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Serving Over 20,000 US Medical Transcriptionists

Huge Industry News

Posted By: rottie on 2006-02-08
In Reply to:

 Here's something for y'all to talk about...


 


 



Nuance to Acquire Dictaphone, Accelerating Strategy
to Eliminate Manual Transcription in Healthcare


 


Acquisition Greatly Expands Nuance Speech Solutions and Channels for Healthcare


 


BURLINGTON, Mass., and STRATFORD, Conn., February 8, 2006 – Nuance Communications, Inc. (Nasdaq: NUAN) and Dictaphone Corporation today announced a definitive agreement whereby Nuance will acquire Dictaphone, the leading provider of dictation and speech recognition solutions for the healthcare industry.  This acquisition significantly accelerates Nuance’s strategy to automate manual transcription in healthcare, where an estimated $15 billion is spent worldwide each year.  


 


The acquisition of Dictaphone expands Nuance’s product portfolio, market reach and revenue streams within the large and rapidly growing healthcare vertical.  One of the most respected technology solutions vendors in the healthcare industry, Dictaphone has an installed base of dictation and transcription software systems serving over 4,000 hospital and outpatient facilities and approximately 400,000 physicians.


 


“Improvements in speech technology and pressures on the healthcare industry create a compelling opportunity for our companies to transform manual transcription through speech-enabled solutions,” said Paul Ricci, chairman and CEO at Nuance.  “The combined resources, experience and talents of Nuance and Dictaphone will help accelerate the adoption of speech recognition to eliminate most manual transcription for healthcare in North America this decade, delivering over $5 billion in savings to care facilities and transcription service organizations.”


 


Nuance expects the acquisition to add between $80 million and $85 million in revenue in fiscal year 2006 and between $180 million and $200 million in fiscal year 2007.  The transaction is expected to generate cost synergies between $20 million and $25 million per year.  The acquisition is expected to be dilutive to earnings on a GAAP basis by approximately $(0.12) to $(0.11) cents per share in fiscal year 2006 and $(0.05) to $(0.02) cents per share in fiscal year 2007.  On a non-GAAP basis, the acquisition is expected to be accretive to earnings, excluding amortization, acquisition-related costs and stock-based compensation, by approximately $0.02 to $0.03 cents per share in fiscal year 2006 and $0.06 to $0.09 cents per share in fiscal year 2007. 


 


Under the terms of the agreement, consideration for the transaction is $357 million in cash, subject to adjustments.  Nuance has obtained a commitment for a new senior secured credit facility from UBS Investment Bank, Credit Suisse, Citigroup and Bank of America to finance the transaction.  The facility comprises a $355 million term loan and a $75 million revolving credit facility.  Closing of this commitment is subject to customary conditions. 


 


“We are pleased that the strong cash flows we expect to generate from the synergies of the recent Nuance merger, as well as those from Dictaphone, allowed us to obtain an attractive financing package without issuing additional equity,” added Mr. Ricci.


 


The acquisition has been approved by both companies’ Boards of Directors and is expected to close by March 31, 2006 subject to regulatory approvals and customary conditions.  Nuance and Dictaphone were represented by Evercore Partners and UBS Investment Bank, respectively.


 


Dictaphone Brings Extensive Products, Penetration and Expertise for Healthcare


Through the companies’ strong partnerships with leading electronic medical records (EMR) vendors, systems integrators, medical transcription service organizations (MTSOs) and Nuance’s established network of Dragon Dictation Solutions VARs, the combined organization will be better positioned to effectively serve this market through an expansive portfolio of technologies and applications, and a deep set of services and capabilities.


 


“We share with Nuance the strong belief that speech recognition is not only at an inflection point in healthcare, it is also becoming an essential component of the industry’s drive toward cost reduction and clinical automation,” said Rob Schwager, chairman and CEO of Dictaphone.  “By combining Dictaphone’s software application skills, understanding of physician documentation needs and workflows, and substantial market presence with Nuance’s deep expertise and innovation in speech recognition technologies, the combined company is extremely well-positioned to lead the market.” 


 


Benefits of the transaction include:


•         Enhanced Revenue Streams from Complementary Product Lines – Dictaphone adds significant and stable recurring revenue streams from many of its products and services, including ichart® Web-based speech recognition editing outsourcing service, PowerScribe® speech recognition system for radiology and pathology, EXSpeech® enterprise-level speech recognition platform, and Enterprise Express® voice/text workflow management solution.  Further, Dictaphone’s product portfolio complements Nuance’s Dragon Dictation Solutions, with a complete solution set for automating the capture and processing of patient data and clinical documentation.


•         Talented and Accomplished Employees – Dictaphone brings a dedicated, talented team of professionals whose healthcare knowledge and expertise has established Dictaphone as the premier provider of dictation and transcription solutions.  Part of this employee base includes more than 200 sales and professional services staff that have forged customer relationships with a majority of care facilities in North America.  The result is a robust, experienced sales, support and services organization focused on delivering highly accurate speech-enabled solutions to the healthcare industry.


•         Strong Customer Relationships – Dictaphone has a track record of selling systems to a wide range of healthcare institutions and has an installed base of approximately 4,000 hospitals, clinics and physician groups, including virtually all of the Top 100 and honors-winning hospitals in the U.S.  In addition, Dictaphone’s solutions are currently used by approximately two out of every three physicians in North America. Following the acquisition, Nuance will have one of the industry’s most extensive rosters of IT system deployments.  


•         Extensive Healthcare Research and Development Resources – Dictaphone has a rich history with more than 75 years of experience and a team of engineers and scientists with years of domain expertise in developing the most innovative and effective speech solutions for healthcare.  Following the transaction, Nuance will gain approximately 100 patents and patents pending from Dictaphone, expanding its portfolio of intellectual property to comprise approximately 500 patents protecting the investments made within its range of speech technologies and products.


•         Strong Partner and Channel Networks – Nuance and Dictaphone intend to leverage a strong network of product and channel partners to rapidly deliver the benefits of speech recognition throughout the healthcare industry – from healthcare IT and EMR vendors and systems integrators to dictation workflow providers and MTSOs.  The combined organization will deliver the most widely used speech technology within healthcare, integrated with solutions from industry leaders such as Cerner, GE/IDX, McKesson, and Misys Healthcare Systems. 


 


Since 2004, Nuance has steadily increased its investments within healthcare, putting substantial resources in product development, sales, business development and marketing behind this effort.  The company has continually enhanced its medical version of Dragon NaturallySpeaking, formed a dedicated sales and business development organization and recently acquired MedRemote to broaden its solutions portfolio and expand its presence in healthcare.  These investments produced record dictation revenues for Nuance in 2005.  The success that Nuance has experienced through its healthcare initiatives further validates a compelling opportunity for growth and leadership.


Favorable Industry Environment



Today, the healthcare industry is under pressure to streamline operations and reduce costs while at the same time find new ways to improve patient care.  Analysts predict that clinical automation will become an essential component of healthcare delivery to address these mounting pressures.  Gartner, a leading independent research and advisory firm, believes that self-edit or “once and done” speech-based transcription will achieve mainstream market acceptance in two to five years, in which time the benefits of the technology will have been demonstrated.1   Gartner predicts that care delivery organizations that implement speech-to-text supplementation of transcriptions will save up to 30 percent or more on transcriptions, and in radiology and pathology departments, the savings could be in excess of 50 percent.2


 


To that end, Nuance sees a significant opportunity based on industry dynamics that include:


 


•         Large Addressable Market – An estimated $10 billion per year in North America and $15 billion worldwide is spent by healthcare organizations to manually convert recorded dictation into electronic transcripts.  Unprecedented speech recognition accuracy achieved in recent years has proven the ability of speech-based solutions to generate significant productivity gains compared to manual processing of recorded dictation.  The company believes that speech-based transcription technology has penetrated only five to 10 percent of the healthcare market in North America.


•         Increasing Electronic Patient Data – An estimated one billion patient records are created each year in North America alone, a volume that is expected to increase as the population ages.  The industry’s move to EMRs demands the creation of robust clinical data repositories of patient information.  Dictaphone’s natural language processing technology permits extraction of key data from the large volume of narrative medical reports produced every year, offering customers the ability to enrich their data repositories significantly.


•         Accelerating Adoption – The ability of speech recognition to deliver real benefits in automating the processing of recorded dictation comes at an ideal time – when organizations have increasing patient reporting requirements, IT spending within healthcare is increasing, and the industry drivers for solutions that promote EMRs and patient safety are strong and growing.  In recent years, hospitals, clinics, medical groups, physicians’ offices, insurance providers and service organizations have increasingly turned to speech solutions to automate manual processes and accelerate the adoption of EMRs.


•         Government Investments and Mandates – Facing rising healthcare costs and aging populations, government agencies worldwide are increasing their investments in healthcare technology, including HealthConnect in Australia, the National Programme for IT in the NHS within the United Kingdom, and the United States National Health Information Infrastructure initiative.


 


Investor Conference Call Information


In conjunction with this announcement Nuance will broadcast a conference call over the Internet today at 8:30 a.m. ET.  Those who wish to listen to the live broadcast should visit the Investor Relations section of the Nuance Web site (www.nuance.com) at least 15 minutes prior to the event and follow the instructions provided to ensure that the necessary audio applications are downloaded and installed.  The conference call can be heard live by dialing (800) 230-1092 or (651) 224-7558, five minutes prior to the call and reference conference code 818371. A replay of the call will be available within 24 hours of the announcement. To access the replay, dial (800) 475-6701 or (320) 365-3844 and refer to access code 818371.


                                   


About Dictaphone


Dictaphone, ranked 31st in Healthcare Informatics ranking of top 100 companies by healthcare revenue, is the leading provider of dictation, transcription, speech recognition and natural language processing systems in the healthcare market.  Dictaphone’s Integrated Voice Systems division is the leading provider of highly scalable dictation systems focused upon the public safety and legal markets.  Dictaphone is headquartered in Stratford, Connecticut, and has worldwide marketing, sales, service and support organizations throughout United States, the United Kingdom, Canada and Europe.


 


Nuance Communications, Inc.


Nuance (Nasdaq: NUAN) is the leading provider of speech and imaging solutions for businesses and consumers around the world.  Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents.  Every day, millions of users and thousands of businesses experience Nuance's proven applications.  For more information, please visit nuance.com.


 


Nuance, the Nuance logo, Dragon and NaturallySpeaking are trademarks or registered trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other company names or product names may be the trademarks of their respective owners.


 


# # #


 


[1] Gartner Research, “Hype Cycle for Healthcare Provider Technologies,” by Barry Runyon, James Gabler, Thomas J. Handler, M.D., Barry R. Hieb, M.D., John-David Lovelock, Wes Rishel, Vi Shaffer.   July 14, 2005.


 


2 Gartner Research, “Underlying Information Technologies in Healthcare in 2004,” by Joanne Galimi, Cynthia E. Burghard, Janice Young. April 16, 2004.


 



SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS


Statements in this document regarding the proposed transaction between Nuance and Dictaphone, amounts spent on manual transcription in the North American healthcare industry, benefits and synergies of the transaction, the expected timetable for completing the transaction, future financial and operating results, expectations that the merger will be accretive to Nuance’s results, the method for financing the transaction, future opportunities for the combined company, the product portfolio of the combined company, the intellectual property portfolio of the combined company, the opportunity for automated speech solutions in the healthcare industry, and any other statements about Nuance or Dictaphone managements' future expectations, beliefs, goals, plans or prospects constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any statements that are not statements of historical fact (including statements containing the words believes, plans, anticipates, expects, estimates and similar expressions) should also be considered to be forward looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including: the ability to consummate the transaction; the ability of Nuance to successfully integrate Dictaphone’s operations and employees; the ability to realize anticipated synergies and cost savings; the failure to retain customers; and the other factors described in Nuance’s Annual Report on Form 10 K/A for the year ended September 30, 2005.  Nuance disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this document.


 


Discussion of non-GAAP Financial Measures


Management utilizes a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, for making operating decisions and for forecasting and planning for future periods.  We consider the use of non-GAAP earnings per share particularly helpful in assessing the organic performance of our business from a cash perspective.  While our management uses this non-GAAP financial measure as a tool to enhance their understanding of certain aspects of our financial performance and prospects for the future, our management does not consider this measure to be a substitute for, or superior to, the information provided by GAAP earnings per share.  When evaluating the prospects of a transaction, one factor our management considers is the impact on, accretion or dilution of, our GAAP and non-GAAP earnings per share.  Consistent with this approach, we believe that disclosing Accretion/Dilution of non-GAAP earnings per share provides useful supplemental data that, while not a substitute for Accretion/Dilution of GAAP earnings per share, allows for greater transparency in the review of our prospective financial and operational performance.  In assessing the impact of the Dictaphone acquisition, our management has excluded certain acquisition related expenses, each of which are described below.


 


We excluded certain expense items resulting from acquisitions to allow more accurate comparisons of our financial results to our historical operations, forward looking guidance and the financial results of our peer companies.  These items include the following: (i) amortization of intangible assets associated with the acquisition; (ii) acquisition-related costs; and (iii) stock-based compensation.  The acquisition of Dictaphone will result in non-continuing operating expenses which would not otherwise have been incurred.  We believe that providing non-GAAP information for certain expenses related to this acquisition allows the users of our financial statements to review both the impact of this transaction from a GAAP perspective, as well as from a non-GAAP perspective, thus providing for enhanced understanding of our future financial results.  Additionally, had we internally developed the products acquired from Dictaphone, the amortization of intangible assets would have been expensed historically, and we believe the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to industry performance.


 


The non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.  Further, investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.  In particular, many of the adjustments to the Company’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in the Company’s financial results for the foreseeable future.  In addition, other companies, including other companies in the Company’s industry, may calculate non-GAAP net income (loss) differently than the Company, limiting its usefulness as a comparative tool.  Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from the non-GAAP financial measures.  In addition, as noted above, the Company’s management evaluates the non-GAAP financial measures together with the most directly comparable GAAP financial information.


 


 


Nuance Communications, Inc.


Reconciliation of Supplemental Financial Information


(in 000’s, except per share amounts)


Unaudited


 


Estimated Per Share Impact of Dictaphone Acquisition


 





 








Contacts:


 


Erica Hill


Nuance Communications, Inc.


Tel: (781) 565-5218


Email: erica.hill@nuance.com

 


 


Don Fallati


Dictaphone Corporation


Tel: (203) 381-7218


Email: don.fallati@dictaphone.com



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I was thinking about the huge industry news below

This is just my conjecture based on the hospitals and clinics that I have worked for in the past. 


1.  The up-front expense for the highest quality VR would almost seem to be out of reach for the independent physician or even very small clinics, say for example in a small, rural town.  I just can't see every single physician purchasing this high-end technology, especially new physicians trying to establish their own practices along with paying all their student loans, etc. 


2.  Working with several national MTSOs over the past 16 years, I have worked on close to 100 different hospitals and clinics around the country and quite a few of them were large teaching hospitals.  I can see the technology developing to the point that it would be able to put out a fair-quality (maybe even occasionally good quality) back-end report.  But, no matter how excellent the technology is, I cannot see it being able to correct the mistakes these dictators make that are not related to grammar or spelling.  I can't see the computers picking up medication errors, dosage errors, incorrect dates, new operative equipment, being able to correctly flag right/left, or correct spelling of cc'd physicians' names.  With all the times I've had residents, PAs, or NPs dictate sentences, erase them, start again, erase them, and then end up saying go back to where I said [fill in the blank] and put [such and such] instead, I can't see a machine being able to correctly interpret all that. 


For these reasons, I can't see the total elimination of manual transcription without a drastic rise in the cost of risk prevention, malpractice insurance, etc.  It may be the wave of the future, but I don't see it completely eliminating the need for human transcriptionists.  I do, however, see it creating a need for certified, licensed transcriptionists completing the work the computers won't be able to.   But again, this is all JMO and my thoughts regarding it.   Any other thoughts on this?

Saw on the news that ID theft is big biz in India cause of the credit card industry sending their
NM
I think this could only be done with a huge client base, or a huge number of say only
s
No news is good news for me. I check my audited reports all the time
If I need to talk with one of them, I call or IM them.  But, no, I have learned that if I am doing a good job, they leave you alone to do your work.  They are not in any way a company that micromanages as long as you do what you are supposed to.  If you give them a reason to think you are not doing what you are supposed to be doing, they will keep an eye out on your work, etc. 
I thought no news is good news, too. Then got email about
p
No news is good news! If there's a problem, they'll
__
I guess no news is good news! :-)
Thanks anyway!
If no news is good news why is a person
.
I agree - no news is good news - sm
They are busy making sure you have work and want you to stay productive and busy.  What is there to talk about?  I personally like being left alone to do my work.  As long as you get a check and the work keeps flowing, just do your thing! 
Is this news should have been labeled NEWS ALERT ...
This is breathtaking information and everyone who works at TT or is considering has the right to know. It will be buried with a title like is this news? It seems as if you are responding to the first poster's complaint of no work.
Sometimes.....NO news is Good news. sm
Maybe you are doing just fine and everything is correct. Maybe they do no feel you need feedback because your quality is excellent!!

Good thought for the day :-) !!
good news and bad news ----
Good - plenty of work, just landed a new acct.

Bad - Check posts from a few weeks back. Out of the blue, everyone got a huge pay cut.
Way of industry
I guess what is considered a good salary has gone down since the last time I changed jobs. Sounds like you are talking about the same company I just left, only I don't consider anything less than 10 cents a line to be good after as many years as I have been MTing (and that is a cut for me). I guess its back to soliciting doctors and not working for a company anymore from the looks of things.
What is the top pay in the industry (sm)
today?  In other words, if you have many years experience, CMT status, high quality QA review, work your schedule,  and do high quality work, what per line can you make?  What is the top right now?  I presently make 8 cents a line and have for many years.  I am curious how much farther companies are paying - or not?  I thought it might be fun to see what others are making/expecting to make?  Thanks for the input!
Only in this industry...

I'm wondering how it is that a whole group of SR editors allowed JLG to breach their original contract?  This just goes to show you that a company can change the rules any time they want.  All they have to do is threaten to fire you if you don't agree to whatever changes they feel like making.  I wonder if any of the SR editors were able to collect unemployment??


BTW, I was hired by JLG in 2007, but quit on the first day of training.  Too many RED Flags made my vision suddenly crystal clear.


 

WELL SAID, THAT GOES FOR ANY INDUSTRY..SM

It's only human nature to care about your work when it's appreciated and halfway decently compensated.  When you have to scratch out a living, though, and feel exploited, well, who cares?

It's not just this industry

It's not just this industry that does things like this.  I spent many years working the front desk in hotels - front desk and night audit.  The executive office staff had paid holidays, etc.  Heck, they had LUNCH BREAKS that the front desk rarely got.  We did get paid time and a half if we worked a holiday, but depending on how cheap the management company was that ran the hotel, there were usually only 6 of those per year.


I worked for 4.5 years for a small, family owned insurance agency.  It was amazing to me what the owners/family did that cost the company $$, but god forbid I actually take a day off sick............. 


There's always a sort of a double standard between the line employees and people who are considered back office or management, etc.  It's just the way the world works.    It doesn't bug me.  I don't have anyone looking over my shoulder making sure that I'm doing what I'm supposed to be doing or interrupting me every 5 minutes to ask me to  do something else that is an emergency because of their bad planning.  I don't have to stop what I'm doing every 5 minutes to answer yet another phone call from a client.   I never have to worry that at the end of the day I have 57 things started, but NONE of them are done.  I don't have to work till 9 pm at night (having been there since 7 am) in a salaried position because the workday is so frenetic that's the only way to actually get something completed.  I don't have to lay in bed at night wondering what is on my desk that I didn't get done that is going to get me and the company sued.  I can have my TV on or not as the mood strikes.  I can work in a T shirt and pajama pants, or I can get dressed like a real person again as the mood strikes.  I don't have to pretend to be sociable to coworkers who make my life a living he!!.  I don't have to deal with hotel guests who are unhappy because of incompetent management and complete lack of communication with the front desk staff.  I can sit and have my coffee and play with my cats and then just go into the next room and go to work.  On my lunch break I can take a walk around the block to clear my head and wave at my neighbors.


Life is pretty good, as far as I'm concerned.  It could be and (for me, at least) has been a lot worse.  

For those of us who have been in other industry.
Things are the same all over. Nobody gets recognized for the work they do until it's time for the retirement party. I suspect that since I work at home, I probably won't even get a retirement party.

I don't expect anything from my employer other than a paycheck. That is my reward. This Christmas, I am very happy I have a job. There are many people out there who don't have a job and would take mine in a second. It is 2 below outside, and I am grateful I have a roof over my head. Again, there are lots of folks who don't have that. I have food on the table and I could buy gifts for my kids. In my mind, I really don't have anything to complain about.

Besides, is a $25 gift card really going to make a big difference in your life? I wouldn't think so.
All W2s, regardless what industry,
company, etc., have to mail them by 1/31. This is the law, not just for MTs but everyone.
The industry would never have gotten as far as they have -
when it comes to screwing their employees if MT had been a male-dominated field. And what put it over the top was when the internet made it possible for MTs to work at home. Once we were isolated from each other, and the outside world, they just started a feeding-frenzy of rewarding themselves by siphoning off whatever profit and benefits was in it for us. Today, we pretty much work only for the so-called benefit of working at home. For me, the novelty of working at home wore off years ago, as I began to tire of the constant poverty level. Why women as a whole won't join together and stand up for themselves is beyond me, but that's how it's always been, and it's why sweatshops around the globe continue to thrive.
You don't know much about how the industry works, do ya?!
ROFL

Change your schedule monthly? Oh, so the company should have to readjust and possibly hire more for one month just because you want to work different schedule next month and it leaves them without coverage for their clients (which, by the way, PAYS YOUR CHECKS).

You don't want annoying emails all day but you want communication on your accounts? LOL Which is it?!

Tons of work? Gonna take tons of line counts to get it done with tons of commitment on a set schedule to make sure its covered. ??!?!?

An account liason with a real person on the other end...blah, blah, blah. Can't read? Don't wanna read? Soooo, you think the company should take on more overhead to pay someone to sit at the end of the phone and personally tell you what you can and can't do?! LMAO

If all MTs did their work there shouldn't be any on weekends. Hmmmm....LOL I guess those who dictate on weekends are outta luck, huh?! ROFL Make sure they tell clients, "Uhmm, we hope we'll cover you on the weekends but because the MTs may or may not want to cover weekends we might not be able to." Yeah, that will keep clients (again who pay the company so they can PAY YOUR CHECK).

OMG this is all so rich. Just not enough time to continue on here...but you get my drift.

Get over yourself. This is a business just like any other.

Don't like it? Get out. Dream on with the "fantasy" job. Or, wait, wait -- BETTER YET --- Open an MT business yourself and let's all watch you put all these wonderful things in place and see how much business you really get, how many GREAT MTs you get, and how much profit YOU turn!!!

LMAO!!


The industry needs more new graduates like you ! nm
nm
I think the industry standard is using
independent contractors and you get neither vacation or sick pay. 
Another example of how this industry has changed -

that's why many are leaving this profession.  After 10 years, that is how you're treated.  It's a shame - and very degrading.

I think this is probably the industry standard
.
U R so right! The MT industry gets away with so much unethical
If all MTs were to rise up one day, suddenly become VISIBLE, and make their voices heard, maybe the industry would be put on notice to clean up their act.
It's not just our industry that's affected...sm

Try calling your ISP, cell phone carrier, cable or satellite company, etc for company service and more than likely you'll receive someone who isn't in the US. 


Want to buy furniture?  Good luck finding it American made. 


What about your clothes you're wearing? More than likely not made in America.  After all, that's how places like Wal-Mart is able to provide the low prices we want.  When I was in high school back in the late 70s a pair of Levi's would cost you around $20.  They are still around $20 - and it's almost 30 years later - yet the cost of producing them has gone up so something has to give to keep them cheap. 


What about your car?  It's hard to find the words American Made Car and Top Quality in the same sentence unless you have $40,000 or more to spend.  Most of us can't afford that so we go to cheaper vehicles - that are in part or wholey made out of the US.   Kia is building a plant here in Georgia that will open next year - and it cost our state millions to get this deal to provide jobs for Americans.  They've already more people asking about jobs with them then they'll have openings for - and they haven't even started hiring yet. 


Now look at food.  Where does your produce come from?  Increasingly from Mexico because of pricing. 


Now let's take our situation of healthcare and our jobs as transcriptionists.  Hospitals demand lower transcription pricing and get it because of competition.  Long gone are the MTSOs getting 20 cpl for a gross line.  MTSOs now do good if they get 9-10 cpl for a 65 character line - without headers/footers.  The hospitals don't care about the individual Transcriptionist because we don't provide direct patient care that they can bill for - even though if we don't transcribe correctly they can't bill - but they don't view it that way.  On the other hand if you're an oncologist or radiologist and want a new play purty you'll probably get it because it'll make them money. 


America has always been a free society with free trade, and as long as that continues our jobs will continue to increasingly leave the borders.  Will government care? Not really because the lobbyists line pockets with cash and gifts to keep getting what they want.  Here in Georgia the head of an area in the state was recently publicized as being unusual because she refuses to accept even a cup of coffee from anyone wanting to do business with the state.  That's the way it should be - instead of the exception to the rule.

God - this industry is populated almost entirely
!
Industry standards
are a 3:1 ratio

4:1 ratio is slow and I'm not trying to diss you, just giving you facts.

Industry standard also uses 1 minute of dictation = 10 lines of transcription, which I've found is more like 8 most often, but that doesn't change the industry standards.

Some interesting links:
http://ezinearticles.com/?Medical-Transcription-Standard&id=1079391

http://www.astm.org/BOOKSTORE/COMPS/127.htm

http://www.fortherecordmag.com/archives/ftr_05122008p18.shtml

Those links don't give you the specifics you asked for here, but those links will show you where the REAL ADVOCACY for MT is --- IOW you'll notice that ADHI/AAMT is NOT cited

Re-entering the industry sm
Hi. I'm re-entering the industry after 2-years to work with my husband's company, not MT related at all. I had finally gotten a great account with a great company five years into the biz and lost it after 6 months due to the account going in-house. I threw in the towel for 2 years. I have noticed that things have changed a good bit since then, in the fact that these companies don't really need you to actually do the transcription part unless they are seriously interested in you. That has been my experience anyway. I remember one time I was trying to find a great company, and I spent a LOT of time transcribing sample reports.

Thanks for the input. My biggest problem is that I'm customing my cover letter for each application, and I'm making stupid mistakes like referencing this site when I saw the job at another site. Geesh. I even sent out a cover letter the other day and forgot to spell check because my cat was at the door driving me crazy wanting in. I typed, I am very conscientious of my work quality and mispelled conscientious. I'm sure they got a hoot out of that one! Then I signed my email on another one as my kids mother, the signature block I use for the school. GEESH! TGIF!!! :) Thanks for chatting! I've had WAY too much coffee!
Its a lie, they were both in MT industry long time before they met
x
I mean nothing by it but everyone knows this is a constantly changing industry! nm
.
It's the cost of doing business in any industry. They know this, or should. nm
x
Something greatly lacking in this industry is
It's like nothing I have ever seen in my life, and I have had a lot of exposure to many corporate, medical, legal, restaurant jobs in all parts of the United States. This job gets you less respect than a chambermaid job. I did that in college. Yes, this MT industry is the pits. What a shame! It used to be so good.
The original poster had it as if the industry has
a blackball list. Speaking as a recruiter, I can tell you that we do not. There are people who might not be good for one company that might fit well into another so this kind of thing as I see it does not exist and if it does, I know my company does not participate nor does anyone I know who recruits.

If it exists, it only exists privately then, certainly not an industry thing.
An Industry Double Standard??

All of the posts about some potential blacklist started me thinking this week. First, let me say I don't think one exists, and I do think there is an informal network where someone any of us may have worked with might work at a company or whatever and information is shared. But here's my question.


While I don't believe in a blacklist concept, we DO seem to have that with employers here. So my question is, what's the difference? Why is it okay for MTs to say DO NOT work here... and it's not okay for an employer to say DO NOT hire this person... And I'm asking aside from the legal reasons of what can and cannot be given in a formal reference check. I'm talking about the informal network that we have in our industry.


The reality is, like it or not, all MTs are not created equal just like all employers are not created equal. And there is no one size fits all company or MT in our industry.


So what makes this different? Why is okay for MTs to blackball a company and not the other way around? I'm not asking for argument, purely curious about your thoughts on this. Thanks.

I you just say you were at HEartland, anyone in industry will know what happened and why you
:+
And industry would pay the lowest wage possible
if people are willing to take it! People have to be pretty desperate or just not too bright to even agree to do this kind of work for low pay.
Then why don't you bring this to them??? A big problem in this industry is that sm
if someone has a problem, they vent on here rather than to the source. If you are unhappy there, why do you still work there? There are other companies to work for. If you think they are cheating you, let them know. Give them a chance to fix it before you assume that they know what you are working and how many hours.

Are you HIM or radiology? I am in radiology and have a set schedule. My friend is in HIM and is flex hours.
is it true that the only way to get a raise in this industry is to get a new job?
x
There is no industry standard for pay dates.
I know someone who almost left the industry because of SoftScript sm
She said she still gets the willies thinking about them. Really bad. Sounded like MedScribe Jacksonville to me... I had a similar reaction... almost left the industry and still shudder to think of them.
Exactly. Even comparing our industry to carpentry.
industry workers have a plan - a set plan and structure for their trades. You progress up the figurative ladder, gaining more skills and expertise, and you get paid accordingly - money, benefits, where to sit on the scaffolding, etc. LOL.  Would a man who was a slacker complain and ridicule his peers when they wished they made more money for their skills?  Its so beyond ridiculous that its almost funny, right??? Oh, please, dear employer, I don't want anywhere near what i deserve to be paid. I like making peanuts, because I can play games with my kiddies in my jammies and type a few lines now and again...so, no, please don't pay me more to do so.  Heck, making more $$, our happy mom poster could even buy little Jimmy MORE games. Would that maybe strike a cord or flip the light switch on??? Honestly.... I can just see the master carpenters having debates about same.
The industry standard is leaning more......... sm
toward the use of numerals rather than spelled out words as numerals tend to stand out more. The use of Roman numerals is also being phased out, except for things like cancer stages. I don't think Webmedx is cheating anyone out of lines by requiring the use of numerals.

As I said below, not every company is a good fit for ever MT. Why not just let this all go and find a company with which you can be happy?
People like you spoil the industry.
It's an employee's responsibility to report unethical behavior. Only a pitiful excuse for an MT (or human being for that matter) would look the other way and on top of that actually insult the ones who actually have the balls to say something about it. Just because you are too cowardly to stand up against dishonesty, doesn't mean you have to trash thoes who are not.
You misread. The entire MT industry is a
out of hundreds of thousands. Most people that get hired for job get put to work as soon as possible. The MT industry 'hires' people, then twiddles around with them for weeks. The MT is always the very last one in the pecking order, even though they are the ones who actually do the work that the MTSO gets paid for.
It's like an entire industry run by a bunch of
With a little luck, and some back-at-ya kharma thrown in for good measure, maybe one day some of the MTSO CEOs will be Bernie's new 'neighbors'.
The industry HASN'T advanced. sm

That's what the 'gripes' and 'complaints' are about.  Technology in this field has advanced, but normally with advancement of technology comes advancement with compensation for continuing education.  That's not happening in this field.  THAT's what the complaints are about.  I, for one, welcome advancement in technology.  I'd still be working on a Selectric typewriter with carbon paper if I didn't.  What I don't welcome is the fact that while technology is advancing, the working conditions are declining.  While we are continually learning and sharpening our skills, researching new terms, equipment, drugs, procedures we are LOSING pay.  This is one of very few industries where the workers are continually required to learn more and do more, but the compensation is going backwards instead of advancing.  When technology advanced for the physicians and for the nurses, did they take cuts in pay?  No, they actually advanced with their fields and their compensation increased based on the justification that they had invested time and money to learn the new technology.  They became 'specialized.'  When technology advanced for the medical centers and hospitals, did they lower their prices because their staff could do their jobs in a few less steps?  No, they raised prices based on the premise of increased price of equipment and costs for doing business.  What about us??  We have increases as well!  What honestly justifies a cut in pay when the cost of everything else is skyrocketing?  Can you tell me that??


This MT board is really the only way we have to communicate about our field.  The 'griping' and 'complaining' is a symptom, and there wouldn't be a symptom if there wasn't an illness.  So obviously there must be something wrong with the way this field of medical transcription is moving.  This networking board allows us to discuss it openly where we can't with our employers or management.  It almost seems as if some people won't be happy until they can take that away from us too. 

It seems like price fixing in t this industry.
They all pay the same unlivable wages. Anybody know a lawyer? Ask about a price-fixing lawsuit.
Not ashamed to be part of this industry, but
definitely embarrassed to think of medical industry people checking out this forum and finding what it has sunk to.

That so many people are in trouble these days is heart-rending. The problem is when it comes out as anger expressed in irrational, libelous, and abusive attacks on others, including employers.

And especially in these remarkable days of the Information Age, there is simply no excuse for the astonishing degree of ignorance and lack of respect for truth displayed by many of us, who all come here via the World Wide Web.

Nothing is easier than self deceit. For what each man wishes, that he also believes to be true.

One would think if 5K was so huge ...
One would not let it accumulate to that.  Only gamble with what you can afford to lose, and letting it get that far was a gamble.  Though, sorry, you only wanted to hear how horrible the MTSO is (which it is horrible) and everything through rose-colored glasses about your friend. 
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