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

MQ 1st quarter fin report details disposal plan for US MTs - swoozyQ

Posted: Aug 21, 2010

Exit and "disposal" plan exposed in the report which also states "targeted" employees don't know about it. Do they think we can't read their stuff on the web??? It will occur over the rest of 2010. In other words, we are so low they consider us garbage to be disposed of. Unbelieveable as a lot of us left have worked for this company over a decade. Where's our gold watch, for cryin out loud???

link please? - Angelina

[ In Reply To ..]
I'd love to read this. Can you post your source please?

Yes, please give the link. - I found this interesting though

[ In Reply To ..]
http://www.prnewswire.com/news-releases/medquist-reports-second-quarter-2010-results-with-revenue-up-26-primarily-due-to-spheris-asset-acquisition-in-april-2010-100432104.html

Since CBay became our majority owner in August 2008, we have focused our efforts on stabilizing our existing client base and creating a value proposition for our clients through:

* increasing use of technology applications in both our processes and those of our clients - including, tailoring our proprietary clinical documentation workflow management system for client specific solutions and increased integration of speech recognition technology
* increasing use of offshore transcription and editing work
* delivering unparalleled, high quality services and opportunities to drive down price for our clients

makes me want to throw up - ohheckno

[ In Reply To ..]
is there where our world is going? Holy cow!

Oh crap! Found this interesting too! - Medquist first quarter financials

[ In Reply To ..]
http://ahdilounge.blogspot.com/2010/05/medquist-first-quarter-financials.html

This decrease [in cost of revenues] was the result of headcount reductions taken in 2009 to better align our overhead costs with lower revenue levels, lower transcription costs due to increased use of speech recognition technology, and an increase in the processing of our outsourced medical transcription volumes by our international labor partners...

My translation:

* Downward pressure on pricing of medical transcription services continues, and I don't see that changing any time soon.
* Legacy dictation platforms are giving way to new ways of delivering technology (thankfully), and companies like MedQuist will continue to lose the revenue they used to bring in from licensing and maintenance fees on the old-school systems.
* MedQuist has had to reduce their workforce in order to cut costs. It's not clear how many, if any, MTs were affected. (I'd be interested to hear from anyone who has information in that regard.)
* Speech recognition does cut costs and its adoption will continue to grow in the industry.
* Offshore outsourcing is likewise seen as a means of cutting costs and will also continue to increase.

So, thats all we are? "Heads" to be "counted" - and then "reduced"? Pehh!!!

[ In Reply To ..]

Not head count , but more like - redundant functions.

[ In Reply To ..]
Restructuring charges
During the six months ended June 30, 2010, we recorded restructuring charges of $0.9 million primarily related to employee severance. The Company expects that restructuring activities may continue in 2010 as management identifies opportunities for synergies resulting from the acquisition of Spheris including the elimination of redundant functions

The main redundancy I see in the MTSOs is - the glut of imbeciles running them. nm

[ In Reply To ..]
Rocky, The Financially-Strapped Raccoon

predictions - enigma

[ In Reply To ..]
They (hospitals who are allowing it)WILL regret that offshoring. MQ will probably survive as a technological and platform provider but not doing transcription.

We will have to find other ways to use our skills.

Forget the gold watch! Wheres my LAWYER? - n/m - Rocky Raccoon

[ In Reply To ..]

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