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

Having trouble making ends meet at Transcend? - $$

Posted: May 10, 2011

For those of you interested in Transcend's Q1 public statement, go here:

http://www.gurufocus.com/StockLink.php?type=sec&symbol=TRCR&date=2011-05-09&report=10-Q

Also, for those Transcend MTs having difficulty making a living...(again, this is public information for their COO)

Salary	$275,000.00
Bonus	$0.00
Restricted stock awards	$435,780.00
All other compensation	$2,206.00
Option awards $	$0.00
Non-equity incentive plan compensation	$120,000.00
Change in pension value and nonqualified deferred compensation earnings	$0.00
Total Compensation	$832,986.00

I find this very interesting regarding offshore:

We have not historically had difficulty in staffing to meet demand as we have grown. However, looking at the industry as a whole, we do not expect the domestic labor market for medical transcriptionists to grow fast enough to meet increased demand. We are addressing this challenge by increasing employee productivity through the use of speech recognition technology, utilizing offshore resources and by attempting to develop a reputation as one of the best places to work in the industry. It is possible that in the future a tightening labor market could result in upward pressure on wages, but to date we have not seen evidence of this and we do not anticipate this occurring in the short-term.

Upward pressure on wages - Bettie_Bgood

[ In Reply To ..]
Yes, let us ask ourselves, WHY there is no "upward pressure on wages" - if supply goes down and demand goes up - then we should be getting better pay.

It ain't happening. WHY. Because we MTs ourselves aren't creating that upward pressure. Venting on message board is not the same as creating that "upward pressure" on wages in a thoughtful strategic way. Obviously, the MTSOs are creating downward pressure on wages in a thoughtful and strategic way...so there is more $$ for them!

Every time I talk to any management personnel - at my company, I CONSTANTLY tell them - sm

[ In Reply To ..]
I can't make a living on what they pay, and that what they expect us to know, and produce, in no way matches the pittance they're throwing at us to do it.

I could make a better living cleaning porta-potties than MT-ing. (And it would smell a lot fresher than MT, too!)

OFFSHORING - ROFL

[ In Reply To ..]
Go ahead, "create upward pressure." They'll just OFFSHORE even more of the work.

They're doing that anyway, regardless. All the - while starving us out concurrently. nm

[ In Reply To ..]
.

Thanks for posting this info - we need more of it - Bettie_Bgood

[ In Reply To ..]
While people are debating the "greed" or lack therof of MTSOs...whether our pay is fair...we need data - exactly how much are the CEOs and Presidents of these companies making anyway? How does that compare to what the MT is getting paid?

Is there a way to find out this info for other MTSOs? Would be interested to see for nm - Webmedx CEO-COO?

[ In Reply To ..]
....

Other companies CEO salaries - love to know. - Poor MT

[ In Reply To ..]
nm

Probably not unless they're publicly traded, which Webmedx isn't. nm - MT

[ In Reply To ..]
nm

Yes - his pay and the women's running the racket - anon

[ In Reply To ..]
which they call a business.

To be clear - ME

[ In Reply To ..]
I didnt follow the link - can you clarify that this is the salary for ONE person?

Yes, it is for ONE person - cannot post name

[ In Reply To ..]
Public information:

http://people.forbes.com/search?ticker=TRCR

pretty sad - TRCR

[ In Reply To ..]
Pretty sad that some of us who work for transcend are working our butts off to barely make ends meet and the execs can make this. they like to say in meetings that they can't do it without us mls - how about a piece of the bonus. we work 40, 50, 60 and sometimes 70 hours a week and can't even make close to that. seems really unfair. if us mls make the company run by keeping customers happy and bringing in the $$, why can't they share?

It takes a lot of money to keep at least 5 personal houses operating and - broke

[ In Reply To ..]
at least 4 cars, all new. Not to mention a few other necessities.

That is why I can feel I live in luxury if I can afford to spend $70 every 2 weeks for groceries for me and my children. I know that Transcend would go broke if they paid me more than 4 cpl. Also, they would be broke if they limited how much work those slimy Indians could take away from us so I do not run out of work constantly.

It's not the Indians who are slimy. They don't take the work, it is - Former

[ In Reply To ..]
given to them for those who make the big bucks to ensure they keep getting the big bucks. They don't care who they exploit. The Indians who are hungry for it or the Americans who complain. If you are indignant enough to quit, they have plenty of American MTs lined up. They reduced the salaries for MTs yet they stay.

I am not being critical of you or anyone else. It is just a fact.

They always win.

Not the MTs, perhaps, but the Indian execs. and - MTSO owners sure are slimy.

[ In Reply To ..]

Indian MTs - anon

[ In Reply To ..]
It is not the Indian MTs who are at fault, they are just trying to do what we are trying to do, make a living. Unfortunately, in the global economy, their wages for much less get them much more in their country, probably earning them about the same or maybe even better buying power as we have! I DO blame hospitals, execs, MTSOs for sending our work out of the US and think HIPAA should address this as well, but in reality I am dreaming...the almighty dollar and making them more money unfortunately will rule the day I am afraid. Time to jump out of MT!

Most of the Indians are trained physicians. They should be - disagree

[ In Reply To ..]
practicing their vocation and trying to help their fellow man, not trying to take our work away. They are very inconsiderate as they took a seat away from someone in medical school who may have just practiced medicine. They are bringing their own hardships on, no one is doing it to them.

Tranined physicians - mt1347

[ In Reply To ..]
There was an MTSO a few years back who used to brag that many of the MTs working at their office in India were physicians, as if that made it okay to send our work over there. But factually, it takes only 2 years to get through medical school there and because education is free, many, many people go through medical schools there. Many of them try to get visas to emigrate to Europe, the USA, Canada or So. America. Ask yourself, if they have medical degrees, why aren't they out there taking of the 10s of millions of Indians who desperately need basic medical care?

correction on your post. Education in India is not free. - me

[ In Reply To ..]
They pay tuition from the first grade on up. But they go to school 6 days a week, 12 hours a day, so it does not take as many years to finish. But what it does mean is that every one of them comes from a family with money, so why are they so interested in taking money away from us.

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