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Can someone give me a Timeline of company change from: - Medifax-MRC-??-??-??-Medquist-MMoral?

Posted: May 13, 2013

Timeline - Dinosaur

[ In Reply To ..]
I was a much younger Dinosaur when I started with Medical Records Corp (MRC for short), who at that time had offices in the Eastern and Central part of the country. Their former partner had offices mainly in Florida. Eventually he sold those Florida offices to MRC. After this, back in the mid 80s, MRC started to purchase smaller companies (very small), but still remained under control of the company's founding family.

In the early to mid 90s Medical Records Corp was sold by the founding family and became MRC Group, run and financed by a "board of directors" who as far as I know were not identified other than that. Under the new owners MRC started to buy up more and larger companies. It was somewhere in this time frame Medifax was purchased. In the later 90s a new "board of directors" and financial backers purchased the company but the name remained, so we became MRC Group again.

In 1999 or 2000 (give or take a year) MRC Group merged with TL (Transcription Limited), although I believe TL employees where told they bought out MRC Group, most of the upper management remained MRC (big mistake). It was then the name was changed to MedQuist and was purchased by Royal Phillips, who bought us for the purpose of testing and training their new ASR program. Phillips closed many of their TV and electronics factories in Europe hoping to break into the medical field. In the early and mid 2000s Phillips bought more and larger companies and became one of the biggest companies in transcription out there. Phillips inherited several lawsuits and a criminal case involving upper management, including the CEO. This brought down the value of the company a great deal, not to mention put a serious mark on it's name.

By this time Phillips had what they wanted, their health programs were in place, including the worst version of ASR EVER! They began looking for a buyer for the majority of their shares around 2006-2007 (again, give or take a year or two), but they received no offers. They finally sold us around 2008 in what was described by Costa Brava (the minority partner), as a "fire sale." Stock holders and investors were expected to take a loss because of the low price sale. The sale went through despite the objections of Costa Brava, and the new owner was an Indian who owned C-Bay of India.

A month or two later was the crash of 2008 and MQ stock dropped drastically. Despite this, the new Indian owner continued to buy up everything in sight and eventually merged C-Bay and MedQuist, keeping the name only as MedQuist. The purchase of smaller, and sometimes larger companies continued on an almost daily basis, too many to name or recall. The Indian owner took the company private, public stock was bought back, and was no longer being sold.

Over the next few years the new owner and the company had to have had unimaginable debt (my own opinion based on what little I know of it), which is what probably led to the sale of the company (or at least the majority of it's stock) to JP Morgan Chase & Co, who in turn created a new company One Equity Partners, a private investment arm of JPMorgan. In 2012 MedQuist merged with MModal and "re-branded" the name and is currently known as MModal.

I'm not sure about the stocks or majority shares owned over the years, it is just from memory. This is the timeline as I recall it, from one of the originating companies (MRC), to the beast we know today as MModal. Hope this helps. Sorry for any errors, I didn't take time to proof this.

Thank you, Dinosaur!!! - op

[ In Reply To ..]
I appreciate it!!

MRC to current name - Former MRC

[ In Reply To ..]
Dinosaur, I too was an MRC MT from 92-96ish when MRC Group plowed through and said our way or the highway. Several of us took the highway. What I would like to know is do you know who currently holds the MRC retirement? I've long lost track of mine and I did received a phone call a while ago from some company regarding my retirement but I accidentally deleted the message before I could get back to them. I'f been on the hunt since then. In 2002 I believe I got a statement from Transolutions (or some company that stars with a T but that is not the company that called me later). Any help would be appreciated.

Retirement - Dinosaur

[ In Reply To ..]
I'm not aware of any form of retirement other than the 401K which the original MRC started in the mid 80s in place of a raise. I stayed with the company under the multitude of owners and the 401 came with me. I have kept some records over the years, so if you can give me a few days I can check and answer your email. I do seem to recall right after the first MRC Group a change was made to let a well known bank handle the funds, and that was a disaster. Let me see what I can dig up.

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