A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Please see the following article from - I think - Business Week, regarding the buy-out of Spheris. I think it should make us all breathe a little easier. It seems to clarify that there are 2 separate worlds, and that MQ intends to keep its U.S.-based transcription entirely separate from CBay's India-based transcription:
Spheris, which filed for Chapter 11 bankruptcy in a Delaware court on Wednesday, already has two buyers lined up for the privately owned company: MedQuist Inc. and CBay Inc. Both “stalking horse” bidders, as prospective buyers in bankruptcy proceedings are called, are portfolio companies of CBaySystems Holdings Ltd.
MedQuist, which is majority owned by CBay Inc., plans to purchase Spheris’ U.S. operations. In a separate transaction, CBay Inc. plans to buy Spheris’ India subsidiary, which is not included in the bankruptcy. Purchase prices for the transactions have not yet been disclosed.
Before the sale to MedQuist can go through, the bankruptcy court will hold an auction. Prospective buyers interested in all or some of Spheris’ assets will likely have 30 days after the court approves the auction to submit their bids. The court will choose the winner and approve the final sale.
Brentwood-based Webmedx Inc. is the fourth-largest provider of medical transcription services in the United States, to Franklin-based Spheris’ No. 2. Unlike Spheris, which has about 1,900 medical transcriptionists in India, Webmedx employs a 100 percent domestic workforce.