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

Anyone else hear the rumor about MModal - anon

Posted: Aug 16, 2012

being "parted out" when the investment company who is buying us takes over next year? Says that the different entities of MModal such as MT, coding, speech systems, etc., will be separated and sold off? If this is true, maybe I better hurry up and find something else outside MT. Trying not to panic here.

I heard this from a friend who works in-house as an MT with a hospital who was investigating outsourcing their MT to MModal and now putting that on hold and looking at other companies.

It would be just another "wave" to ride with this ridiculous company - anon

[ In Reply To ..]
I've been here almost 2 decades. Do you have ANY IDEA how many different "changes in entities" I've been part of or seen come and go in that length of time? Nothing, absolutely *nothing* freaks me out about this company anymore ... if it did, I would've had a breakdown YEARS ago.

hmm... - MT

[ In Reply To ..]
Not sure what it really means, I just saw something about JP Morgan Chase, lawsuits in Delaware, thinking about selling off assets, do you think the details of outsourcing and mergers got them in hot water or just the way business is done?

If true, there is only 1 company who would be likely to buy them. - anon

[ In Reply To ..]
I hope it is nothing more than a rumor, although how could it be any worse than MModal already is?

"although how could it be any worse than MModal already is? " - See message

[ In Reply To ..]
I'll gladly answer that...

If the one company you speak of is Nuance, then all those dreaded pay-cuts everyone speaks of will become a reality. You think you dont like working for M*Modal?

Well lets see how you like working for 0.0413 cents per line across the board regardless of your experience.

And if thats not bad enough, how about the daily scrutiny of the QA scores that the Nuance MTs complain about? Haven't heard of that? Read their boards.

So if you think it cant get any worse, think again.

All companies have their pitfalls, show me one who doesn't. Take a look around this board and you will see unhappy MTs all over the place, not just M*Modal.

If you know of a perfect company with no problems whatsoever, please point me in that direction, it will be a first.

Uh, sorry? - anon

[ In Reply To ..]
I know all about Nuance (been there, done that) and all you say about it is true. They do indeed have the worst QA on the planet and the pay is pretty lousy (unless you can get the 99% QA and then the bonus is actually pretty sweet, of course that is not exactly easy -- potential is there to earn over 6 cpl VR and 10 cpl straight if you do).

Anyhoo, me saying it couldn't be much different is hardly going to make it happen, so perhaps you can retract your claws.

The "potential to earn 6cpl" I already make 6cpl for VR - not trying to bring out the claws but

[ In Reply To ..]
to say how could it be worse?..IT CAN BE WORSE.

I dont have to rely on QA scores or incentives to boost my pay to 6cpl for VR, I already have that. And besides you, yourself said the incentive is not easy to attain.

Not trying to be mean, just saying there are worse predicaments to be in.

okay. - anon

[ In Reply To ..]
My bad, I guess I should be running around screaming and tearing at my clothes at the mere possibility, however remote, of such an occurence.

Sorry, didn't mean to get hostile. - .

[ In Reply To ..]
...

6 cpl for VR? - Where?

[ In Reply To ..]
Hi; if you don't mind telling, where do you make 6 cpl for VR? Thanks in advance....

How can it be parted out? - sm

[ In Reply To ..]
The different entities of MModal such as MT, coding, speech systems, etc.,

They are all ONE entity and come as a package deal. You cant have speech recognition without the MTs to edit it.

Not sure about the coding portion, but believe the new "suite" they just launched has coding as a part of the program. They would have to totally re-design the software to weed out the coding portion.

M*Modal wants to be a private company and by selling to an investment firm it allowed them to be able to do that. It gives them the financial stability they need to build on their technology without having to worry about all the stock market business.

Sounds like another rumor to me.

They don't have to come as a packaged deal - They can "part it out"

[ In Reply To ..]
Another company can buy up the speech system part without the current MTs, can outsouce to another MT company. Coding is a separate entity from MT and there are companies out there that only do coding.

I worked for a circuit board company once who sold to an investment company and within a year that investment company sold two aspects of the company to offshore companies and closed our plant down.

believe it or not... - sibcat

[ In Reply To ..]
they were bought by Chase Bank. Google it - several articles out there. Have no idea what that means for their future.

Yes they were bought by JP Chase & Morgan - thats the investment firm we are talking about.

[ In Reply To ..]
nm

phase out Medical Transcription? - BansheeMT

[ In Reply To ..]
does this mean phasing out most all transcription: any comments on this? http://www.tissuepathology.com/weblog/2012/07/jpmorgan-chase-unit-to-acquire-m-modal-in-11-billion-transaction.html

Did not read that at all - broken promises

[ In Reply To ..]
Just rehashing the same things. The sale is now final. In January it was a handshake of a deal pending certain things like shareholder and board approval and I believe an investigation by the feds. It is also not unheard of for companies to sell off assets or more profitable sections of their portfolio and then concentrate on the others.

As far as eliminating us, there are still way too many docs that just cannot be on speech recognition either due to accent or repeating themselves over and over or honestly just not getting themselves organized before they dictate. When we can start sending through the ASR reports as is with no editing then I might start worrying for my job.

I am not saying it is not worthwhile checking into other options and careers but according to these articles I did not see anything to panic over.

Actually, I am talking about templates... - BansheeMT

[ In Reply To ..]
where doctors simply enter in information into hand-helds, or have their scribes do it, like data entry, filling in general questions. Doctors may not even dictate in the future, don't you think? In general, I believe hospitals (after capitation) have made it their #1 priority to not have to pay for transcription...

Whoops I misunderstood - broken promises

[ In Reply To ..]
I do know our local clinic went to EPIC, that is why I lost my job. I know the docs there hate it because they actually spend more time pointing and clicking than they did dictating. Perhaps as this new generation of tech savvy kids enters the work force they actually might prefer to do it on their smart phone or whatever.

However, I think a lot depends on what is coming down the pipe with the new healthcare law. Remember we had to pass it to find out what is in it. A lot of questions are still up in the air regarding documentation. We as MTs have adapted to change before (speech recognition) and we can do it again. If that means a transition into coding or some other healthcare related field to use our knowledge and skills we can do it.

I see where coding is now beginning - anon

[ In Reply To ..]
to be off-shored as well. If not for being close to retirement age, I would definitely be looking to change careers outside the medical field. Scribes took over the MT jobs at my local hospital ER, they use students.

If that is true and I was a hospital or clinic? - I would say screw this outsourcing

[ In Reply To ..]
Why should I as a hospital pay 1.5 million for CEOs and board of directors wages when I can hire MTs? I would just hire back MTs in-house and screw the outsourcing practices.

In reality is cheaper for them to go thru MTSO. That is what - EVERYTHING boils down to, low cost. SM

[ In Reply To ..]
And CEOs et all are not paid by one facility, lol. It is the combination of 100s, if not thousands, of facilities. Everything comes down to paying the least possible. It was cheaper for facilities to have their own MT departments they would. Do you really think they go with MTSO becuase it costs more???

No, you wouldn't. It is cheaper to outsource. - nm

[ In Reply To ..]
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