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

Looks like a done deal, MQ buys Spheris - MQ plans to keep ALL Spheris employees.

Posted: Apr 15, 2010

http://nashville.bizjournals.com/nashville/stories/2010/04/12/daily31.html

MedQuist Inc. and its majority shareholder, CBay Inc., will buy Franklin-based Spheris Inc. for $116.3 million — $48 million more than the companies originally offered for the bankrupt medical transcription company and its India subsidiary.

A Delaware bankruptcy judge signed off on the sale today following an all-night auction of Spheris’ assets that concluded at 6 a.m. The price includes $98 million cash and $17.5 million in notes at face value plus other assumed liabilities.

The sale is expected to close April 22. Jones said MedQuist plans to keep “substantially all” of Spheris’ employees, who include 2,300 medical transcriptionists in the United States and Canada plus another 400 corporate employees. About half of the corporate employees work in Spheris’ corporate headquarters on Carothers Parkway.

Wanna bet with additional 2300 MTs - CA-MT

[ In Reply To ..]
What exactly does "substantially all" mean to me? It means MQ has all the leeway they want in getting rid of even more MTs. If we're now at 3500, a normal person would surmise the added MTs would bring us to a grand total of 5800 MTs. Who wants to bet MQ whittles the American MTs back down to 3500 in no time in order to give our jobs away to Indians, or their new miracle MT-free Epic program.

The MedQuist Transcription Machine - old and frustrated MT

[ In Reply To ..]
Sure they will keep you for six months or so then the screwing you over will begin. They will change your line count methods/requirements, cut your lines available and eventually you'll have to look elsewhere. Don't you find it ironic when they are offering training to displaced MQ employees and then they go and acquire more??? No justice in this world.... Been there,done that - run while you can...

let's not forget... - in acquiring Spheris

[ In Reply To ..]
MQ is acquiring new accounts that are already being serviced by the Spheris MT work force. It's not like all of a sudden MQ MTs will have a bunch of new work on these accounts (unless MTs are willing to cross-train on the Spheris platforms). Likewise, Spheris MTs are not going to come in and take work away from accounts currently being serviced by MQ's MTs. Over time, sure there will be some cross-training across platforms, but it's not going to happen over night.

MQ wants the accounts, they want the hospitals. - Then it will go to India.

[ In Reply To ..]
It states in MQ SEC filings THEY HAVE TO GIVE AT LEAST 80% OF THE WORK TO INDIA. Also, MQ is coming out with their new EPIC for doctors and it states there will be no need of dictation done by MT's by 50%. MQ does not care about employees, only the accounts, the hospitals, and their customers. That is it! If they cared any about their employees, especially the MT's, they would be getting bonuses, raises, etc., and instead, they are trying to get you to quit and so far, they are doing a good job with it. Again, all MQ wanted was the accounts and I am sure it had some to do with the ASR, vendors, etc. and to get ready for their new EPIC.

MQ wants the account - CoolMT

[ In Reply To ..]
MQ owns EPIC? Did not see that. And, the 80% in SEC filings, that is per facility. MQ/CBay/Spheris don't control where the work goes, the facilities do. If a hospital wants to offshore their work for a lower price, that is their call. I've been a supervisor before and went back to MT, then auditing, because the facilities are too demanding. They have the upper hand, not the MTSOs. Fortunately, not all, in fact most don't, embrace India.

I think the opposite. All but 2 of the biggest 10 companies send offshore. sm - BTDT

[ In Reply To ..]
I think that Webmedx and Keystrokes are the only 2 that do not use a offshore labor pool. The hospital I worked at could care less where the work is done, just the money. I also don't think that every hospital knows where the work is being done. Don't forget, the only profitable part of Spheris was Spheris India, and that is part of what MedQuist just purchased.

It's all going to h*ll in a handbasket.

EPIC - question

[ In Reply To ..]
Is there documentation for this new program that will eliminate further MT jobs? Might help the UE cases.

Hey, you're an MT..get on line and do the research - ***

[ In Reply To ..]
don't you know what's supposed to happen by 2014?

lol - sm

[ In Reply To ..]
Kind of, but not really. Although thank you for the curt response, gave me a giggle. Will go do the research now. Thanks fellow "colleague" ROFL.

Too busy online looking up old reports and using - Benchmark

[ In Reply To ..]
nm

Here ya go. - Then it will go to India

[ In Reply To ..]
http://www.news-medical.net/news/20100227/MedQuist-integrates-DEP-with-new-features-of-Epic-Systems-Hyperspace-Client.aspx

* Meets physician workflow demands, increasing physician adoption and satisfaction;
* Can reduce the overall cost of documentation by more than 50 percent; and
* In certain instances, can completely eliminate dictation.

http://www.prnewswire.com/news-releases/medquist-launches-ehr-integration-for-dictations-associated-with-template-based-clinical-documentation-85476462.html

Can reduce the overall cost of documentation by more than 50% and in certain instances, can completely eliminate dictation.

Michael Clark, chief operating officer at MedQuist, said: "By integrating MedQuist's DocQment Enterprise Platform (DEP) with the new features of Epic's Hyperspace Client, the richness of template-driven text can be combined with the otherwise freestyle nature of dictation in DEP. Physicians can now easily create a more comprehensive clinical note that automatically incorporates both voice input and structured text through a single application.

â��Once the voice snippet is out of Epic and into DEP, it moves through each stage of our typical workflow like any other dictation. Each dictated snippet will be processed through speech recognition, be made available for quality assurance, and be tracked for turnaround time. Moreover, as MedQuist advances its technology, those snippets and all of our transcribed documents can be delivered in a Clinical Document Architecture (CDA) format, allowing further integration and usefulness to Epic and our combined customers.â��

Old and frustrated MT - Nick

[ In Reply To ..]
I really do believe in karma and I cannot wait for the day it comes back to bite MQ in the butt.

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