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Transcend bought MDI for 16 million. sm

Posted By: MDIer on 2009-09-29
In Reply to: Transcend Cuts Pay rates for All - Discouraged

So I guess they have to make some of that money back. I am pretty discouraged too as I have heard absolutely nothing from Transcend about what my pay is going to be. Guess does not look too good right now since they cut pay for their existing employees. Never been able to get a straight answer about the range of what I will be making, so assuming that means it will be low.

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Transcend Services bought MDI for $16.2 million.

I didnt realize it was that much!  No wonder they feel no loyalty to their old MT's!  ,,,everybody has a price I guess.

The $16.2 million purchase price consists of $10.2 million in cash payable at closing (less any existing indebtedness assumed and plus or minus certain working capital and tax-related adjustments), $2.0 million in cash payable after receipt of interim financial statements and audited financial statements for the last two fiscal years, a $2.0 million note payable to the selling shareholder due one year after closing, and $2.0 million of Transcend common stock (119,940 shares). The initial cash portion of the purchase price is expected to be funded using a combination of cash on hand and up to $7.0 million in bank term debt.

Larry Gerdes, Chief Executive Officer of Transcend, said, MDI's strong presence in the mid-Atlantic region significantly expands Transcend's national footprint. We are confident that MDI's culture of excellence and total commitment to customers and employees will help ensure the success of this transaction. We look forward to working together to integrate our operations over the next several months.

I recognized that we needed a larger partner to achieve our long-term growth objectives, said MDI Chief Executive Officer Dorothy Fitzgerald. A critical concern for me was to find a partner that recognized MDI's potential and was committed to providing excellent customer service. I am convinced that Transcend is the best partner for MDI, its employees and customers.

Sue McGrogan, Transcend's President and Chief Operating Officer added, I have known Dorothy Fitzgerald for years. Like me, Dorothy is committed to outstanding customer service, which is reflected in her high customer retention rates. In her new role, Dorothy will be President of our MDI subsidiary. She will report to Leo Cooper, Executive Vice President of Sales and Marketing, in order to focus on driving future growth, particularly in the mid-Atlantic region.



Transcend bought MDI, so if Transcend sends work offshore, so does MDI. nm
I believe Transcend bought MDI?
Do you think that MDI is the same since they were bought by Transcend? sm
I have thought of going back (left a few years ago and took a few years off after having twins nine months after another baby) but I am worried about that. I have a friend who works there and she is complaining a lot, but she tends to be a complainer so I am not sure what to do.

I also was on clinic notes and prefer radiology. Maybe they are doing more rad. I do remember seeing that they were paying a sign-on bonus.

I am just looking for some answers before I make the wrong move.
There is only one MDI now (MDI-MD). The other MDI in FL was bought by Transcend. nm
They were bought by Transcend. nm
Transcend bought MDI-Florida....sm
I haven't heard of MDI in Georgia. 
No communication. They were bought out by Transcend and it has sm
not been good. I used to love working there but now hate every minute of it. I think that they sold out.
Unfortunately. Transcend bought MDI Florida and now it is as
bad as Transcend.  Was the best company out there when it was a smaller privately owned company and Liz was in charge.
MDI-MD? Weren't they bought by Transcend?
Transcend BOUGHT MDI, you make it sound like
MDI is actually running Transcend. Liz is expendable if she does not do her job. Liz et AL might own stock in Transcend, but I doubt that they own the controlling interest.

However, neither company has the MT's best interest at heart. They are paying to have dictation by easy dictators done by voice recognition and making sure the rest of us are left with the horrible dictators they have on most of their accounts. I used to think JLG had the lock on bad dictators, but MDI and Transcend have made JLG look good.
Don't you think it's strange that they were bought by Transcend but still call themselves MDI?
When you talk to them, it is MDI this, MDI that, but when you ask about Transcend it become Transcend this, Transcend that. I know that Transcend has contacted a lot of companies and seems to be the next MQ in terms of gobbling up companies. Who's next?
Which is it? No changes since bought by Transcend or lots of changes? It seems that every time sm
someone says that there have been a lot of changes, someone comes on and says there have been no changes. Is this one person saying this? Obviously there have been changes, there would have to be with a new owner.
What did you expect when Transcend, the leader in overstaffing, bought them?
I worked for a lady's service who was bought out by Transcend
a few years ago and they offered her a position in the home office. She sold, had the job for a few months and then she was terminated. I know for a fact that Transcend said in a paper article in the Atlanta Journal and Constitution that they outsourced because could not find enough American MTs to do the work. Now what I find surprising is how many complain on here about sitting and waking for work for Transcend. Wonder how that happens?
When Transcend bought the company I worked for we were told they did not do IC, just PT/FT... sm
so this is news to me!  Maybe they allow different things for different companies they buy.  I also understood a little while after the merger that all accounts would move over to their platforms, but now I am reading that maybe not all of them did with other mergers.  I am sorry you all are going through this!  I remember how it was thrown on us so quickly too.
Focus bought by Nuance/Dictaphone, DRC bought by Acusis. nm
Thanks a million!

You're a dear.  :)

A million thank you's for saying that
It's so refreshing to hear someone who stands behind the name anon to really believe in what they are saying. It gives you TONS of credibility. On behalf of the entire EDUCATED Mediscribes/Cardiscribes team (including the Indian employees, as you call them) thank you from the bottom of our hearts for sparing us the embarassment of being associated with you any longer.
That's about 17 million more than he's worth. nm
Thank you a million times over - sm

I thought I had simple questions but after all those posts, you'd think not!  LOL!

I really appreciate your taking the time to answer my questions - so thankful!  Have a lovely weekend :)

I just won a million dollars!
I found one on her computer! Now I can buy out Medquist and return it to pre-2006! No more ASR, no cesspool and each of you only will have one primary and a secondary and generous quarterly bonuses which you can actually GET!
2 million lines
Exactly, that is what I asked and got some lame answer.  No way should we be running out in the morning.
The $70 million powerball

That's a lot of money.  $70 million with an estimated cash payout option of $37 million which means after taxes you bring home approx. $19 mil or so.  Yeah, that's a lot of money. 

I keep trying.  Someone has to win it.  It may as well be me!!!   

fatcat... you are one in a million.

I really do appreciate everything you have told me.  There are so many people on this board so quick to judge and then every now and again you come across a genuine, quality person such as yourself. 

I know my schedule is difficult to work with, but these companies never seem to give anyone a chance to explain them, not that it would really matter.  They expect 1200 lines a day for full-time, but I have always done that in part-time hours (5 to 6). 

To me, that is all that should matter.  They want 1200, I will give them that, but I cannot be put on a schedule for 8 hours a day, 6 days a week. 

I have only had 2 transcription jobs in 13 years, the most current one with the Q for over 11.  I have always done well on testing, from what I am told my last test I took for a company was 99%. 

I just don't understand how all of you girls can comit to working every Saturday or every Sunday. 

Ok, I am done complaining.  I am hitting the job search full force again.  Thanks so much again for your kind words and thoughts.  You are in my prayers.

PS... I am probably way older than your daughter, I am going to be 39 in May.  :)

Thanks a million! I'll be back....
Wouldn't matter if they had a million MTs.
Wouldn't do QA again for a million dollars. (sm)
Biggest challenge - keeping your sanity while having to fix crappy work over and over and over again while meeting impossible deadlines for really low pay. Believe me, if you can be an MT, you'd be better off financially and mentally. Oh, and no one is going to pay me a million dollars, so I feel confident in saying that. :) Why on earth would you want to transition to QA? Did someone tell you it's a step up??? Reevaluate that statement by searching the archives for commentary on QA problems. There was a long discussion on here a few weeks ago about it. Good luck to you. Choose wisely!
And the MILLION dollar question is...
Does Transtech get work from Dictaphone? Does Dictaphone have any control over their workload?

THAT is what this entire thing is supposedly about...

Hmmmm, I guess we'll find out when the court case is complete.
and scoff all you want... my half million house says it all.
Maybe one in a million MT's makes that but I still find it hard to believe.
It looks more common to me that people who do MT are at the doors of destitution. Just read these boards! We have people who can't even buy their kids Christmas gifts, we have people who have had their car repossessed, we have people in debt up to their eyeballs. Seems to me that's the norm by the amount of postings of that type.
Thanks a million times to all your kind posts!
I feel like I hit the jackpot. LOL. Now, I am exhausted from the stress of worry. It will be nice and I won't miss worrying for the rest of my career! :)
Thanks again.
Wasn't it something like 2 million lines a month? Just a
GYNORMOUS amount? That adds up to like supposedly 66,667 lines a DAY!! And there is no work? Where did it all go?
I read $20 million, over $16 mil cash up front
In other words, serious dough.  I'd think a wee bonus to us 500 galley slaves might be in order.  Had many of us not been told ''MDI does not send work overseas, Dorothy would never do that'' when we were hired, I doubt we would feel so betrayed. 
I'll say! Wrote off $82 million as "goodwill impairment"
With over 5 million hits per month to this site, it is quite cumbersome to just pick out the bad
posts, so the entire thread goes. Besides that, generally there are a LOT of posts within a thread that are inappropriate.  Please don't think for a moment that I'm only referring to OSI.  I am referring to ANY company.  I am only asking that posters back up what they are saying with FACTS not innuendo.
Thanks a million!! I guess the spread sheet confused my eyes. :)
I know this question is asked a million times but who is good to work for
anymore?  I have 13 years experience and I work at a hospital part time but I know I can make more on production plus I need the flexibility because I have osteo in my back and other health problems that require me to kind of break it up if you know what I mean.  I'd only like to work 4 to 6 hours a day, make a decent line rate, and have flexibility of having a span of time within which to get my lines done.  I don't need benefits but do not like IC status; I prefer statutory.  Any ideas?
What I just bought
Go to stedmans.com and get the AAMT Book of Style and also the Stedman's Spellchecker CD-ROM. They will bill you for these, and you will be happy that you bought them! You will also love working at home if you can pace yourself and refuse to be distracted, especially with the price of gasoline as it is.
Is all of this because when MQ bought YOG SM
they continued to pay the MT's what they were receiving at YOG, which was more than MT's at MQ made? Now everyone will be making the same amount or less?

I don't work for MQ, so I don't know, this is just what I gathered talking to friends.
They were bought out by MQ. NM
This is the co that was bought by the guy from ddi
that left when MQ bought them
Well, I bought one
and got the reimbursement. I work at home, but I still drive.
Bought it new. It is an HP.
I was with the co they bought and we had sm

a nice situation.  Here comes the CEO promising us we were going to know every day how much we're valued, how important we are.  Not so.  For the first 6 months it was okay, hard to get used to all the management we suddenly had, but then things started going downhill.  Then the push with the VR.  Seems to me that most of our work is going to be VR work and they're probably aware they pay more than the other companies - so it will not surprise me at all if they take that away now.

I hate these town hall calls, They never contain anything good for the people who are doing the grunt work.

HS bought out by Spheris
I was working for Healthscribe when Spheris bought them out; I have to say that I have had nothing but a positive experience with them thus far.  We don't seem to be micromanaged; quite the contrary.  I can get up and walk around to stretch my legs and at times am gone for 20 minutes or so and no one calls me or e-mails me.  Communication is wonderful from my supervisor on up to management.  The only downside is that they are so short-staffed that there is mandatory overtime for the radiology accounts so if you want to make $$$, this would be the place to go.  Hope this is helpful. 
Duh, they bought Heartland...
When we bought our van last year,
But the cost was $10,000 higher than the Toyota. We're not talking a small amount here - $10,000 difference (more if we would have added the extras to the Dodge, that were standard on the Toyota). As soon as the prices of the American cars start coming down, people will buy them. Right now - it's more expensive to buy American, with worse quality and no standard features - everything is extra. Very disappointing and COSTLY.
Keystrokes BOUGHT an...
According to my dictionary transcriber is a person. It only takes a second to look it up.
SPI bought CyMed....US MTs look out....
They will tell you not to worry.....all the while transitioning your job to an MT in India or Manila.    Get out while you can!
Is Accuscribe still out there or have they been bought out? nm