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

MQ bought spheris and went from 75.2 billion bid - to 116 million with 98 million in cash.

Posted: Apr 15, 2010

http://www.nashvillepost.com/news/2010/4/15/medquist_to_buy_spheris

The bid by MedQuist (Ticker: MEDQ) and CBay totaled $116 million, including $98 million in cash and about $17.5 million in face value of notes and assumed liabilities. Transcend offered $78.2 million to join the auction, which lasted until about 5:30 a.m. this morning.

oh great, now we are going to get another pay cut - gimmie a smoke

[ In Reply To ..]
then pass me the employment section of the newspaper.

gimme a smoke - medicinal herbs - ha

[ In Reply To ..]
Do ya think Cbay would be kind enough to send over some of that stuff they smoke over there so US MTs won't be in so much distress over Spheris, with the likelihood, like you said, another pay cut will be coming up to make up for the extra monies they put out to win the bid. Maybe the euphoria would make it easier when looking at the want ads, and forget the coffee, something stronger haha!!

My advice to the Spheris MTs is to look for something else 100% before seriously considering going with MQ. Whatever they are told and promised should not be taken literally as they will soon find out lying is their specialty. To MQ, your ADP number is you, not the person behind it.

My final advice to any MT is to get out of transcription altogether -- do it for your health, sanity, and happiness.

Amen to that! I agree. Get out of - transcription altogether.

[ In Reply To ..]
You are crazy to stay in it unless you like to feel no self worth.

Beans & rice anyone? Get out before they drive you mad. - mrs.krabs

[ In Reply To ..]
That's where the 401K matches and raises all went, and all the work will soon be going to India.

Congratulations Spheris employees -- you have - just been

[ In Reply To ..]
scre*wed.

Yeah, congratulations to Spheris, all right - Nick

[ In Reply To ..]
.....and they won't even give you a kiss afterward.

I may not be the brightest bulb, but - ALMOSTOUT

[ In Reply To ..]
has anyone seen MQ's financial statements for the last few years. I really had not thought to look at them for myself. A friend of mine is an accountant and is very interested in that sort of thing. I kind of thought that once the work started going to India that they were making money hand over fist. Not so. The steady decline in financial statments makes me think that either it is not going over as well as they would like or something else fishy is going on?????

Almostout - Nick

[ In Reply To ..]
Don't kid yourself, my friend. They are making money hand over fist. They just have lot$ of great accountant$ and lawyer$ who can manipulate things.

OBVIOUSLY SOMETHING FISHY! How did MQ - buy Spheris for 98 million IN CASH!

[ In Reply To ..]
If they are not doing well, how in the world did MQ buy Spheris for 98 million in cash and actually bought the company for a total of 116 million?

Here fishie, fishie - baitmyhook

[ In Reply To ..]
How did MQ send out offer letters to Spheris employees before the bidding took place?

Seems like they are spending money hand over - fist for everything except

[ In Reply To ..]
transcriptionists? There are about 10 highly (and overpaid) support people for every transcriptionist. I don't know about everybody else, but I don't require that much SUPPORT. Too many cooks in a way-too-small kitchen.

that doesn't make sense... - anon

[ In Reply To ..]
your 10:1 ratio (10 support/corporate to 1 MT) is not accurate. Spheris itself claims around 2300 MTs and 400 corporate employees (support personnel are considered corporate). I can't argue with too many cooks - often times there is indeed more middle management than necessary.

Sorry it was an exaggeration, but does seem to be - an awful lot of

[ In Reply To ..]
highly paid management and technical people when they are culling transcriptionists and cutting our pay regularly. They could cut 10% of those guys, probably still have more than enough people to keep the company flowing and quit cutting my pay down to nothing.

I went to college w/Indian students...according to them - ***

[ In Reply To ..]
lying and cheating is EXPECTED over there...no wonder the US is at their mercy. And...the things I could tell you some of our local Indian physicians have tried to pull would amaze you.

Amazing to me that MQ's financials look great - when it is time to buy

[ In Reply To ..]
out another company, but look bad when it comes to giving a raise or an employee benefit. Hmmmmmm -- cooking the books?

Similar Messages:

Feb 03, 2010

By Medquist and Cbay. My sister works there and just told me, is on a conference call as we speak. ...

May 22, 2010

KOLKATA: CBay Systems — a leading healthcare BPO, that services nearly 40% of the US hospital market — is looking to become a $1-billion company and shift nearly half its work to India in the next two years. ******** Transferring work to India is a critical part of the strategy,” said Mr Kumar, one of the founders of the company. This comes within days of CBay acquiring a bankrupt clinical documentation firm Spheris in the US, which, in turn, has increased CBay’s reve ...

Jan 07, 2011

... ...

Sep 26, 2010

Nuance bought Encompass recently, too. I heard they are buying all the eScription companies. I bet that Keystrokes gets bought by MQ soon. What the heck is going on with all these companies buying each other? Will there be anyone left? ...

Dec 17, 2012

17% of the world population. Of those, 25% (300 million) are completely illiterate; 15% (180 million) enter high school; 7% (84,000) graduate from high school; 500,000 apply to Indian colleges each year; 10,000 are accepted from Indian colleges; and I have no data as to how many graduate from college, but if it's comparable to the U.S. then probably about 1500-3000 per year. Remember back in the days when the Indian people told us that they could do our jobs better because they have ...

Apr 15, 2010

Having paid too much you can be assured their will be layoffs a plenty in about 6 mos time. ...

Apr 13, 2010

HOT OFF THE PRESS SEE BELOW Transcend Submits Bid to Acquire Spheris ATLANTA, Apr 09, 2010 (BUSINESS WIRE) -- TRANSCEND SERVICES, INC. /quotes/comstock/15*!trcr/quotes/nls/trcr (TRCR 17.43, +0.13, +0.75%) , the third largest provider of medical transcription services to the U.S. healthcare market, announced today that it has submitted a bid to acquire substantially all of the assets of Nashville, Tennessee-based Spheris, Inc. and the stock of ...

Jul 06, 2012

I was looking for this post and can't find it anywhere????? ...

Jul 06, 2012

x ...

Nov 25, 2010

Did I read a post before that mentioned that MQ might be getting bought? Does anyone have any info on that? They were referring to changes being made, and trying to decide whether to stick it out or not. TIA! ...

Dec 19, 2011

I have not seen any postings on the company for a few years. I actually was hired by this company 2 years ago and quit very fast as my first few days were not impressive. Tech support not calling me back, having to keep calling them, trouble with foot pedal not working. Just curious.. ...

Jun 28, 2013

Absolutely Petrified....too young for Social Security; too old to change careers. Went through this a few years back and honestly can't go through it again. I don't know how some people sleep at night. ...

Sep 21, 2013

Has anybody worked for Alltype (Jerry Kelly) in the past in NJ? Apparently they were bought out by Medquist or M*Modal in 2012. I worked very briefly for Alltype in 2011 and then moved on to brighter horizons, although they reported to the IRS that I earned 4x what is actually on my W2 and according to my bank records. IRS needs me to contact Alltype for verification but they no longer exist (number disconnected)... so what to do? Something is very fishy and the ...

Sep 23, 2010

Just found out Nuance bought OSI. Can anyone with experience with this tell me what to expect. Should I be worried about major changes coming? ...

Jan 21, 2011

is it when I check on my battery status it says that it is not charging, even though it is plugged in? Any one know how to fix this or what the problem is? TIA. ...

Aug 27, 2011

How was your experience? Happy with the outcome? ...

Oct 18, 2011

I've sort of been out of the loop for a while at least as far as MQ's acquisitions are concerned. The last I heard was the Spheris takeover of MQ...oh, wait, that's supposed to be the MQ takeover of Spheris, right? Can anyone tell me what other companies have been purchased by MQ? Thanks! ...

Dec 07, 2011

working on your accounts from your bought-out company, are you consistently running out of work? We were told things would not change for a while but I'm running out of work all the time. I tried to apply for SUI this morning online but with this particular situation, I could not answer some questions to complete application so I have to go down there, which I am getting ready to do. I don't want to quit but this is getting extremely frustrating punching in and n ...

Jan 25, 2012

I guess since MQ is associated with transcription and we all know that is going by the wayside???? ...

Feb 07, 2012

I know a lot of MT's have been forced into slavery by the Q when their company was bought out. I'm curious, how many of their promises did they live up to? I worked for them over 5 years ago but I'm sure a lot has changed since then (likely for the worse). I've seen people on these boards saying that their pay was cut, hours/accounts changed, etc. Of course we were promised that none of that will happen! I don't believe it, but I'm curious t ...

Feb 09, 2012

was it before you became intwined with all the other MTs regarding working on different accounts, etc. I am wondering how long I have until I need to really find another job. I am so unhappy about the DSG buyout! But I didn't have a say in it! ...

Mar 12, 2013

How many started working for Mmodal because of their choice and how many because Mmodal bought out the company they were working for?? ...

Jun 03, 2013

aware of this board. Wonder if he likes to visit anonymous message boards? You can be sure the Royal 3 didnt tell him about us. ...

Nov 26, 2014

on a free or cheap antivirus. It's a windows 7. Thank you kindly in advance. ...

Jun 24, 2010

They so far have changed payroll, but not for ICs. Now they are doing a webinar, but ICs are not included. I'm thinking they're either going to get rid of ICs, or make us become employees or walk. Anyone have experience with MD-IT buying out the company you work for as an IC? ...

Jun 21, 2011

God help us all. ...

Oct 13, 2010

Or am I thinking of a different company cuz I see they are hiring? ...

Mar 31, 2011

My company is being bought out by Keystrokes. Do any of you currently work for Keystrokes? If so, what do you think about the company? Should I be worried? ...

Mar 31, 2011

I am nervous and excited at the same time. It's been a long time since I was an employee, so it will be a change. I have a few friends who went there last year and are very happy, so I am sure it will be a good thing for all of us. The drawback is that I feel too old for change, and I know things will. ...

Oct 03, 2011

nm ...