Spheris Financial Statement...sm
Posted By: TechSupport on 2009-03-25
In Reply to:
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.
LINK/URL: Spheris 10-K Statement
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Some, if not most MT co's are in bad financial shape and
nm
And not just financial pressure
Even if you took away the financial pressure - we have high QA standards to meet. People's lives, and our jobs, are at stake with every report we type - the buck stops here and we are expected to clean up after careless dictators, fix messy demos, all kinds of things where other people drop the ball!
Other professions have days when you can goof off, situations when its not a big deal when you make mistakes, or you don't get much done because you're juggling work and personal drama, etc. You can go there hungover or emotionally stressed and occasionally just coast through your day. Not here. You're expected to consistently produce perfection as fast as you humanly can, or out you go!
So when I tell people I MUST have enough sleep to keep my wits sharp, I MUST have a serene state of mind to work in, they MUST save their drama and demands until after my shift, I'm not kidding - my job demands it! But they'll never get it until they actually do my job.
What new financial partners? I didn't know that? Who are they
TIA
I don't disagree with you that financial info, SS#'s...
etc., shouldn't be offshored either, since there would also probably be little legal recourse if something happened with any of that.
Regarding what could happen with your medical info, there was an incident with a Pakistani Transcriptionist that illustrates what could *possibly* occur as far as that goes (see link below):
then why is it not posted on financial web pages?
No info from Forbes, Reuters...
MedQuist Financial Statment
See link below. Huge losses.
Thanks. It is frightening enough to have to have this done, but financial ruin along with it really
.
Sorry, but not according to one of the largest financial insitutions in this country.
They totally disagree with what you say. I have talked to them in depth
Find a reputable financial investment guy
And open a ROTH IRA.
Oh good grief. They just published their financial reports and
are 100% OUT OF DEBT. They can't file bankruptcy if they don't owe anyone!
It's part of their digging their way out.
You're grapevine must be in the imagination or just another speculator like yourself.
How ridiculous.
Sorry, but I used to work at one of the largest financial institutions in this country.
Thank you very much. Unless you have proof in your hand that the deposit was supposed to go in on a certain date, DO NOT go writing checks and spending money without that proof because stuff happens.
Yep, exactly -- TransTech lost accounts and I truly believe is in financial trouble right now !
That small overflow account acquired has not paid yet, and the HUGE hospital they lost is no longer paying them.
I really think TT is in lots of trouble right now money-wise. Keeps changing payroll companies due to *floating* and not having the money for the payroll company, is my thoughts.
We had the best payroll company in the world -- but TT all of a sudden changed . . . and I mean ALL OF A SUDDEN, so much so that all our payroll information was WRONG, etc. Horrible time with this new payroll company, but it was a FAST decision made on TT's part. Probably had no choice except to change payroll companies.
TT is not stable as far as financial backup. Just imagine after losing a HUGE hospital account how much less money was coming in this week and prior. Those little overflow accounts just don't bring in a lot of monies. Dictaphone controls how much money TT gets -- due to Dictaphone owning the platform and dividing up the work between Dictaphone's customers !
 times for TT now.
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.
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.
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!
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. 
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.
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.
That is an ignorant statement
nm
Where can this statement be found?
t
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.
This last statement is not entirely true. nm
x
That--and make a statement with your OWN
.
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?
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.
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.
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.
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.
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.
you need to back up your statement with Why
nm
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.
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.
That statement never made by the OP
She said she sucked it up.
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?
Your totally erroneous statement about pay was
definitely out of line.
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.
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!
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.
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.
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.
The statement "you get paid
when we get paid was a big STOP sign for me. All I know.
This I find funny, your statement that is.... NM
NM
Can you support your RUN statement with facts please. sm
I have had no problems, everyone seems great, I type when I want, as much or as little as I want. So far no problems in the few months I have been there, what specifically should I and others look out for????
This is not a problem with "my statement." It is how
x
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.
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.
Sorry, that should be "your" statement - OOPS
I make silly typos when I'm riled up. My bad.
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.
I agree. You have no believability given your blanket statement.
x
That is the most asinine statement to make about bad wages!!
This has to be your hobby.
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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