Article? As in one? This is an entire industry, and
Posted By: QApeep on 2006-03-11
In Reply to: Boy do you have it wrong....one article and you believe it! - geesh
has been going on for decades - I believe it was the 1960s when the food processors and dog food conglomerates figured out their partnership would profit them both. Its not an article, and to think so is honestly just ignorant. Also most huge dog food producers are actually other companies that have no interest in dogs at all - Del Monte and Heinz are in the dog food biz. Have you seen labels lately of the name brands that now claim to have some tomato enzyme in them? I can't recall the name, but it is literally a tomato enzyme that they claim is a new discovery for being great for dog joints. Its literally the tomato swill that Heinz and Del Monte use to have to throw out as its the slop that lands on the floor after Ketchup production, etc. Now, they just hose it into vats and throw it in the kibble ooze with a fancy label that most consumers fall for- tomato enzyme. I only wish I was making this up!! And its not a scam industry nor are we extremists. Most of us don't promote any brand at all - best thing for Spot and Fido is boring old meat, marrow bones and a few veggies steamed, and brown rice. The leftovers that our parents and grandparents and great-grandparents used to feed their dogs - table scraps - were fine! Again, do the research. Decades ago, dogs used to have an average life span of 20 to 25 years - now its 10. Cats used to live longer - 30 years - now its 15. And our parents and their parents would have laughed hysterically at the thought of spending good $ on Gravy Train or Alpo. We have been "had" as American consumers, and you are actually gonna argue about it! Your vets - bet they support Pedigree, too, which is absolutely garbage - dead animals and loads of corn filler, which, by the way, most dogs are intolerant of. They don't digest corn well. But its cheap for the manufacturers! Pedigree is well known for keeping lots of vets on its payroll to praise its products - gee, ya think they might like the $$. There are thousands more vets who know Pedigree and the like is garbage and are finally getting the courage to speak up about it. They are getting sick and tired of treating the animals who are NOT benefitting from this dog food. Nope, sorry, but way more than 1 article - its knowledge, and knowledge is wisdom, and wisdom is priceless.
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here's the entire MQ article
Press Release Source: Medquist Inc.
MedQuist Announces Preliminary, Partial and Unaudited Financial Results
Friday August 19, 5:14 pm ET
MT. LAUREL, N.J., Aug. 19 /PRNewswire-FirstCall/ -- MedQuist Inc. (Pink Sheets: MEDQ - News) announced today certain preliminary, partial and unaudited financial results. Once the Company completes the financial assessment and review of its billing practices disclosed in the Company's previous filings with the SEC, the Company expects that an independent registered public accounting firm will review and/or audit the Company's financial statements, as appropriate. While, at this time, the Company cannot estimate the total costs of (i) the billing review, (ii) defense of the class action matters, (iii) the SEC investigation, and (iv) compliance with the Department of Justice investigation, all of which have been previously disclosed in either the Company's filings with the SEC or the Company's press releases, the costs incurred to date by the Company in connection with the foregoing have been included in the results set forth below. Because the completion of the billing review and resolution of the litigation and governmental investigatory matters are pending, the Company is not certain whether any changes to the accounting treatment of any component of its consolidated financial statements will be required and, if any changes are necessary, whether any such changes would have a material impact on its consolidated financial statements. Accordingly, the financial information set forth below is preliminary, unaudited, and subject to change based on the completion of the financial assessment and review of the Company's billing practices and the completion of the review and/or audit of its financial statements, as appropriate.
ADVERTISEMENT
The information set forth below is derived from the Company's internal books and records. The Company cautions investors not to place undue reliance on the information presented below. As a result of the developments described above and in the Company's previous SEC filings, the Company's financial statements have not been audited or reviewed by an independent registered accounting firm. The information contained in this press release also has not been audited or reviewed by an independent registered accounting firm. Such information is not a substitute for the information required to be reported in the Company's Forms 10-K and Forms 10-Q that have not yet been filed. There can be no assurance that the results of the billing review, and resolution of the litigation and governmental investigatory matters will not have a material adverse effect on the Company's revenue, results of operations and financial condition.
MedQuist Inc. - Preliminary and Unaudited Financial Information (in
millions)
Years Ended
12/31/2002 12/31/2003 12/31/2004
Revenue (1) $486 $490 $456
Operating income (1) 71 61 23
Cash (3) 103 162 196
Debt (3) <0.1 <0.1 <0.1
Quarters Ended
12/31/03 3/31/04 6/30/04 9/30/04 12/31/04 3/31/05 6/30/05
Revenue (2) $121 $118 $114 $113 $112 $108 $106
Operating
income (2) 13 13 7 6 (3) (2) (6)
Cash (3) 162 180 183 192 196 199 198
Debt (3) <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 -
Notes:
(1) Information presented for the twelve months ended
(2) Information presented for the three months ended
(3) Information presented as of the date
Twelve months ended December 31, 2003
Revenues:
Preliminary, unaudited results indicate that the Company's revenue increased from approximately $486 million for the twelve months ended December 31, 2002 to approximately $490 million for the comparable 2003 period. The increase was largely the result of twelve months of Lanier operations being reflected in 2003 results as compared to six months of Lanier operations being reflected in 2002 results, as the acquisition of Lanier Healthcare LLC took place on July 1, 2002, largely offset by transcription service volume declines as well as declining pricing from both new and existing transcription clients.
Operating Income:
Preliminary, unaudited results indicate that operating income declined from approximately $71 million, for the twelve months ended December 31, 2002 to approximately $61 million for the comparable 2003 period. The decline in operating income is largely the result of transcription service volume and rate declines, partially offset by the result of twelve months of Lanier operations being reflected in 2003 results as compared to six months of Lanier operations being reflected in 2002 results, as the acquisition of Lanier Healthcare LLC took place on July 1, 2002.
Balance Sheet Highlights:
At December 31, 2003 the Company had $162 million in cash and cash equivalents. At December 31, 2003, the Company had less than $100 thousand in total debt. Other than minimal exercises of stock options, there were no additional issuances of capital stock or other securities for the twelve month period ended December 31, 2003.
Twelve months ended December 31, 2004
Revenues:
Preliminary, unaudited results indicate that the Company's revenue decreased from approximately $490 million for the twelve months ended December 31, 2003 to approximately $456 million for the comparable 2004 period. The decline in revenues includes the impact of decreasing transcription service volume from existing and lost clients, partially offset by new clients, as well as the impact of pricing declines attributable to a competitive pricing environment. Additionally, the Company has recognized declines in revenue from its front-end speech recognition products as it transitioned from TalkStation to SpeechQ for Radiology.
Operating Income:
Preliminary, unaudited results indicate that operating income declined from approximately $61 million, for the twelve months ended December 31, 2003 to approximately $23 million for the comparable 2004 period. The decline in operating income includes: 1) the impact of approximately $11 million in costs incurred in 2004 related to the ongoing billing investigation and associated litigation, 2) approximately $4 million in costs associated with separation and replacement of the Company's management team, including members at the executive level and 3) approximately $3 million associated with the write-off of intangible assets associated with products no longer being offered. In addition, the base business, as described above in the Revenues section, experienced a decline in transcription service volume from existing and lost clients and a decline in transcription service rates charged to customers. The impact of the revenue decline was partially offset by several cost saving initiatives including reductions in telecommunications costs, office consolidations and associated staff reductions.
Balance Sheet Highlights:
At December 31, 2004 the Company had $196 million in cash and cash equivalents. At December 31, 2004, the Company had less than $100 thousand in total debt. Other than minimal exercises of stock options, there were no additional issuances of capital stock or other securities for the twelve month period ended December 31, 2004.
Six Months ended June 30, 2005
Revenues:
Preliminary, unaudited results indicate that the Company's revenue decreased from approximately $232 million for the six months ended June 30, 2004 to approximately $213 million for the comparable 2005 period. The decline in revenues includes the impact of the result of reductions in contracted transcription service rates from existing clients, further affected by new transcription business service volume replacing lost transcription service volume at a lower average price. Management expects these pricing pressures to continue and for revenue in the second half of 2005 to decline from first half levels.
Operating Income:
Preliminary, unaudited results indicate that operating income declined from approximately $20 million for the six months ended June 30, 2004 to an operating loss of approximately $8 million for the comparable 2005 period. Operating income includes 1) approximately $16 million in costs incurred in 2005 related to the ongoing billing investigation and associated litigation, which represents an increase of approximately $11 million over similar costs incurred for the comparable time period in 2004 and 2) approximately $3 million in costs associated with separation and replacement of the Company's management team, including members at the executive level, which represents and increase of approximately $2 million over similar costs incurred for the comparable time period in 2004. In addition, the base business, as described above in the Revenues section experienced a decline in transcription service rates charged to customers. The impact of the revenue decline was partially offset by several cost saving initiatives including reductions in telecommunications costs, office consolidations and associated staff reductions. The Company continues to strive for improved profitability through service and technology enhancement initiatives, along with other cost reductions.
Three months ended June 30, 2005
Revenues:
Preliminary, unaudited results indicate that the Company's revenue decreased from approximately $114 million for the three months ended June 30, 2004 to approximately $106 million for the comparable 2005 period. The decline in revenues includes the impact of the result of reductions in contracted transcription service rates from existing clients, further affected by new transcription business service volume replacing lost transcription service volume at a lower average price. As noted above, management expects these pricing pressures to continue and for revenue in the second half of 2005 to decline from first half levels.
Operating Income:
Preliminary results indicate that operating income declined from approximately $7 million for the three months ended June 30, 2004 to an operating loss of approximately $6 million for the comparable 2005 period. Operating income includes 1) approximately $9.5 million in costs incurred in 2005 related to the ongoing billing investigation and associated litigation, which represents an increase of approximately $5.5 million over similar costs incurred for the comparable time period in 2004 and 2) $1 million in costs associated with separation and replacement of the Company's management team, including members at the executive level. In addition, the base business, as described above in the Revenues section experienced a decline in transcription service rates charged to customers. The impact of the revenue decline was partially offset by several cost saving initiatives including reductions in telecommunications costs, office consolidations and associated staff reductions. The Company continues to strive for improved profitability through service and technology enhancement initiatives, along with other cost reductions.
Balance Sheet Highlights:
At June 30, 2005, the Company had $198 million in cash and cash equivalents and no debt. There were no additional issuances of capital stock or other securities for the six month period ended June 30, 2005.
About MedQuist:
MedQuist, a member of the Philips Group of Companies, is a leading provider of electronic medical transcription, health information and document management products and services. MedQuist provides document workflow management, digital dictation, speech recognition, mobile dictation devices, Web-based transcription, electronic signature, medical coding products and outsourcing services.
Disclosure Regarding Forward-Looking Statements:
Some of the statements in this Press Release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not historical facts but rather are based on the Company's current expectations, estimates and projections regarding the Company's business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. The forward-looking statements contained in this Press Release include, without limitation, statements about the Company's results of operations and financial condition. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events of the Company's future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company's actual results may differ from the forward-looking statements for many reasons, including any direct or indirect impact of the matters disclosed in the Form 12b-25 filed by the Company on August 19, 2005 on the Company's operating results or financial condition; any continuation of pricing pressures and declining billing rates; difficulties relating to the implementation of management changes throughout the Company; and the outcome of pending and future legal and regulatory proceedings and investigations.
--------------------------------------------------------------------------------
Source: MedQuist Inc.
not only the MT industry
making changes with insurance. DH works for one of the large telephone companies. We now have to pay for a larger portion of our Rxs when previously they cost us nothing, plus office visit copays also increased. It's still better than not having insurance at all. But, the rich keep getting richer and the poor keep getting poorer!
What does this mean for the MT industry? sm
I saw this *** and wanted to share this with other MTs. What is your interpretation of this? Are we going to be out of work for good because I'm thinking electronic medical records are going to replace us, or am I misinterpreting this statement?  What is your take on this?
"...President Obama has also talked about the need to computerize all medical records in five years, creating a huge opportunity for information technology jobs and data entry jobs."
It's the same as any industry...
You have the bottom, the top, and the in between. I happen to be closer to the top, but there are so many others who are not at the bottom. And if you knew me, you would know that I do not have the 'screw everybody else' mentality... and it's not really fair to accuse me of that based on my post, which did not mention anything even close to that mentality. I just do not believe that we have it so bad in this industry, that's all. I think we should spend some time looking at the positives versus the negatives. There are so many people out there who have it way worse than majority of the MTs here.
Even when they deduct your entire (sm)
report if you make one error that QA doesn't catch and the hospital does?
Seems to me like QA should get dinged, not the MT.
TRS is your typical admin-heavy, treat the MT like a number company, made more offensive by their assumption that everyone in America is "Christian" and will adore prayer requests and other off-topic crap on the company email.
I think this entire season is going to be -
while he is in the hospital and how the business continues without him. We won't know if he makes it until the last episode. Gotta feelin' he won't. The show will die with him. -
been this way my entire life ....N/M
Fox is going to show the entire
fourth season this summer. Two episodes back-to-back every Tuesday night. Maybe you can see some of the ones you missed. :-)
There is an entire section on this
You have been doing for an entire 3 years and
never made $31,000? OMG, I am so surprised (NOT). Those days when the salaries were really good (except for 1 here and there) are mostly over. Unless willing to work about 24/7, weekends, overtime, etc., etc. you do good now to just eek out a living and many on here complaining about not even doing that.
State of the MT industry
Obviously, you work some place that pays very well and you might even have secure employment. If so, that's great. Some of us worked for companies that were sold or sent all their work offshore and we had to take jobs where we could get them. Don't be so quick to judge other peoples' choices. It's true that in some companies, wages are lousy, but do you really think you'd be a fry cook at the clown's over working from a home office? If you are earning great wages and have a good job, I sure hope you're able to help other MTs find something as good as what you've got.
If this industry has become amoral it's because:
MTs for the most part have always been treated poorly, no respect and low pay. We have to stand up for ourselves and not back down from our line rates because no one is going to look out for us but us. No, not even the docs and/or the OMs, surprise, surprise! I say she should go for the full monty. They get to see more patients and therefore have a higher income. Why should she have to settle for a lower income because they're smart and use time-saving macros?? 
Men make more than we do in any industry.
Sucks, but that's the way it is.
What is the industry standard...sm
Tried to post this on Wednesday, will try again...I need to know what is the industry standard conversion for minutes dictated to minutes typed? Not how much do you do - but what is average for one hour dictation - how many hours typed. Bosses think we're taking too long but we do not get automatic demographics and need to look on log sheets (if they arrive and if they're correct) for everything from patient name to referring doctors, addresses, patient #'s, etc. So I need to give him an "average" number of hours dictated equal "X" amount of hours typed taking into consideration the lack of information, the searching we must do and the various typing speeds. I'm not going to "judge" anyone's advice - just need some input from those that have been there. Thanks for sharing.
I agree - as with almost any industry (sm)
you have to find your niche and the place you can call home. IMO and experience, you can make $60,000-$120,000/year in MT if you find the right hospital, your own accounts, MTSO and/or area of transcription and increase your skills constantly. After say 4-8 different gigs and nothing works out, then MT work is probably not for you. Same for any job, whether it is tech support rep (my former career), mortgage broker, service tech.
Industry Standard for VR Pay?
What is the industry standard for VR pay? Specifically for someone just starting out.
Industry pay is sinking.
With 9 years experience, I was offered 5cpl for straight typing. Nuts if you ask me. Yet the company filled the positions with that pay.
The going industry rates are....sm
Around 14 cpl, 65 character line for transcription, 6-7 cpl for editing.
You can "thank" overseas competition for these pricing because they actually will quote around 8-10 cpl for transcription and 3-4 cpl for editing.
Stinks, doesn't it?
I remember when we used to be able to get 18-20 cpl, gross line and could pay the MT 10-12 cpl and all were happy. Gone are those days - I wish they were back!
You could mention where the industry is going
at all because it may offend someone. The funny thing is that some of the course outlines on line may give you some great material to go by as it explains it pretty well on some of those sites. I think it is a great career, so I may be biased.
Please do this industry a favor sm
CHARGE WHAT YOU ARE WORTH AND NOT A PENNY LESS!
I mean it. The last person I talked to about this has her own company. Clinics she charges 14 to 18 cents a line, depending on the difficulty and the logistics of the office. Nope, does not include printing or tapes, they have to call in, period.
For hospitals, she charges 22 to 26 cents a line and she gets it. She usually types as many of the OP notes as she has time for and doesn't sub them out because she likes that. Any lines she does herself goes into the corporation at 100% and she pays herself a salary for all her work, not by the line for MTing she does. She has 20 yrs of experience, all of it in acute care.
She says, DO NOT sell your skills short. Don't try to undercut someone to get the job. Remind these people that they get what they pay for and deliver on every promise, but don't make promises you can't deliver on 99.5% of the time. Incorporating is good, better than not and I know all of the reasons behind that too.
I wish you every luck.
yea but it is industry standard!
and also as i put in my email to my doc... the templates and macros BENEFIT YOU!
What is the future of IC in this industry?
Wide-spread IC, I mean, such as we've had in the past? Sorry for your situation, Blondie. The reason I ask is that the company I'm working for is making it a real priority to make employee MTs work their agreed-upon hours so the work can be kept in TAT and the clients will be happy and not break off blocks of work to send elsewhere. I'm wondering how you think the end of the work-whenever-and-as-much-as-you-feel-like era would affect the large numbers of IT workers. ??
More industry lies...
1200 lines per day at 8 cpl is only $96.00 per day. At that rate, if you worked eight hours a day, seven days a week, 365 days a year, you would earn just over $35K. Who does that? Anyone working full-time for an MTSO can expect to earn less than $25K and you will rarely, if ever, see a raise. This survey is, as they say, in no way scientific. It is all designed to make people think it pays to be certified, which it does not.
Do you have any connections in the industry?
If not, you might as well forget it. The people/companies that land accounts are the ones that know people and have connections at the hospitals, offices, etc. If no one knows you from Adam, then they aren't going to give you the time of day.
Yep, sometimes an entire dollar cheaper...
x
you want the admin. to take time out of her entire day
And to think there is an entire country above Montana! No
zz
I have entire reports in SC, though not many. Is it limited? nm
x
what is the shortcut to take out an entire sentence? sm
I know ctrl backspace takes out one word at a time, what is the key to take out a sentene at a time? I have an MD is is just awful about changing his mind. Thanks in advance!!!!
Are you saying you left the entire report sm
blank because you could not understand the dictator? If so, no company will put up with that. Even if you can only understand every third or fourth word, you are expected to transcribe those, and put in blanks as you need.
No one will put up with you leaving an entire report blank and sending to QA. They are not supposed to transcribe, just try to fill in the blanks.
How do you know you missed 2 on the entire exam?nm
nm
Try the Department of Labor and Industry.
You can turn them into the State Attorney General's office, BBB, FTC, as well. And small claims court. I would send a certified letter demanding payment first with the threat that if they do not pay by XX date, you will pursue further legal action against them.
Heartland - the heart of the industry!
Heartland is the best company I've ever worked for in the transcription business.
Check out mtjobs.com, find a post for them, you'll be really glad you did. They are fair, always there to help you. They have great benefits, and one of the few companies where you are not just a number at the other end putting out reports. When I call them, they answer. No automated lines. When I have a problem? They fix it, right now. It doesn't get much better than that. :0)
Men appear to be making more income in this industry
I have worked with a guy here and there. It amazes me that they are able to make more. In one position, there was a guy in a position to distribute work who funneled the canned op reports (vasectomies primarily) to one guy on my account. Another is one I am working with now who somehow convinced those hiring him that he required a certain amount of money to raise a family. And he gets it. Seems to me that this is favortism. The "it's a man's world" frame of mind.
Has anyone else experienced this?
They've done nothing in the entertainment industry
Time to double your dosage and take a nap, dear. Sounds like you've gone over the deep end and are taking this way too personally.
You need to get out more.
Tell that to the cruise ship industry.
dd
The industry is changing and as it stands
now I would not recommend this field to anyone, but I am not worried about not having a job, at least not in the next 5 years. I am good at what I do and can do any work type, can do ESLs with little problem, have done QA, so I feel like there will always be a job as long as I want it. The pay may never get any better though.
There aren't that many jobs available, but there are so many people looking for work that a lot of companies don't feel like they need to pay to advertise. Check with employment agencies or temporary agencies. I worked for temporary agency years ago and got offered full-time positions with every place I worked.
Not sure what your career of choice is in, but you can get just about any degree on-line, or at least do all the basic courses.
Not sure of your financial situation, but if still paying for technical school, going part-time probably won't work for you so you could go to school or get in some type of internship for whatever you wanted to do.
You can sit back and wait for someone to knock on your door and offer you your dream job, but you'll most likely die waiting, or you can get your goal and work towards it. If you aren't willing to do that, then you are stuck where you are.
I'd love any advice also. I'm new to the industry...
... and anything that will help me up my productivity is greatly appreciated. I love this board and the ability it provides to get advice from those with more experience. THANKS!
No, we who have worked in this industry don't have a good
we've been sold up the river! Can anyone say OFFSHORE?! That is the very reason our rates of pay have gone down the tubes. How COULD anyone maintain a good attitude? What I post to newbies here is just fair warning. No one can make any kind of living on 5 cents a line. Newbies are also fodder for crappy MTSOs. It may sound negative, but it's the absolute truth. It's pretty sick when offshore companies are now training US MTs. My suggestion to anyone thinking about going into MT....don't. Find another line of work. There are other things out there you can do.
And the healthcare industry DOES have integrity?
.
I believe the goings on in the industry affect us as MTs?
x
If US wipes out its MT industry, it better be prepared to
I know I'm at an age where, if US MT disappears entirely, I'm too far from Soc. Sec. or retirement to be able to take advantage of that, and too old to go back to school for the length of time it would take to learn a new skill that would pay the rent/groceries/gas/etc. So most likely I'd be on the government dole. Multiply that x tens of thousands, (hundreds of thousands if you add in all the OTHER US workers in other industries, but in the same boat age & skill-wise, and you've got a whole 'nother Katrina going on.
The industry imposed this platform on me.
I have to stop and wait on the st*pid platform to catch up to me. Type, pause, type pause. It ain't me, it's the software. That's what I was talking about.
You get a pin now? To stick in your eye out of disgust at the industry? :-)
x
i'd minimize the 'where the industry
is headed. I'd start with what 'transcription' means, the various ways it is done, technology, talents needed and challenges (spelling, grammar, anatomy, medical interest, typing, investigative skills, persistence through trials, accents, rules/regulations etc), recommended education, how to find schools/information, ways you can perform the job (in office, in hospital, at home incl. mobility with laptops), how our work relates to patient care...i could go on and on. Tailor your talk to basics and what the school is trying to do for the students as well as future courses they might offer. I'd also include some work-related humor. Good luck!!
The reason I said suck it up, is because you are new to the industry...
and have to put your dues in...we all have had to do that...I care about my work also and obviously not in it just for the money..
That's the medical transcription industry
Which is probably why, when someone with 15+ years of experience applies with these companies, they get a big song-and-dance about being 'not quite what they were looking for'. That is, if they even hear back from them at all.
and you know all of the newbies in this industry to speak for them???
I have been in this industry for 10 years and I love it just the same as when I started...
Not naive at all. Been in this industry for 25+ years and SM
I know honest from crooked. These companies are falsely advertising (failing to give the client the correct information) to obtain them as part of their client base who has a regular contact administrative personnel in the U.S. to snag them, hype the company up with the low line rates, and be sending our citizens' medical records overseas in a sweat shop setting and wage equivalent. Please, you are being quite gullible, and until we as a profession make the necessary parties aware, things will only continue to decline in this profession.
Industry standard also means no pay sm
for headers or footers and no pay for spaces. Make sure you know exactly what they are no longer paying for. It probably will be those 2 items, which is why you are having trouble reaching incentive.
Eventually, VR will be the industry standard.
The way I see it, the options are:
A. Learn it now; find a platform and a company where you can make decent money.
B. Keep job hopping for the next few years as straight transcription is phased out bit by bit, company by company.
C. Find another profession.
Eventually, the straight transcription will only be available when creating speech models for new dictators.
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