Can you support your RUN statement with facts please. sm

• Alltype, is this a fairly good - kim
  • I think so... sm - MTing
    • Run run run run like the wind... - STAT
      • Can you support your RUN statement with facts please. sm - MTing

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This comes straight from the SEC filing for year ending December 31, 2008, submitted March 11, 2009.  Yes, it is public information and anyone can look at it.  Keep in mind, all the narrative is from Transcend’s point of view and they are trying to keep and/or get people to buy their stock.  So you will have to read between the lines as far as if they will/can meet the needs/wishes of their MTs/Medical Language Specialists in the years to come, or if they will turn into another company too large to keep their employees happy. 

Regarding the MDI-MD acquisition: 

TRANSCEND SERVICES, INC. (NASDAQ: TRCR), the third largest provider of medical transcription services to the U.S. healthcare market, announced today that it has entered into a definitive agreement to acquire Medical Dictation Services, Inc. (MDI) for $16.2 million.

Founded in 1981, and headquartered in Gaithersburg, Maryland, MDI is a leading medical transcription company with approximately 450 employees providing service to approximately 30 customers located predominantly in the mid-Atlantic region of the United States. For the fiscal year ended March 31, 2009, MDI had unaudited revenue of approximately $13.7 million, and currently has an annualized revenue run rate of approximately $14.3 million.

Below are SMALL excerpts of the 64-page SEC filing.  I chose sections which I thought would shed some light on where Transcend currently is and where they plan to go, so not only the new MDI-MD transcriptionists  but also the current Transcend Transcriptionists could possibly stop stressing about what their future holds. 

HOPE THIS IS OF SOME HELP TO YOU. 

TRANSCEND SERVICES, INC.

Transcend Services, Inc. hereafter known as the Company

EMPLOYEES

As of December 31, 2008 the Company had 749 full-time and 423 part-time employees. These included 587 full-time and 418 part-time medical language specialists, virtually all of whom work from home. One hundred and twenty three full-time and three part-time employees work in operations to support and manage customers and medical language specialists. Thirty-nine full time employees and two part time employees work in sales, research and development, implementations, and general administrative functions. Neither the Company nor its employees are currently a party to any collective bargaining agreement. The Company has not experienced any strikes or work stoppages, and believes that relations with employees are good.

As of December, 2008, approximately 65% of the Company’s total volume was processed on the BeyondTXT platform and 35% was processed on other platforms.

Management plans to gradually increase the percentage of voice files processed through BeyondTXT speech recognition from 24% of total volume in the fourth quarter of 2007 and 35% in the fourth quarter of 2008 to approximately 40% by the end of 2009.

Speech recognition technology will allow us to produce the same volume of work with fewer medical language specialists due to the productivity improvements the Company is able to achieve, and may open the market to a new pool of professionals.

In mid-2006, a portion of work began to be processed offshore through partners in India. Volume processed offshore has gradually increased since then.

By the fourth quarter of 2008, the Company had increased the percentage of work processed in India to approximately 19% of total volume. Management plans to increase this percentage gradually over the next several years and believes that in the long-term (5-10 years), market demands could drive the mix closer to 50% domestic and 50% offshore, but in the intermediate term (2-5 years), the mix is expected to gradually grow to about 30% offshore and 70% domestic. At some point in the future, the Company may decide to establish a transcription operation offshore, but currently is relying on partnerships as the preferred solution.

The Company’s income before income taxes has improved in 2006, 2007 and 2008 due in large part to improved customer retention combined with new sales, increased use of speech recognition technology and increased use of offshore transcription partners.

The Company provides medical transcription services to the healthcare industry. The Company’s mission is to provide accurate documentation of the patient / medical provider encounter on-time at a fair price. Transcend’s customers include hospitals, hospital systems, multi-specialty clinics and physician group practices in the United States. Transcription services consist of three primary phases:

The Company provides two primary medical transcription options for customers: (1) the provision of transcription services and technology using the Company’s proprietary BeyondTXT workflow platform or (2) the provision of transcription services using the customer’s proprietary or licensed third party transcription system. If the customer does not have its own transcription technology or no longer has the desire or resources to maintain and upgrade the technology they do have in place, the BeyondTXT platform provides a turnkey solution. If the customer has invested in their own transcription technology and wishes to keep their system in place, the Company’s transcriptionists access the system and perform all transcription services using the customer’s system. Management believes that our ability to serve a customer regardless of their use or non-use of our platform is an important factor in our success. As of December, 2008, approximately 65% of the Company’s total volume was processed on the BeyondTXT platform and 35% was processed on other platforms.

INDUSTRY OVERVIEW

Medical transcription is either performed in-house by hospital or clinic personnel or outsourced to local, regional, national or offshore vendors. Hospitals and clinics may choose to outsource for many reasons: (1) the shortage of qualified medical transcriptionists; (2) the unique and burdensome management challenges of managing a 24/7 operation that must deliver critical patient care information quickly; and (3) the high cost of equipping in-house personnel with the hardware, software and support necessary for their jobs. Successful transcription companies make use of technological advances in Internet access, speech recognition, security, software and hardware that allow remotely located, highly trained personnel to function as well as (or better than) in-house employees. Management believes that the principal historical competitive factors of price, accuracy and turnaround time are expanding to include other factors such as speech recognition capability, electronic security, hardware redundancy (to protect against data loss) and data integration. In addition, management believes that the ability to recruit, train and, most importantly, manage personnel nationally and internationally will lead to further outsourcing, and that only those companies prepared to compete using resources outside the customer’s local market will prosper.

The market for medical transcription services is sizable. The total annual market potential for medical transcription is estimated to be $12 billion, of which an estimated $5 billion is outsourced. These figures include not only hospitals, but also physicians’ offices and clinics. The Company focuses primarily on the hospital market. There are approximately 4,900 community-based hospitals in the U.S. (hospitals accessible by the general public) with approximately 800,000 beds that comprise the Company’s primary target market. If the average annual market value of transcription services per hospital is $400,000 (our estimate), the Company’s primary target market is approximately $2.0 billion. The market is highly competitive and fragmented, with several thousand transcription services companies nationally. Management believes only a dozen or so competitors have revenue in excess of $15 million.

Demand for medical transcription services is growing as the demand for healthcare services increases. Macro-economic trends such as the aging of the baby boomer generation are projected to have a major impact on the demand for healthcare services in general and should lead to a corresponding increase in the demand for medical transcription services.

HISTORY OF THE COMPANY

We were incorporated in California in 1976 as TriCare, Inc. (“TriCare”) and reorganized as a Delaware corporation in 1988. TriCare completed an initial public offering of its shares in 1990. In 1995, the Company acquired Transcend Services, Inc., then a Georgia corporation, by the merger of Transcend Services, Inc. into TriCare and changed the name to Transcend Services, Inc. The historical financial statements of the former Transcend Services, Inc. became the financial statements of the Company and include the businesses of both companies as of the effective date of the merger. Between 1993 and 1995, the Company acquired five medical transcription companies.

As a result of these transactions, the Company now operates in one reportable business segment as a provider of medical transcription services to the healthcare industry.

In 2004, the Company introduced the BeyondTXT transcription workflow platform.

On January 31, 2005, the Company acquired Medical Dictation, Inc., (MDI), a Florida-based medical transcription services company. During 2005, the Company’s field operations were reorganized to form customer-centric teams that are responsible for all aspects of production, quality and customer care. Effective December 30, 2005, certain assets of the transcription business unit of PracticeXpert were purchased.

By early 2006, the Company began processing significant volume through the Company’s speech recognition solution and, throughout 2006, 2007 and 2008, have steadily increased the percentage of work which is electronically converted and then edited versus transcribed (typed) from recorded speech. In mid-2006, a portion of work began to be processed offshore through partners in India. Volume processed offshore has gradually increased since then.

On January 16, 2007, the Company purchased certain assets of OTP Technologies, Inc. (OTP), a Chicago area medical transcription company, for a purchase price of $1,110,000.

On January 1, 2009, the Company purchased certain assets of DeVenture Global Health Partners (“DeVenture”), a Canton, Ohio based medical transcription company, for a base purchase price of $4,250,000 plus potential consideration based on results for the first six months of 2009. The Company does not currently expect to pay any additional potential consideration.

BUSINESS STRATEGY

Transcend’s sole focus is providing medical transcription services to the healthcare industry. The Company’s strategy is to succeed in the marketplace by successfully executing six key strategies.

Provide Unparalleled Service to Customers

The key to the Company’s success will always lie first and foremost in providing excellent service to customers. The Company retained 98% of customers in 2007 and 2008, which is believed to be superior to most of our competitors. Management believes that customers who are consistently receiving high quality documents on time at a fair price are likely to remain our customers year after year. Satisfied customers provide sales leads and referrals that help us drive new business. Accordingly, the Company has an ongoing program to monitor and improve customer satisfaction which includes continuous monitoring of transcription production statistics relative to contracted standards, periodic customer surveys and a dedicated regional operations support organization that maintains regular (often daily) contact with customers. Management believes that regional operations managers provide a competitive advantage in sustaining customer satisfaction. As our regional operations managers typically come from a Transcriptionist background, they possess the expertise to continuously improve quality. In addition, they provide customers a central contact person in the organization who is directly responsible for resource scheduling and quality control and can quickly resolve any issues that arise. The Company practices continuous quality improvement with the goal of improving the level of service over time.

Increase Market Penetration

The transcription industry is large and highly fragmented. In addition, it is currently estimated that 60% of transcription volume is still performed in-house. As a result, management believes that the Company is well-positioned to increase market share both by winning contracts with hospitals who are now actively considering an outsourced solution and by taking business from competitors. Management believes that the level of service provided by many of the Company’s competitors can be very inconsistent. As a result, the Company is often asked to submit proposals on new accounts where Transcend will replace a competitor. In addition, the Company believes that smaller competitors are increasingly unable to keep up with advances in technology and lack the capacity to give customers assurance that they can consistently meet turnaround time requirements. As a result, the Company frequently wins new customer accounts from customers who have outgrown the capabilities of their smaller providers. The Company’s tested and proven infrastructure enables it to serve substantially more customers without a significant increase in fixed costs. While continuing to focus on day-to-day customer satisfaction, the Company intends to add new accounts to the existing customer base to efficiently utilize the capacity of the infrastructure and established customer-oriented support organization.

The Company intends to grow by focusing the sales team on potential new accounts and utilizing the operations management team to increase services to the existing customer base. The Company’s target market is focused on community hospitals with over 100 beds. Based on experience, this target market can realize the most benefit from services while still allowing the Company to provide superior customer service at a reasonable profit. The Company targets new business from hospitals where there is not a current relationship as well as affiliated hospitals of existing customers. A telemarketing partner is utilized to help identify hospitals within the Company’s target market that are interested in transcription services. New business leads are also generated from regional operating managers, who receive referrals from the administrators they work with daily. Management anticipates continuing to add sales resources to help deliver revenue growth.

Many hospitals are members of group purchasing organizations (“GPOs”), which provide value to their members by pre-screening the best vendors for a particular product or service and pre-negotiating terms and conditions with the vendors. The Company signed an agreement in 2008 with one 1,400 member GPO and will attempt to secure additional GPO contracts in the future in order to increase market penetration and accelerate growth.

The Company also expects to continue to win new business by working with technology partners. Technology providers, such as Nuance and 3M, license their proprietary transcription platforms to hospitals across the country and refer the transcription work to preferred service providers like us. Management believes Transcend’s size and superior customer service make the Company a preferred provider to these partners.

Speech recognition technology represents a sea of change in the transcription industry. The Company has invested heavily in fully integrating speech recognition technology into the BeyondTXT platform. The Company licenses the speech recognition engine, natural language processor and various editing tools from MultiModal Technologies, a leader in the industry, under a September 2006 agreement that renews annually at Transcend’s sole option through September 2010, with the last such option period ending August 31, 2011, and thereafter if mutually agreed by both parties. The Company’s speech recognition solution requires no physician training or change in physician work habits. Voice files are collected in the same manner regardless of whether the job will be transcribed (typed) or edited using speech recognition technology. Once a physician’s voice profile is built that meets predicted quality criteria, future work from that physician is edited. When a medical language specialist is presented with a draft document, they listen to the voice file and edit the document as necessary. Their edits are fed back into the voice profile, which learns over time in order to continuously improve the quality of draft reports.

The use of speech recognition technology in BeyondTXT results in a more efficient transcription process and leads to lower direct costs and higher gross margins while allowing the Company to offer competitive pricing. The Company’s medical language specialists earn less per line of text for editing, but their increased productivity generally allows their total compensation to remain unchanged or to increase. After the cost paid to MultiModal Technologies, the Company is still able to reduce the average cost per line of text. This is a key defensive strategy against pricing pressure in the industry.

Management plans to gradually increase the percentage of voice files processed through BeyondTXT speech recognition from 24% of total volume in the fourth quarter of 2007 and 35% in the fourth quarter of 2008 to approximately 40% by the end of 2009. Longer-term, the percentage of transcription volume that is edited using speech recognition technology is dependent on such factors as the mix of transcription volume that is processed on the Company’s platform versus customer platforms, the percentage of dictators for whom high quality voice profiles can be built, and the ability to hire, train, and retain editors.

Attract and Retain Professional Staff

One of the Company’s critical success factors is the recruitment and retention of the industry’s best knowledge workers, including medical language specialists, application developers and service professionals. The goal is to be the best company to work for in the industry. Management believes that there will be a shortage of qualified traditional medical language specialists in the future. There are two domestic solutions to this problem. First, workers will be attracted and retained by offering competitive pay and benefits, stable and responsive management, a predictable abundance of work, a stable and efficient platform, career development opportunities and the opportunity to work from home. Second, speech recognition technology will allow us to produce the same volume of work with fewer medical language specialists due to the productivity improvements the Company is able to achieve, and may open the market to a new pool of professionals.

Increase Utilization of Offshore Resources

The Company operates in a global economy in which medical transcription services can be performed efficiently and cost-effectively by offshore medical transcription service organizations. Customers have differing views of offshore production. Some believe it allows them to realize improved turnaround times and sometimes obtain a lower price without sacrificing quality or security of data. Others remain committed to domestic-only medical transcription. From management’s perspective, offshore production allows the Company to improve turnaround time by providing consistent staff at night and on weekends; alleviates the need to hire as many domestic medical language specialists in a tight labor market as would otherwise be needed; and reduces cost. Management plans to meet customers’ needs by providing services using a combination of domestic and offshore labor. In July 2006, the Company began subcontracting a portion of work to offshore medical transcription firms. By the fourth quarter of 2008, the Company had increased the percentage of work processed in India to approximately 19% of total volume. Management plans to increase this percentage gradually over the next several years and believes that in the long-term (5-10 years), market demands could drive the mix closer to 50% domestic and 50% offshore, but in the intermediate term (2-5 years), the mix is expected to gradually grow to about 30% offshore and 70% domestic. The growth in offshore volume is not expected to displace the domestic workforce, which the Company expects to grow over time. At some point in the future, the Company may decide to establish a transcription operation offshore, but currently is relying on partnerships as the preferred solution.

Successfully Complete and Integrate Acquisitions

The Company intends to increase market share through acquisitions and believes that the Company is the third largest of the more than several thousand medical transcription providers in the United States. Technological developments such as voice recognition technology and the need to provide customers with an off-shore solution are making it increasingly difficult for smaller medical transcription businesses to compete effectively. As a result, management believes that the Company will be able to make acquisitions on an opportunistic basis that will enable it to grow the business. When the Company acquires these businesses, it is often able to add the acquired companies’ customers to the BeyondTXT platform and to eliminate a substantial portion of their overhead. It is expected that acquisitions will be financed through a combination of cash on hand, debt, and shares of the Company’s common or preferred stock.

For customers who already have their own transcription workflow system, the Company provides outsourced transcription and/or editing services on the customer’s platform. For example, the Company has a partnership with Nuance to use their eScription platform, which is a popular hosted ASP solution that can be licensed by healthcare organizations. Customers contract directly with Nuance for the system implementation and contract with us for transcription services. eScription is speech recognition-enabled, allowing the Company to provide editing services to those clients in addition to traditional typing services. The primary advantage to this business model is simplicity—there is no proprietary workflow system to develop and maintain. There is, however, less opportunity for the Company to leverage technology to improve profitability. Some customers have legacy systems they have developed themselves. Over time, the Company expects to migrate customers with outdated legacy platforms off of their own systems and onto BeyondTXT. The Company provides services on numerous platforms: other notable examples include ChartScript (a 3M platform), Dictaphone (a Nuance platform) and Meditech.

CUSTOMERS

As of December 31, 2008, the Company delivers dictation and transcription services to approximately 154 hospitals and clinics with recurring revenue generally under long-term contracts or other arrangements. The average level of annual revenue generated by each customer was approximately $316,000 in 2008. The top 10 customers accounted for approximately 27% of 2008 transcription revenue, averaging $1.3 million of revenue each.

Revenue attributable to one contract with Providence Health System—Washington for four hospitals totaled $3,728,000 $3,269,000 and $3,017,000 or 8 %, 8% and 9% of total revenue for 2008, 2007 and 2006, respectively. As of December 31, 2008, the Company had separate agreements with approximately 44 customers who are owned by Health Management Associates, Inc., a single healthcare enterprise. Revenue attributable to members of Health Management Associates, Inc. comprised $10,267,000, $9,611,000 and $8,473,000 or 21%, 23% and 26% of the Company’s total revenue for 2008, 2007 and 2006, respectively.

On January 1, 2009, the Company purchased certain assets of DeVenture Global Partners, Inc. and acquired approximately 30 customers with this transaction.

COMPETITION

The Company experiences competition from many local, regional and national businesses. The medical trans

try transriptiongear.com's tech support. They do gearplayer tech support whereever you bought yo
transcriptiongear.com

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Regarding SS statement.....sm
This happened to me but I was actually working in the hospital. On a SS statement, they had me down for 0 dollars for a year...and this was 15 years ago. Since the hospital had merged and those records are nowhere to be found, I simply took my W2 down to the local SS Administrative offices and told them...they wanted to contact this employer but I told them good look, they no longer exist..and that if the fed gov took my W2, they certainly should...so they did and corrected it. Take your W2 down there pronto and get it straightened out for yourself.

As far as your 401K, you should have been receiving quarterly statements from the company responsible for handling your 401K. Medware has a private company handling this...so do you have your statements? You should contact that company and ask them what's going on.

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statement
Also, regarding this statement I will not work for a competitor for the next 12 months--basically stating that I will not begin to work for any company in the MT business and that I will not try to start my own business. Most companies need to give you an area (ex so many miles) that you would not work in. So try and get a definition of that statement as well.

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I do not get your last statement..

what do you mean do not over committ, be conservative, but they appreciate when you go over your lines?  Thanks! 

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Yes, I think in your last statement
Do not sign a contract that has you comply to a certain amount of lines because that is employee status.  I'm very flattered that you took the time to answer and copy and past, etc., but I am just stating my opinion and how IC should work if you are truly an IC.  A company cannot dictate hours, number of lines, minutes, set schedules, or anything of the such.  The only agreement signed is usually the fact that you will be contracting for that particular company and not try to take their accounts and also go along with the privacy act for patients.  I have never seen a contract for an IC that states you MUST do a certain amount of lines in a certain timeframe.  If there is a contract that states these terms, then you are considered an employee according to IRS guidelines because that is considered control. 

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What I was saying was her statement of a 30-day (sm)
waiting period for payment with Proveros was incorrect. So I stated the real truth, which, however one views it, could be good, bad or indifferent.

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Your statement is probably the most
idiotic one that I have heard in a long, long time. There is no one that could just spell check and make corrections there. I can tell you probably hate the idea of going on VR although seem to be headed that way because your post is so off the wall. Your behind would be out the door in no time if trying to send in work like you state. I am laughing at you and anyone else should who reads your ridiculous posting.

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That is an ignorant statement
nm

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Where can this statement be found?
t

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Please qualify that statement..have you ever used DQS?sm
just tell me please before I jump into another rediculous platform full of demo screens to wade through before actual transcription.

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This last statement is not entirely true. nm
x

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That--and make a statement with your OWN
.

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What a judgmental statement!!
Sounds to me like you could use some help with your manners too, Miss Southern Politeness! I'm willing to bet you've never even been to Pittsburgh but you seem to know how RUDE everyone is there.

What makes you an expert on regional manners and attitudes?

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I agree with your statement!
Yes, there must be a dozen of transcription companies constantly running ads every day, week, or month for the same type of job, etc. You would think they would save all of the hundreds of resumes they get the first time, but I guess that's another story. This job is a scary field today than it was 10 or 20 years ago. With so many jobs being outsourced to India or going straight to voice recognition, I cannot even imagine getting a decent salary with everything going on. It's very scary. I think medical billing/insurance is the next Career Step we should take because there seems to be tons of jobs out there since all doctors, hospitals, insurance companies, etc., want to get paid!!! Might be something for us to think about down the road before transcription gets phased out.

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Problem with your statement is
that in this job, I 10 years ago I was making twice what I make now. All my expenses have gone up, but earning power has gone down. How am I supposed to have a spotless credit record when they send my job over to India (happened with no notice at one medium-sized MTSO), raise my medical and dental ins. rates and deductibles, require me to furnish my own computer, my own internet connection, while they cut my pay rate by not paying for headers and footers, then not paying for spaces and returns, then redefining what a line is paying me the same rate cpl while making the line longer (esp. since they don't pay for spaces which means I don't get paid for about 1/4th of my keystrokes)?

I don't have awful credit, but I don't have great credit anymore because I have found myself with short paychecks because my employers overhired new MTs, delayed bringing on new accounts, etc. Many other MTs have experienced similar situations. Then, there are family members, and other situations that can result in ruined credit - none of which are any indication of how you handle money or how responsible you are.

They have work references to determine how responsible you are at work, not credit checks.

Besides, these credit bureaus and businesses are always coming up with new ways to mark up everyone's credit anyway. Now they mark it against you if someone checks your credit - absurd. People should raise h--l about the way we are treated in this country. We are treated like commodities for the corporations - as if we are mere consumer units.

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The first statement is true. I obviously SM
cannot name names, but I'm talking about large facilities and not small hospitals in small towns. No offense if you live in small town.

I agree with your second comment.

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I'd like to correct the statement about ICs (sm)

I'd like to correct the statement about ICs working for other people and not owning their own business.

I own my own business.  I work as an IC for the clients I transcribe for.  I filled out a 1099 and do the same work any other MT does with the exception that I don't work for an MTSO who is making money off me while I'm doing all the work.

I wouldn't dream of trying to acquire a client and then have them hold my hand.  That's why I waited as long as I did to finally go out and get my own accounts. 

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Statement made that **** is SM
now working for Softscript.  I thought she was working for Precyse.  I know none of this actually matters, I'm just wondering. 

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you need to back up your statement with Why
nm

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I am astonished at your statement
I am 66 years old and I would hope never to have started this job as a newbie, I would just blow the top of my head off. I started transcription in the 70s. What makes you think you know that only newbies like VR?? Surely to God you have better sense than to really think this. I cannot believe what I read here.

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From your statement it seems like you are overwhelmed with ASR
I have been working on the same system now for about 5 years and no outsourcing on our job because of it. I still have corrections to make, numbering seems to be an issue some as I have been told the dictators when numbering should all say next and then the machine knows to go to the next number but the dictators do not always do that. I am saying I was told that, do not quote on that point. My pay was never cut 50%, I make over $20+ an hour on voice now and right from the start (again has to do with system and training) our system just seemed to be an exceptional one. Some people do not like, others like me love it. No I am not MTSO, never have been, no I have no stock in the company, no I am not a newbie (30+ years here) and no I am not a slow transcriptionist. Just thought I would answer all the come backs before they appear. The same ones appear over and over as to why a person could possibly like voice. If most at your company entered almost exactly alike, the machine would train itself. If everyone works differently, say 1 person indents for numbering, another does not, then there is the issue. Sorry you have had such unhappy time with your program.

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That statement never made by the OP
She said she sucked it up.

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Now I truly realize with that statement
Brillant, hehe. Associating with the group that is having those infamous tea parties- now the postings make sense taking up for her. I get it. What kind of nuts do you like?

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Your totally erroneous statement about pay was
definitely out of line.

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Question on ADP pay statement for DQS work (sm)

My check this time was smaller than I anticipated.  On the old system my weekend bonus lines were included under the bonus heading, this time the only thing there were the NS hour bonuses. 

Before I call payroll I thought I had better find out if this bonus is now included somewhere else.  Maybe we aren't even getting weekend differentials anymore.  Any input before I call and make a fool of myself would be appreciated.

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Wanted to correct my statement - sm
I was reading above about the SS tax and now I know what the owner meant! She was telling me that as an IC I pay 15% SS. As an employee, I would only pay 7.5%, since the employer pays the other half. So, I'm fairly certain that GIMT does not pay the entire amount. Sorry about that!

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Totally disagree with your statement

The dictated H&P, CS, OP, DS reports are not so the hospital can be paid.  It is to provide continuity of care - aside from being a Joint Commission requirement upholding quality patient care.  JC decides the time lines these reports must be dictated and transcribed within.  It is NOT just so the coders can code or the hospital can get paid.  I transcribed a lot of reports from victims of 9/11.  They needed their transfer reports to go with them to their rehab or long-term facilities so the second facility would know the facts of their medical needs and how to care for them secondarily.

I don't know if you were around a few years back when many ER departments switched to a checklist to eliminate transcribed reports.  When the hospitals were audited and failed documentation requirements, the checklists were abandoned and a return was made to dictated reports.  The only checklists left in ERs now are for visits considered to be very low level triage patient not seen by a physician or PA.

Yes, there are rules about what must be included in all those reports, but that is a different topic and not linked to continuity of care.

Hope this clarifies some issues for you.

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okay, what are your qualifications to make such a statement??...
There are several 100 MTs at Cymed who depend on their jobs and do not need extra stress right now. Who did you work for that this happened to? Does your situation truly impact the current situation? Inquiring minds want to know.

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Editors need to make a statement by not
accepting these jobs. BY THE HOUR PEOPLE!! Tell these companies that pay by the line no way. It is **expertise** they are paying for here. I won't do it. I will get out of the field first.

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The statement "you get paid

when we get paid was a big STOP sign for me. All I know.

 

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This I find funny, your statement that is.... NM
NM

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This is not a problem with "my statement." It is how
x

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Read MTIA's statement on SM

credentialing.

Position

MTIA believes healthcare documentation workers (i.e., medical transcriptionists,

transcription editors, speech recognition editors, and quality assurance

coordinators) play a critical, interpretive role in accurately and securely capturing

patient care encounter information – information upon which further care decisions

are made, reimbursement processes are determined, and risk management

programs are dependent. For that reason, MTIA strongly supports the

development of a credentialed workforce, whose entry-to-practice and level II

benchmark skills can help transcription service organizations (a) deliver highquality

data capture and documentation to end-user clients and providers, (b)

embrace a service value proposition based on quality, and (c) educate end-user

clients about the need for a skilled, interpretive knowledge worker in the evolving

clinical documentation domain, particularly in the face of growing documentation

complexity and emerging technologies that might suggest human judgment is not

required for accurate health data capture and documentation.

 

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Spheris Financial Statement...sm

Moderator: This might belong on the Company Board. 

I had occasion to look at the 10-K form that Spheris files with the government and noticed that the company has reported net losses every year since 2004, starting with $3 million that year and accelerating to $19+ million in 2008 for a total of $57 million.  In other words, it would appear that the company wouldn't have paid any US federal income taxes since it was formed. 

At the same time, the company employs 4500 transcriptionists, of whom 2000 are in India.  Last I heard, transcription companies in India receive very favorable financing and tax treatment from that government. 

At the moment I'm not exactly sure how or why, but it's interesting to consider these two facts together.   You can read the 10-K yourself at the link below.

 

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That is a completely false statement
I have been with KS for almost 3 years now and they are, by far, the most caring, employee-oriented company I have ever worked for, and I have worked for many MTSOs over the years. If you are dedicated, dependable, and a hard worker, they will bend over backwards for you. I don't know where you got the idea that they only care about productivity. If you have problems, you need to contact one of the HIM managers or HR. They are all very, very nice people. Also, the CEO is one of the most caring people I have ever had the pleasure of knowing.

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Sorry, that should be "your" statement - OOPS
I make silly typos when I'm riled up. My bad.

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I agreed with your original statement ...sm

It seems MTs are in denial about what is happening to this industry.  Anyone who has done transcription for a while has seen the changes and the writing on the wall.  It is always the people that the technology is replacing who are the one who claim it can't happen or that the technology isn't good enough... again, denial!

 

I wonder if all those workers in the auto factories claimed machines couldn't do their jobs?  Surprise .. they can.  All the problems with VR only give someone a reason to fix it and make it better.  It may not be soon and it may be a gradual process, but we are being replaced, slowly but surely. 

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Facts

Once again, you do NOT have your facts straight.  I never said the doctors were not providing wonderful healthcare to their patients, just not wonderful dictation to MTs.  I'm a damn good MT and I do more than my share of ESLs, but if any MT gets those dictators for 8 hours a day, 98% of the reports, we all know their line count is going to suffer, just of sheer frustration.  Of course, you get any ESLs with any company, but there are better accounts, and any good MT knows they can get better line counts with better dictators.  My point, once again, is if any MT has the skills and experience to get a job where you have better accounts w/better dictators (notice I said dictators this time, not doctors since you seem to be so picky about my wording), then why should anyone have to put up with terrible dictation all the time when you can make a better line rate and get more lines with a different company.  And just so you know, these dictators can't even fill in their own blanks.  I personally played back one particular ESL dictator's report to him and asked him what the blank was.  His reponse was, "I don't have a clue.  Just do the best you can with it."  So, how can they expect us to be able to figure it out without compromising quality? I sent the report with a blank and let him fill it in with whatever he felt should go there.  My attitude is the attitude of any MT out there who is trying to make a decent check, especially if they're single and trying to support a family.  My atttitude is what landed me the job I have now where I make 2 cents more per line than TransHealth, get better benefits, have plenty of opportunity for advancement if I so choose, and have much more flexibility than the job I had with TransHealth.  If you like transcribe ESLs so much, why don't you just move your ESL-loving butt to India?  You will have no problem getting plenty of ESLs there.

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Facts
FACT: There was ONE pay cut, not two, and it was temporary.

FACT: Karen was not let go, she quit. I know that there was a lot of confusion when she left and she still has a lot of files (or did last I heard).

FACT: Although the situation was not discussed with all of us, I asked Lee (when she answered the phone one day) about a discussion I had previously had with Karen and she was not insulting about Karen. She said that the "fit was not right" and that she was sorry that things did not work out as Karen is a wonderful person. I think that all was good when she was a transcriber for the company and that things changed after she did hiring.

FACT: There are over 100 of us (I do not know an exact number) so obviously there is a lot of good at Keystrokes. Their customers are happy or they would not be around for so long.

FACT: You cannot please all the people all the time.

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no facts
No, they don't outsource to anyone else.

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FACTS?

It seems that we live in an age where each person feels that his/her opinions represent true facts.  There are facts and there are opinions.  Most value judgements (such as whether a company is good or bad) are just opinion.  Why can't MTs figure it out that what is good for one may be awful for another?  Seems simple to me.  Now, don't get me wrong.  When a company has some really terrible attributes, such as not paying or paying with bad checks in a setting of doing it over and over and not just making an honest mistake, we are then talking about facts when we call this a bad company.  It is no longer just an opinion.

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You don't have the facts
Interesting.  I got the facts from the recruiter.  So, maybe you don't know what's going on there.

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Your facts just don't add up!
Actually, I just returned from a nice long walk on the beach, thank you! The Pacific Ocean is my backyard, and I spend a lot of time walking, biking, skating, swimming, and playing Volleyball at the beach!

By the way, we do have a short pier that you can take a long walk off when you are done wasting time testing and interviewing with other companies for whom you have no intention of working.

How can you possibly know whether a company is better or worse than Medquist until you actually work for them? You make absolutely no sense whatsoever, which makes you the perfect MedQuist employee!

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I agree. You have no believability given your blanket statement.
x

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That is the most asinine statement to make about bad wages!!
This has to be your hobby.

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2005 MW Social Security Statement

Thank you very much for alerting us to this. 

I am ex-MW employee.  I too am going to report MW as my 2005 SS statement was not reported.  I hope they are FULLY investigated.

I am going to call SS in the morning.  Who should I notify in the Department of Labor?

I also did not have my state taxes taken out by MW, but I was required to pay my state taxes as if I were an IC in my state, even though I was an employee in this company. 

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well that is why this second statement i made said "need to clarify"...
I would never want to give this company a bad name and that is why I clarified the first statement I made, so people would not get the wrong idea...and no I am not management...

you have a nice weekend and a pleasant day.... :)

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...and perhaps adding a statement to contract before signing
outlining course of action (fines, etc.)in the event. If they have a problem with that - well...

Why is it we do not have our own contracts to present to companies? Two areas of concern - guarenteed work and failure to pay.

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That statement doesn't make any sense at all
x

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This statement makes ABSOLUTELY NO SENSE!!!!!
In a way, I bend over backwards to avoid anything other than OPs, but because of my willingness to be flexible, they bend over backwards for me

Bend over backwards to avoid doing anything but OPs and you call yourself flexible??? I think not.

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