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Transcend- Big Profits from taking away employee benefits and - sending work offshore


Posted: Feb 02, 2012

Ms. McGrogan continued: “Let me speak more specifically to our profitability improvement initiatives. Effective December 31 st, we have shut down our Delhi, India operations center and re-allocated work to our Bangalore center and third party partners to improve quality and reduce cost. We expect this change to result in cost savings of approximately $0.9 million per year. Effective February 1 st, we re-aligned our operations team, which we expect to generate $0.7 million per year in savings. These two changes, which total $1.6 million, should improve our gross margin as a percentage of revenue by 1.2% at fourth quarter 2011 annualized revenue levels. Looking forward, we plan to further improve Bangalore capacity utilization and transcriptionist efficiency. Domestically, we will focus on migrating off of third party transcription platforms, particularly in situations where we pay license fees to use the platform, and I will be disappointed if we can’t add at least a half point of gross margin by the end of the year related to this initiative. We also plan to improve the percentage of the volume on our BeyondTXT platform that is edited using speech recognition technology to 90% by year-end from 83% in the fourth quarter, which could result in another $0.5 million of annualized savings once the 90% level is reached. And the good news is that we expect these initiatives to result in either no change or improvement in customer satisfaction.”

Lance Cornell, Chief Financial Officer, added: “We were very concerned about the increase in our health insurance costs in the fourth quarter. We are self-insured, but we do have stop loss insurance that will increasingly cap costs in the second half of our plan year, which ends June 30 th. We’ve also taken immediate measures to re-classify 145 employees from full time to part time effective February 1 st, removing them from benefits at a savings of approximately $0.4 million per year.

 

SOURCE OF INFORMATION - SOUPWENCH

[ In Reply To ..]
What is the source of thie information? I am interested in reading more.

URL - nm

[ In Reply To ..]
http://www.thestreet.com/story/11396247/1/transcend-reports-22-revenue-growth-for-the-fourth-quarter-and-record-sales-for-the-year.html

Glad I jumped ship when I did - dmz

[ In Reply To ..]
and have never looked back....May they be bought out some day by a conglomeration that doesn't need them in the work force. Too many chiefs and not enough Indians is the old adage, right?

old news, and nothing to do with taking away benefits. - no msg

[ In Reply To ..]
x

Reclassifying 145 employees to remove them from benefits - has everything to do with benefits

[ In Reply To ..]
Plus the fact that the CFO said they did this to save money, would also qualify for something to do with it.

The rich get richer, the poor get pooer, oh where is the middle, no more!!!! - nm

[ In Reply To ..]
xx

Reclassifying - and I was - one of the 145

[ In Reply To ..]
x
so what was the reason given to move you from FT to PT? - curious
[ In Reply To ..]
x
reclassifying - Wow!
[ In Reply To ..]
Seems so wrong since they supposedly have all these full-time positions open that they want part-time employees to take. Only a few more days and I am on my new job. I really wish the best to you all. This field is just not getting better at all.

WOW! So you're either dishonest or can't comprehend. - ItIsClear

[ In Reply To ..]
How anyone can see what was posted above and make the comment that you made is just ASTOUNDING!

it was the latter, mea culpa. - sm

[ In Reply To ..]
Further, it looked just like an article from a year or so ago and I didn't read it close enough. Apologies.

Old news - Not so much

[ In Reply To ..]
Complete lie....I lost my benefits and have my pay stubs to prove it.

Wow.. Sounds like eScription is on its way out - Best program they had going

[ In Reply To ..]
In the quote.."Domestically, we will focus on migrating off of third party transcription platforms, particularly in situations where we pay license fees to use the platform." This definitely has to mean eScription as they do charge license fees and apparently they want to stay with their crappy BeyondTXT program. Good times for the MT trying to make a living NOT. They should be able to cut more employees off the benefit plan when they do not make the minimum to be a FT employee. So another GREAT cost saving plan all the way around. Oh brother!!! This is what this industry has been reduced to. Time to go back to school.

Not just eScription but ChartScript, DEP, and all others - x

[ In Reply To ..]
x


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