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Medquist purchases...and yet we make no$ - soon2bexmqer


Posted: Feb 03, 2010

MedQuist Agrees to Purchase Domestic Assets of Spheris

 

Stock and asset purchase agreement would provide Spheris' customers with access to industry-leading technology platform and transcription services.

MT. LAUREL, N.J., Feb. 3 /PRNewswire-FirstCall/ -- MedQuist Inc., a leading provider of medical transcription software and services, today announced that it has agreed to purchase the domestic business of Spheris Inc., a global provider of clinical documentation technology and services that recently filed for Chapter 11 bankruptcy protection.  The proposed transaction will take place pursuant to Section 363 of the United States Bankruptcy Code and will be governed by a court-directed bidding process, subject to applicable regulatory, company, and court approvals.  MedQuist has entered into a "stalking horse" purchase agreement with Spheris Inc. for the company's domestic business, subject to court approval.  As part of the transaction, CBay Inc., MedQuist's majority owner, will acquire the stock of Spheris India Private Limited, a subsidiary of Spheris.

The transaction is expected to allow Spheris' customers to benefit from an industry-leading healthcare information management platform (DocQment Enterprise Platform), which serves as the foundation for MedQuist's transcription service offerings and includes workflow management, core measures reporting, structured documentation, data analytics, and key customer reporting.  In addition, Spheris' customers will be able to leverage all MedQuist solutions including SpeechQ real-time interactive speech recognition for radiology and general medicine, DocQvoice for capturing dictation, and computer-assisted coding and abstracting.  This blend of solutions drives document quality and accuracy and advances the adoption of electronic health records -- resulting in improved patient care and higher levels of efficiency.

"MedQuist is a natural partner for Spheris," commented Peter Masanotti, MedQuist CEO. "We share a common belief that superior quality in clinical documentation is an essential component of efficient healthcare operations and quality medical outcomes. Spheris' customers can look forward to capitalizing on MedQuist's extensive suite of services and technologies, along with the strength of our combined experience, knowledge, and culture of best-in-class service."

If the purchase agreement is approved and the conditions therein satisfied, it is expected that the transaction will be completed in the first half of 2010.

Approximately 69.5 percent of MedQuist's outstanding common stock is held by CBay Inc., a  wholly owned subsidiary of CBaySystems Holdings Ltd. (AIM: CBAY), a holding company with investments in medical transcription, healthcare technology and healthcare financial services.  CBaySystems Holdings Ltd.'s portfolio includes businesses providing medical transcription, healthcare technology, and healthcare financial services including MedQuist Inc., CBay Systems & Services Inc., CBay Systems (India) Private Ltd., and Mirrus Systems.

Of course we don't . . and we won't . . - All that work is going to INDIA . .

[ In Reply To ..]
Oh, the CBay owner is probably jumping up and down and drooling at the mouth . . . "gimme gimme gimme" -- he is probably saying -- "Gonna buy old wifey-poo a new sari!! Yahoo! Thank God for self-deprecating labor in India!"

He can probably buy another helicopter or a new yacht too with all these accounts going to India and all the big money that will be going right into his pocket and not to any MTs --- Indian or American.

The Indian MTs are content with being paid peanuts. They don't care.

I know, I know . . . their cost of living is sooo low . . . yada yada yada. Right.

They are just allowing big businessmen to become richer by not accepting a fair amount of the money generated with these jobs.

I blame them, the cheap low wage workers, for the plight of jobless around the world. They are allowing fat cat Mr. CEO man to step on their backs. They agree that they are worthless and don't deserve more compensation for the services they provide.

You know what? I hope the cheap workers in India get all that they deserve. Truly I do.

Karma can be downright wicked.

MQ is no longer an American-owned company. Cbay calls the shots.

It is about the bottom line . . . PERIOD.

We will probably see very little of Spheris work.

We will only get, as usual, India's overflow.

Why do you all think they have been combining all the service areas into a few single areas?

As the work flows like the Ganges into India . . . so our clients and service areas shrink . . .

Shhh. Listen. Did you hear that? It's the sound of many CCMs feet shuffling out of MQs virtual door.

Why would MQ still need all of the CCMs they have now with the shrinking service areas?

Seems the RTLs will be stepping in to manage these new areas created by the henchmen at MQ/CB.

Sad but true.

yep q sucks - mmm

[ In Reply To ..]
no $

Basically CBay bought Spheris. All over Google. - My ASR money I should get went to buyout Spheris.

[ In Reply To ..]
I swear MQ/CBay is like an Enron. I bet the big wigs are just laughing, celebrating, breaking out the champagne, drooling, ready to buy a more expensive car, etc.

I believe Spheris was all bought and paid for our not getting our full ASR money that WE (UNITED STATES MT's) deserve!! We are the bee workers and we get NOTHING but a slap across the face and yet we are to work harder and harder with threats of losing our jobs.

UNBELIEVABLE I say! I bet the Tier 1 MT's will be gone soon. I keep continue to keep praying something good will happen for us poor MT's/QA. All we need now is MORE big wigs on the board making half a million. We already have 22 on the board and do not need anymore taking our money away.


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