A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Medquist's "exit and disposal" plan - MB
Posted: May 30, 2010
I found this on Medquist's latest quarterly financial report. It's pretty self-explanatory, although I think it is probably for the suits, as we MT/MEs don't get any severance pay. But it gets me that they can nonchalantly say that the employees who are about to be "disposed" of aren't even aware of it.
http://www.dailyfinance.com/headlines/medquist-inc/medq/nas?tab=0
2009 Restructuring Plan
During the third and fourth quarters of 2009, as a result of management’s continued planned process improvement and technology development investments we committed to an exit and disposal plan which includes projected employee severance for planned reduction in headcount. Because of plan development in late 2009 and execution of the plan over multiple quarters in 2009 and 2010, not all personnel affected by the plan know of the plan or its impact. The plan includes costs of $2.5 million for employee severance and $0.4 million for vacating operating leases. The table below reflects the financial statement activity related to the 2009 restructuring plan:
This proves they have a plan to get rid of employees - Including us.
[ In Reply To ..]I read on another blog that MQ "lowered transcription costs by increasing its use of speech recognition technology."
Is that the press release MQ gave?? What a warped point-of-view. I guess it's the corporate way of looking at justifying slashing our income and other underhanded ways of making us quit to "decrease their transcription costs." Wish I could publish my own public press release.
Does that include Spheris? - mom2huskies
[ In Reply To ..]I read somewhere that they were offering $850,000 severance pay to some of the CEOs who worked with Spheris. Yet, they neither the Q or Spheris would ever give a raise to the MTs who are the backbone of the company.
Posted on March 15, 2010 at 8:06 am
On the same day it asked the court for permission to compensate employees for their accrued paid time off, bankrupt Spheris filed a motion asking the court to approve a bonus compensation plan for 30 senior employees.
The âKey Employee Incentive Plan,â or KEIP, would pay 25 Spheris employees and five executives an aggregate amount up to $850,000 for âtheir continued high performanceâ through the closing of the sale or reorganization plan.
The idea is to incentivize these employees â who are essentially working toward a transaction that could eliminate their jobs â to stay with the company and help it bring in the highest possible sale price or work through a reorganization plan.
The juicy details â which employees are eligible for what dollar amounts â are being given to the court confidentially. The motion, available at this link, explains that the five executives will receive no more than a total of $345,000, and the 25 employees could get amounts ranging between $10K and $50K.
According to the motion, the debtorsâ compensation committee approved the KEIP on Jan. 14, the senior secured lenders have no objections to the plan, and Spheris has reached an agreement in principle with its unsecured creditors.
Reading this article just felt like another slap in the face.
OMG! Greed, just greed. nm - Ella (retired)
[ In Reply To ..]......
There are a bunch of links on that page - Curious
[ In Reply To ..]which one deals with the restructuring plan? I would like to read the whole article.
And yet you stay. nm - Scratching my head
[ In Reply To ..]nm
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