They can easily cut all the suits pay in half. Even then, they still are making some big bucks. Some can be cut down to even a fifth. Some should be canned altogether since you know a new position was made just for them. Think of how much extra money there would be. I just don't understand why they are allowed to drive companies to the ground.
Wondering - Double Speak
[ In Reply To ..]This is how they spin it, but I don't believe a word of it. They want to do away with American MTs and send it all to India and take their fat share. These companies justify off shoring, stating there aren't any American MTs left or not enough, but we all know that is a lie and if it is true, they created the shortage. I would bet a bunch of ex-MTs would gladly come back if they were treated fairly. This company is just a black hole for the MTs.
Wondering, but not surprised... - anon
[ In Reply To ..]After looking into this further, it seems their speech technology hasn't done as well as they thought it would. Probably a whole lot of dollars went into its development. And, probably other factors having to do with how bad things are generally in healthcare right now. I don't think we are the ones biting into the revenue as much as those at the top. It does very much appear that none of us are on solid ground here as a whole and should really have some sort of plan in place for ourselves, as the next 2 yrs sound iffy...
No ... it won't be 2 years - anon
[ In Reply To ..]Changes are happening RIGHT NOW, and they're happening very quickly. I would be very, very surprised if there wasn't a HUGE change that occurs in this company within the next 6 months to a year - tops.
You are totally right. 2014 is the year MT - is going to disappear. (nm)
[ In Reply To ..]*
You're right, except for the 2 years part. All - MTs should plan for layoff NOW.
[ In Reply To ..]X
Transcription is falling off for all these companies. - (Docs entering own data). (SM)
[ In Reply To ..]It's probably why M*Modal and others like them have started getting into coding.
started? lol MModal has done coding since I started back in 2003 - where have you been?
[ In Reply To ..]x
Oh, c'mon Rude Person! I simply said "started". - Never gave any dates.
[ In Reply To ..]2003 wasn't all that long ago. And you know full well that MT was already starting to disappear back then, as well. Anyway, it doesn't matter what you think. You'll be unemployed, as will the rest of us, soon enough.
I will tell you that your prediction is correct - anon
[ In Reply To ..]I know for a fact and heard it from a very credible source just today that this is "exactly" what's going on.
I can't give a lot of details here but the reason for the lack of work is that it's being off loaded to India account by account. There were several *major* accounts in the west that were moved over just this afternoon suddenly and without warning - even the TSMs didn't know it was going to happen. It caused a HUGE internal stir. Trust me, the management teams are scrambling.
There are many more accounts to come. If you're not feeling the heat with your account and things are going smoothly, that is soon about to change - there are employees that are scratching and clawing for work and they are jumping ship going to whatever BOB has work so those of you with steady work are about to divide your work load by a whole lot more. Absolutely NOBODY should be comfortable right now. NOBODY.
Finally! - tlps
[ In Reply To ..]I have been around for a while, and like you I have very reliable contacts in the company. A couple of weeks ago I posted links to the articles mentioned above, as well as the company's downgraded credit rating (I thought I had save the most recent credit downgrade, but I could not find it but someone else was able to track it down). The response to the post was negative for the most part, so I didn't think most of you believed me.
This company is in serious financial trouble! They have made many mistakes over the years that are costing them (and us) dearly now. They did not promote their technology early on, the way they should have, and now the competition has taken center stage in the market. Some of the lower level "upper management staff" have been let go recently. In the Dow Jones article some investors have "downgraded MModal deeper into junk territory this year."
I have seen them waste money and opportunities over the years,yet they continue to make the same poor decisions. Micro managing the MTs and cutting their pay is not the answer, as it will not save them enough money. They really need to be micro managing the sales and technical staff, as they are the departments that can keep the company afloat.
In 2002 I came to this site and posted on the company board that MQ was secretly sending work to India. I'm not sure if anyone believed me back then, but believe me now, do what can to secure your future, because it's coming, and it's coming fast.
Forgive the errors, I'm posting this from my phone.
This company, and others like it, should be - investigated by the Feds. (n/m)
[ In Reply To ..]
Nobody is safe is correct--sm - anon
[ In Reply To ..]This is not only true of MM but also of N. An account I had worked on for several years was sent completely to India and my supe did not even know it was going to happen until the day before. They were sending the work over without her even knowing it. The account came back for about 3-4 weeks due to quality complaints but they straightened things out and now it is again gone. I moved to an account that had high volume and now that account is constantly running out as well. Everyone needs to pay attention and be prepared, no matter what company you work for.
I think most are doing this now, and that most - others are in financial trouble, too.
[ In Reply To ..]They're ALL circling the drain.
WORK OUTSOURCED - Jasmine
[ In Reply To ..]Hi,
I just wanted to say, I do QA work and I see a lot of the MT names sound Hispanic/Spanish (I think the Philippines also get our work shipped over!)
It's not enough India takes it, now the Filipinos are too!
Haha - the one manangement troll that lurks - here didnt like your post. Too bad!
[ In Reply To ..]
The small MTSOs prospered, but corporate greed - sm
[ In Reply To ..]is killing them. This is way too profitable of an industry for them to be financially suffering, if they'd quit overpaying all the suits...!! It does seem that while MM is laying off, Nuance is hiring a lot of U.S. people, so one of them seems to be doing better than the other, from outside appearances anyway. Maybe it's time to start looking into one of the smaller companies who doesn't offshore and hasn't sold out to MM or Nuance. This is the only career I've ever had, and now I'm not physically able to go be a cashier and stand on my feet all day. I'm really scared.
MM could learn a lot from the companies they acquire - sm
[ In Reply To ..]I have worked for 2 companies that were very profitable and a joy to work for. Due to VR and then EMR, they sold out to the larger ones. There were only 200-300 MTs.
In days gone by, with these smaller companies, they had MTs assigned to primary accounts. They knew the dictation from a group of doctors, the platforms, the specifications like the back of their hand. This made those MTs, and the company in turn, very productive, efficient, turning out quality work, and making good money. They could not afford to over-hire, micro-manage, come up with various web sites just because they could, and/or any of the other garbage that served no purpose except to justify someone's job. If the accounts got behind, the TSMs got on and helped get it caught up.
In days gone by, the smaller companies paid the MTs a decent wage, did not threaten PTO, and provided good benefits. This kept the MTs loyal and dedicated to their jobs and their companies. The companies actually listened to the MTs input regarding the work that actually made the company profitable. MM could learn much from the companies they have acquired. They could cut their costs, their unnecessary management, not over-hire, increase production and quality from their MTs, reduce turn-over, etc, etc, etc. Say you make 10/6 or even 9/5. That is a pretty decent wage if you had work consistently on 1-2 accounts.
BTW, any company who has a "No Work Policy" in place that is used to the extreme that MM does speaks volumes for what their problems are.
TSMs are in the *exact* same boat we're in - SuziQ
[ In Reply To ..]I had a frank conversation with one yesterday ... things are being done by higher ups without them knowing in advance and taking them by complete surprise. Accounts are being yanked from them without any explanation, leaving some of them fearing for their jobs. They are getting quality complaints from the clients, kept in the dark by their management and dealing with employees because there's no work. I was told yesterday that's why so many of them aren't answering their phones or responding to emails right now, because the pressure is getting to be too much.
There isn't enough money in the WORLD that they could ever pay me to be a TSM or QC right now. Their positions are in DEEP jeopardy, maybe even more so than ours are.
An analogy I heard yesterday - MME
[ In Reply To ..]I heard a great analogy yesterday: It's like the employees right now are clinging to life rafts. When our life raft (accounts) start to go under, we swim to another one. The problem is, that the life rafts (accounts) that we're all swimming to have holes in them. There aren't that many life rafts left. The existing life rafts (accounts) have so many people clinging to them (working on them) that they're not considered safe anymore (there's no work in any of these accounts anymore).
A person would have to be blind not to see something big is coming our way. The accounts that are being off-shored one by one aren't coming back. The accounts that you see listed in Fluency Manager? They are only safe for RIGHT NOW. They literally might be gone tomorrow. Several large ones were pulled from domestic yesterday and given to global and there are more coming. I agree with the above poster - 6 months, maybe a year. This time come December I predict this will look like a completely different company and I don't mean that in a good way.
By this time next December, MT will not exist, and - coding will be the next sweatshop job.
[ In Reply To ..]May the entire healthcare industry (along with the banks, the insurance companies, and the stock market) rot in H___.
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