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

TransTech Solutions merging with iMedX....sm - another one bites the dust

Posted: Mar 03, 2014

Just found out my company of a year, TransTech in Houston, TX, is merging with iMedX. I've been liking TransTech. Plenty of work for the most part, decent pay as an employee. Not crazy about the Fluency platform, but I can deal with it. Anyway, just got email stating that not much is going to change despite merger. TransTech is a smaller company that doesn't hire outside of U.S. I'm pretty sure that iMedX operates globally. A shame if this changes the structure of things. I'm going to ask via the conference call Tuesday if this is the case.

Oh no - sm

[ In Reply To ..]
I worked for TT for 5 years. They were good to me, very flexible, good supervisor and QA, but I left to pursue a totally different career. This really shocks me as TT was one of the few good places left. I wish you luck and hope things don't change too much for you.

This. So. Sucks - justme

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:-(

TT/IMedX - MTNMT

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TT has been good to me for a lot of years. I am going to remain optimistic. How many other companies would even offer a conf. call to answer questions?

been there - done that

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I really hope it works out for you - but, the same thing happened to the company I worked for a couple of years ago. They had a conference call, made all kinds of promises that nothing would change and everything would be great - well, I lasted about a month with the new company with nothing happening as promised. Can't count on what any of these companies tell you any more. I'm been working for one now for almost 2 years, where I'm seeing signs of the same thing starting to happen - never can get a straight answer as to what is going on - that is why I'm starting my own home business, something new, cuz nothing seems to be getting any better in the MT world.

realism - me

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Schizophrenic I suppose. Reality---they can't afford to lose everyone immediately (if the truth would lead everyone to leave that is) so, they tell a good story and change things, while gradually covering their bases. I guess my former optimism might have been borne of the fact that I work PT for them and I am not in a FT panic. If I worked for them FT, I would be much more anxious

optimism - me

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I see no reason to assume the worst either.

TT Merger - TTMT

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Well didn't Medware merge or sell out to iMedX. It is what they are not telling us that we should be suspicious of.

to another one bites the dust - Sad MD

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What aggravates me is the fact that there is no transcription company without the transcriptionists. Yes, we are used as company assets. The better we are at our jobs, the more bargaining power they have in a merger. How quickly these companies forget that were it not for our skills and labor, they would not have a business to merge and further line their pockets. Where is their conscience? Not only that, to merge with a company that outsources American jobs out of the country so they can get even richer is unconscionable.

That's what we all thought when Acusis gobbled - up DRC years ago. What a -

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mistake it was to believe all their lies. Everything did change, and most definitely for the worst. This happens over and over and over and over again, and we constantly read about it on this board. No insult or anything intended here - just the plain truth: If you don't believe this acquisition is going to affect you and the other MTs extremely adversely, you need to take a good long look at previous mergers and buy-outs in MT that have happened in the past, and compare notes. Everything people are saying they were told in that conference call is so CLASSIC, it would be funny if it weren't so sad for all the MTs who are about to get ripped off.

You don't get to ask questions in the call - Really ticked

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They sent a questionnaire where you could ask questions and they are supposed to address those questions during the call, but no one is allowed to talk during the call except the person hosting the call.

TTMS presenting this like you will have a say-so in anything is just bogus. They are informing you after the fact. It's already a done deal.

My thoughts exactly - Aggravated

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I do NOT like the fact that we are not allowed to ask questions during the call. That makes no sense at all. It's like they're trying to avoid blunt, honest questions about what is REALLY going to happen to TransTech. I am not liking this one bit. I have already sent my resume to 2 other companies. I'm not planning on sticking around and watching this company self-destruct. I've seen this exact same thing happen too many times over the course of my career.

Honestly, have you ever been to one of those conference (sm) - Attendee

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calls where it goes on and on and MT's ask questions that have already been addressed? With 400 people attending, it would have gone on for hours. If I have any questions, which at this time I do not, I would ask management directly and get an honest answer. I always have before.

I DID think of a question last evening... - SmileyChica

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fairly late, and even though it was much after hours for an answer, I received an almost immediate reply. So, if you DO have questions, make sure to ask! (And, I know the majority think they are all lies, but I asked and they were readily available with an answer.)

That's a Nuance type of conference call - no message

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xx

Huh?? - TTMT

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I work for TransTech and I never got such an email.....

You and me both - Wolfer

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I just found out from another employee who I personally know. Not one email or comment to me has been made about any merger. I need a Xanax.

IMedx - SM

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Is a major GLOBAL player and uses a tremendous amount of offshore labor. TransTech won't have an option in that department.

IMedx is also run by Medquist cast-offs - the ones who helped run them into the financial toilet they are in today.

I donâ��t see this as a good move for Transtech people in any way, shape, or form. At least when they sucked up (I love the "merge with" terminology) GIS, GIS already had a heavy Indian presence and could utilize the technological aspects of IMedx.

Good luck!

I completely agree - Running Away

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They made it very clear on the conference call last night that IMedx is definitely taking the reins over TransTech. The TransTech insurance, 401k, and PTO will no longer exist and they are switching to what IMedx uses for those things. No more getting reimbursed for your internet bills either. The sending of work overseas IS going to happen. They can deny it until they're blue in the face, but it WILL happen, maybe not right now, maybe not next month or even the month after that, but within a few months, it will. I used to work for a great company called CyMed out of Virginia back in the day and they said exactly all of the same things that TransTech is saying when they were acquired by SPi in 2006, another company that offshores heavily. Things were perfectly fine for a few months and I noticed little to no change, but then all of my accounts suddenly started drying up with absolutely no explanation and the old CyMed management team started disappearing one by one. A couple of months after I finally left, I heard that they laid off all remaining US MTs and QA staff and sent 100% of the work overseas. This is exactly what I see happening at TransTech and it's exactly what has happened at other companies who have merged or been acquired by one of these offshore giants.

To the people who think everything will be fine at TransTech, IT WON'T. Just do some research on this board and read about all of the mergers and acquisitions that have happened over the past several years and you will see that they never end well for the employees. MedQuist is a perfect example. You'll be on here reading all day. This is not good...not good at all.

Just great - CC

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I just started working at TransTech about 8 months ago and I felt like I had finally found my home. I've been so happy there. This just makes me sick to my stomach. Having been through something like this in the past with another company I used to work for and having it end in disaster, I think I'm going to start looking elsewhere. :(

Ditto - Wolfer

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I'm not going through this again, and especially not with a company who offshores.

iMEDX - me

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I got an email yesterday afternoon, late 03/03...and questions are due by 2:00 p.m. CST for conference call. We will not be able to speak during conference call.

TTM MT - OhWell

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I started with TTM about a year ago. I like the company. Unfortunately, I've already been through this merger/transition/whatever you want to call it crap before. There won't be any major changes, until it's decided what changes are going to be made. Another company in the crapper I'm sure.

To sm re conference call - Oldie

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They are afraid of answering intelligent questions. That is like the gov holding a public forum when it is a done deal.

does not matter - SadTTMT

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if they let us ask questions or not, they would/will just lie anyway. Anyone NOT panicking now should re-think that, I've seen this many times and it only goes well for the heads of the company that sold out,never the employees.

Switching to another company is not the answer - Sick and tired

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I have been in this field for over 20 years and at TT for over 5 years. We can all be upset and fearful about what the future holds at TT, but switching to another transcription service really is only a temporary move as this will happen again and again. You can run, but you can't hide. The problem is not TT or any other service necessarily. It is this field in which we work, and there really is very little we have the power change unless we were all to walk away from our jobs at the same time with no one left to fill our shoes. The answer is finding a new career path, which is, for many reasons, easier said than done. Like many of you, I made more money in this field 15 years ago than I do today. The field has been going down for years. These kind of changes are just part of the downhill slide for MTs.

I agree with this post the most... - SmilingNoMore

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Its business, and while it sux for us, its why you run a biz - to make money. Im just not really sure why they are handling this conference call this way? Why don't they just say...we have a recorded message that will answer all questions submitted to us to the best of our ability - hear it HERE at your convenience. I did send in a short list of obvious questions, so I will dial in, but it just seems so superficial. Who are we kidding here? Its just an informational call. Time to get out and has been for a while. #writingonthewall

iMedX Too old to find something else - Anne

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I tried looking for work elsewhare last year, sent out 100s of resumes. I used to be administrative assistant so applied for that, as well as any office work really. Got 2 interviews only. No one wants to hire a 61-year-old. I could be a greeter at Meijer. This field needs a real REVOLUTION from all MTs.

Too old here too - my age is not important ;)

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It's been almost 25 years since I held any other type of job or even worked outside of the home. I would have to go out and buy a complete wardrobe to even consider working in an office somewhere, unless I could wear scrubs or sweats and jobs that allow that would be minimum wage I'm sure. And moving to yet another MTSO is not really going to improve my situation either. This will make my 4th "merger" in a little over a decade and maybe I'm being Negative Nellie, but I just see this happening again and again until Nuance and iMedX own every MT company in the world.

Bit the dust - MT

Agree - nan

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Not to mention/question during this time of change in transcription, QA, supervisors, account managers, CEO, COO..... has their pay been cut 50% at any time in the process?

The sad thing about these buyouts is that the - (s/m)- Keypounder

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purchasing company truly does NOT want the MTs that come with the company they just bought. They want the ACCOUNTS. The MTs that come with those accounts will be promised their former pay, and they might get if for while, as they're knowingly or unknowingly training VR and India to take over the accounts. Once that happens, they'll be put on horrible editing-only accounts, their pay will be cut in half, and they'll be nitpicked until such time that the throw their hands in the and and quit, in order to save the purchasing company the expense of a mass layoff, and paying out all that unemployment.

Winner!! - my heart is breaking

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You hit the nail on the head. This is the best post today. Couldn't agree more. IMedX didn't "merge" with TransTech for the MTs (those are readily available in India). They did it for those accounts that TT has --- nothing more, nothing less. I've been through this with CyMed and SPI "merger." I'll give you all a tip (and those who have been through other mergers will agree with me). If you do decide to stick it out, the absolute latest you should leave is when the TT management begin to disappear (and they will, I promise you). As soon as the first manager leaves, you know it's time to find something else and do it quickly.

This takeover makes me so sad. I was hoping to retire from TransTech in a few years and now Tracy and Sid just threw me and 400 other decent people under the bus for cash. I'm so disappointed and feel a bit betrayed. I guess I must have been a bit naive to think that Sid and Tracy actually had a connection to their business after all they did over the years to build TT to a respectable MTSO. I suppose that sometimes the employees actually care more about the business than the owners. I absolutely hate the idea of going to another MTSO and "starting over" but it's time to dust off the resume and begin the search once again. Thanks for the support over the years TransTech---I'm sorry to be witness to it's untimely death.

Indeed a very sad time - Devastated

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I also went through the CyMed and SPI merger several years ago and I agree with you 100%. It is very true that once the people in management and supervisory positions at TransTech start leaving, it absolutely is time to get out. That's exactly what happened at CyMed when they merged with SPI 7 or 8 years ago. Approximately 3 months after the merger, my account manager (who I loved) sent out an email to everybody announcing that she was leaving effective immediately. No notice whatsoever. She was just gone. Then, the office staff started disappearing shortly after that. That's when I knew that I had to find another company ASAP.

I am also very sad about this merger. TransTech has been a wonderful company to work for and was one of the few good ones left. This was a terrible, terrible move on their part and I don't think any of us saw it coming. I know I sure didn't. :(

TransTech Merge - MEMT

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I'm not doubting that TransTech is merging with Imedx. However, that being said, it must be hush hush because there is nothing on the internet about it.

Synopsis of conference call, 03/04 sm.... - dust (OP)

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Ms Boesch covered about 20 main questions she received, but synopsis is below, as per my notes:

*Pay remains the same.
*Accounts, supervisors remain the same.
*Same platforms.
*Same payroll program (ScriptWire).
*We remain employees, will not have to convert to being ICs.
*TT'ers will get PTO payout, then convert to IMedX PTO structure (6 paid holidays, then 5-15 paid days off per year based on years with TT). If you have vacation planned soon, you may borrow against this time.
*Part-timers won't be laid off; no one will be laid off. In fact, 2 companies together will continue to grow.
*Name of company/ies will not change.
*Same HR staff.
*Houston (TT HQ) will be HQ for both.
*Insurance plan won't change, although iMedX will assume management of this.
*A help desk ticketing system may be added, as IM has, for an improvement.

I don't buy any of it - Wary

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I have been through this too many times. I've had the exact same conference call we just had with previous companies I have worked for in the past and received all of the same promises about nothing changing and everything remaining the same, but it was never true. TransTech insurance is going away and IMedX's insurance is taking it's place. Same with the 401k and PTO plans. The internet reimbursement is going away because "IMedX doesn't offer it." They are going to be changing to IMedX's payroll schedule. Let's face it. IMedX is taking over. Eventually, all of our work will be sent overseas, the IMedX management team will completely take over, and TransTech won't even exist anymore. I've been there, done that, have the T-shirt. I'm not going through this again. I'm out of here. To those who plan to stay, I wish you the best of luck, but I all I see is history repeating itself.

You got that right! Why don't they just come clean - and say this:

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Dear MTs,
We don't like you, never did. We are going to change EVERYTHING you hold dear. Your pay, PTO, paid holidays, bonuses, benefits - all of that is going and going fast. We despise you because quite frankly we are greedy and want all the money you have made for us to stay with us and we don't care because we have no shame. We will gladly pay the third world workers a much less than livable wage because they have no sense of value and, well, they are starving and will accept it, unlike you Americans.

Gonna stick it out - MTNMT

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TT was my PT job until company of 20 years decided no more employees, only IC, took away EVERYTHING, NO NOTICE, didn't even payout accrued PTO...I made TT my FT job for the health coverage and PTO; still working for orig company PT, cause they kept pay scale and accounts, but REALLY expected them to be swallowed up first...guess they are too small of a fish for anyone to bother. Really hoping/praying that I can stay "whole" with TT.

Put this in an envelope... - soon to be ex-TTMS

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... and send it to a newspaper for all the MT world to see. You hit this spot-on ;)

To Wary - Sick and tired

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Where are you going to go? That is the question. Problem is there is no place to "go." In this industry the grass is not greener, not if you work for a transcription service, any transcription service. Is it really worth it to have to start some place new, learn new accounts (which might be worse), learn new software. All of this cuts deeply into your paycheck initially, sometimes for several months. Then you may eventually settle into your new job to have it happen again. I'm not going to jump ship until/unless things get bad because I could very well be jumping into a worse situation.

I have a second job - SM - Wary

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I'm fortunate in that I have a part-time job and I am able to go full-time with them, so that's what I'm doing. I'm not going to stay in this mess!

Yup, agreed. Memories flashed before my eyes, too...sm - dust

[ In Reply To ..]
...so sad it's happening yet again, and yet another company that has taken pride in not offshoring sells out. We should take bets on how long it will be before Indians are working 'with' us on our accounts. Hhmmpphh.

Yep - I'm always looking for greener pastures and have actually turned down a few positions after learning more about them, since landing at TransTech, but now I think I'll take this one that's in my face. Of course, no guarantees it's not going the same way.

Third time in 15 years this has happened to me - money sure talks, doesn't it, greedy fat cat CEOs? Quantity over quality. :(

OMG - I heard those same promises a few - years ago, different company. SM

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Things "remained the same" for maybe all of three months. Four months, tops. They they changed our team leads, changed our transcription software from something that was simple and worked well, to something extremely user-unfriendly. They took away and/or lost our good accounts, and replaced them with garbage accounts. Our line requirements and percentage of accuracy continued to go up, and our pay continued to go down. All the management staff they promised to keep were the first to get the boot. They said no part-timers would be laid off, but eventually they were. Insurance plan changed multiple times, and we were penalized (i.e, harrassed) whenever we actually used it. Our PTO time soon had to be used just to stay afloat financially. All the things you mention above in your post are 99.9% likely to be lies.

Best part of conference call ... - laughing through the tears

[ In Reply To ..]
... was how IMedX does outsource to India but they (IMedX) sure loves how TransTech is an all-domestic workforce. Whaaaaaa????? So ... does this mean then that they will stop outsourcing work to India?

And ... I am wondering of the IMedX ticket help desk system we should be so excited about is centered in India?

There are good reasons for all this - Have Options

[ In Reply To ..]
I'm keeping an open mind about this, at least for now. I know quite a bit about how things work in this convoluted world we call MT, having worked for a number of companies, including having been through several acquisitions. This doesn't read like an acquisition, more like a real merger. There are some upsides and some downsides.

I don't see the sky falling here. At least it is NOT Nuance or M-Modal swooping in and taking over! BTDT and it was awful.

iMedX Acquisitions - Researcher

[ In Reply To ..]
If anybody thinks the merger of TransTech with iMedX is like an equal partnership, think again. iMedX has been acquiring and merging with other companies nonstop. Check out their connection to M*Modal. All these companies have to do is be a subsidiary of another company and it is difficult to find out who owns what except for the fact that America is being sold out by greedy corporations. Could it be that TT was going to get squeezed out and had no choice but to Merge? Another feather in the cap of the true owners of iMedX.

They must think we're stupid - Looking for a new job

[ In Reply To ..]
I knew the minute the conference call started talking about how iMedX would be controlling our payroll, PTO, insurance, and 401K that this was no merger at all. These companies can lie and make the newbies believe, but I've been through this many times and I've always ended up unknowingly training my replacements and then being without a job within a few months of the "merger."

We old folks know what's going on. Unfortunately, some of us old folks have spent a lifetime in this business and there isn't a whole lot else we can do at this late stage in our lives.

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