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Serving Over 20,000 US Medical Transcriptionists

When stating something, please have your facts straight

Posted By: VR here on 2009-06-17
In Reply to: according to 1 brilliant mind on here.. - no work in FL

I am the person you are talking about. I am not QAd once a year. Where you got that from, dreaming I guess. We are checked every 3 months with pulled reports. In between those 3 months we also are checked and hear back from QA and also if the hospital I do work for has any issues, also hear from them. My QA has never been 97 and last time was a 99%. I am glad my initials are on the report because I stand behind all work that I do. Oh, I might be fast but was told by the higher ups at my company we have even faster. Sorry you cannot make it on VR, quit hating.


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    Just stating the facts, maam.
    Wow! What remarkable perceptive powers you must possess to be able to glean personal information from a 2-line post! If you ever get tired of QA, do consider the Psychic Friends' Network. Seriously though, what you refer to as ''answers'' and ''corrections'' are more often personal preferences (varying from QA to QA) and petty nit-picking about poorly communicated, ever-changing rules. You might want to examine, though, why you are emotional and upset enough to post rambling diatribes over MTs comparing their work experiences and pet peeves on an MT forum. Thanks for the heartfelt holiday wishes though (so good to know that you love me!) and for your approval to ''say what you have to if you must''. LOL!
    Not trying to start anything just stating facts

    But Amphion has just informed me that they are letting me go because I am not making their line count and its the end of probation.  I don't know if it is all the extra stuff I had to do in the document information screen before being able to type or I'm just stupid, but I have always made like counts before and have never ever been let go from an MT job before or any job for that matter.  I am not going to badmouth them but it is a very bad feeling when I know I did my best.  I'm not a newbie either, I have 9 years under my belt.



    Not trying to start anything just stating facts
    Don't feel bad, I just started there and I know I am not going to be able to meet their line counts with all the looking up things and a different doctor every report. I also have never had trouble meeting line counts before, but this is a joke. Just move on and chalk it up to experience.
    That post was not a whine. It was just stating facts. sm
    I love my job. I love the challenge and the sense of accomplishment. I feel proud of what Keystrokes has become because I have contributed to this success and growth.

    Not all of our MTs are problematic, but life sometimes gets in the way of working, and as a KS manager, I help out where I can. This is my job, and I love it, but I realize that it is not for everyone. I am blessed to do something I love for a company I love to work for.


    Didn't intend to be flip, just stating facts
    I'm not in love with Spheris as a company, but I have yet to run out of work or even be close to running out of work.
    It wasn't rude, just stating the facts, which doesn't seem to matter apparently to you.
    nm
    Get your facts straight.
    Do you know how many times I went to my company and sent letters, and emails? I mean I went all the way to the TOP.. you know how many responses i got...or offers to call and discuss with the supervisors.. ZIP--NADA...and by the way, these companies should value their MTs... who do you think is doing the bulk of the work... QA and MTs while the others travel around, buy new cars, boast how they have a 6-million dollar business. YES MA'AM. An owner told he has a 6-million dollar business. Hows does that grab ya?
    Get your facts straight. sm
    The pay cuts were a business decision not financial problems. I make more here than I ever made anywhere else. Checks bounce? I was one of the 8 and received the letter from the bank, my fees paid, etc. Then they changed banks and there have been no problems. Lack of work? Never. Lack of pay? Never. Maybe you weren't good enough.
    My facts certainly are straight!
    Be advised, Transtech certainly isn't the BEST COMPANY OUT THERE either.

    Been there, done that, ain't working for me.

    I don't take to kindly to companies who screw with the line counting system so that they make money and we suffer, and believe me, my facts are STRAIGHT AS AN ARROW
    get your facts straight
    Acusis did NOT send our work to India.  The layoff was due to the loss of a major account.  Acusis US work stays in the US.
    get your facts straight
    the work is not being sent overseas....every company is going through cost cutting measures to tighten their belts...maybe if you SWATs werent gouging the company for so much hourly pay, us lowly MTs could have had a chance to get promoted??

    ever think of that?
    Get your facts straight, please!
    There was not an earthquake in Oregon yesterday that measured 7.8 on the Richter scale with lots of damage and lots of injuries. There was not an earthquake in Oregon yesterday that measured 5.2 or 5.4 on the Richter scale either.

    http://www.pnsn.org/recenteqs/
    Get Your Facts Straight
    An email was sent out today- the layoffs are over now.  27 MTs, no corporate.  Would like to know if that's really what you heard.
    GET YOUR FACTS STRAIGHT BEFORE

    YOU POST. You're always trying to cause trouble. I said it before and I'll say it again: IF YOU DON'T LIKE WORKING THERE, LEAVE. Stop your bellyaching. I'm sick of you complaining about low/no work; yet you insist on getting on this board every day and complain about it.


    We, who do still like TT, are staying and hanging in there. This is really this first time low/no work has happened since I've been there, over 3 years.


    Go away!


    No, YOU need to get YOUR facts straight -- sm

    They DON'T type while watching accounts (LOL)?  Of course, watching the accounts needs their total, undivided attention, right?


    We're going to believe that these overworked Leads will put in a full shift watching accounts (lest they be distracted, God forbid)  and then put in another shift transcribing their lines?  THEY MUST GET SOME BIG OVERTIME bucks being able to duplicate their efforts/hours like that. 


    And how would YOU know they don't take jobs away from the regular MT's?  I suppose the jobs just pop out & disappear from our queues like a magician's trick ... now you see it, now you don't ... only to reappear 10-15 minutes later.  (Her Holiness didn't like the dictator after running the job through audio, or maybe it was too difficult for her).


    Get your facts straight
    All MTSOs send out interested letters. This is nothing new. And if they were lying, why would they waste the money on all the paper and postage or even labor if its through email.

    They do this so that they can have all the facts they need PRIOR to needing the MTs on new accounts. This helps hasten the process of bringing MTs on board when the accounts start up. This way, they know what ESL levels, accents, production, work types, etc. are for all the MTs. So when an account comes on board, they can go through the apps and tests and identify MTs that fit the bill. Then all they do is call you to see if you are currently working and if you're happy.

    Why is everything a conspiracy to you people?
    GET YOUR FACTS STRAIGHT BEFORE YOU POST
    nm
    You are crazy and need to get your facts straight.
    Idiot.
    Please get YOUR facts straight before posting.
    Transtech is not owned by a parent company that does our payroll. Transtech employees do our payroll and send it on to the company which which we are employees of. We are employees that are leased to Transtech. The reason Transtech did this was so that we could get much better benefit rates; and YES we did change payroll companies when this happened, however, I never had any problems with the changeover.

    I also agree that bashing your employer does not get you anywere. I have no problem with voicing legitimate concerns and complaints about certain situations, or giving opinions about a company. But if you feel you need to constantly bash your employer, your time and effort would be better spent trying to find an employer with a better fit for you.

    I personally have never had any problems with TT. I think they have consistently listened to employee concerns and have made a concerted effort to solve any issues that have come up. I remember when the insurance changed and everybody was in an uproar about our insurance rates going through the roof. That is when the payroll and lease company changed so that TT could give us better rates. I am just an MT who goes about her daily business of doing my job and rarely post on these boards, but I do read them.

    As far as work flow goes, this is a never-ending process. All MTSOs have slow periods and if you have been in this business long enough you learn to live with it and be prepared to either set funds aside, have a back up job, or be prepared to get one. This is the nature of the beast of medical transcription.

    Of course this is all just IMHO, as I certainly don't want to be sued, which I think was an error on TTs part
    yeah. get your facts straight before you start--sm
    sounding off on someone else. She just got tired of a select few harassing her to give out the name of the company and some people asking those that were contacted for a position, about who the company was. She was only reacting to what other people were doing to her, so now that you know, leave it alone.
    Only removed when names are used. Again, get your facts straight. There were two recent HR sm

    people.  First was Lee's SIL and that was Sheri.  She was let go.  Not sure why.  Next was Karen.  She was NOT Lee's SIL.  Another Karyn is a Keystrokes manager, and mine, and she is Lee's SIL on the other side.


    What difference does it make if someone is related to someone or not?  There have been three HR people since I worked there.  One was great but went to help her own husband with his business.  How do I know this?  She was at the Christmas party in December and told me.  She is still on good terms with everyone.


    Sheri was obviously in her position as a family favor.  Karen was just the wrong person to be in there.  I heard from Lee that she is a great transcriber but the position was not a good fit.  I know that she and Lee parted ways but I know that Lee has no ill feelings towards her. 


    As I said before and will say again:  Get your facts straight.


    Transcend-The FACTS and only the FACTS

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


     


    Regarding the MDI-MD acquisition: 


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

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


     


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


     


    HOPE THIS IS OF SOME HELP TO YOU. 


     


    TRANSCEND SERVICES, INC.


     





































     


    Delaware


     


    (State or other jurisdiction of incorporation or organization)


     


    One Glenlake Parkway, Suite 1325,


    Atlanta, GA   30328


     


     


    Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2008


     


     


    Transcend Services, Inc. hereafter known as the Company


    EMPLOYEES


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


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


     


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


     


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


     


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


     


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


     


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


     


     






    BUSINESS


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


     









     



     


    Phase I: Dictation Capture. In this phase, a physician dictates the results of a patient encounter or procedure into a number of different voice capture systems, including hand-held devices, dictation capture systems at customer sites and telephone dictation capture systems located in Transcend’s data center in Atlanta, Georgia. The result is an electronic voice file that is ready for processing.


     









     



     


    Phase II: Voice to Text. Using a workflow system, voice files are either routed directly to medical language specialists (MLS) to be transcribed (typed) or are routed through speech recognition and natural language processing systems which produce a draft which is routed to the MLS for editing. In certain cases, documents are routed through Quality Assurance teams as well. The result is a text-based report that is ready to be returned to the customer.


     









     



     


    Phase III: Distribution. Completed reports are distributed to the customer electronically and are either interfaced to the customer’s electronic medical record and/or hospital information systems, printed at the customer’s site or faxed to the customer.


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


     


    INDUSTRY OVERVIEW


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


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


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


    HISTORY OF THE COMPANY


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


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


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


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


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


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


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


    BUSINESS STRATEGY


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


     




























     


    1.


    Provide unparalleled service to customers


     


    2.


    Increase market penetration


     


    3.


    Sustain technological leadership


     


    4.


    Attract and retain talented professionals in the U.S.


     


    5.


    Increase utilization of offshore resources


     


    6.


    Successfully complete and integrate acquisitions.


     


    Provide Unparalleled Service to Customers


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


    Increase Market Penetration


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


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


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


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


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


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


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


    Attract and Retain Professional Staff


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


    Increase Utilization of Offshore Resources


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


    Successfully Complete and Integrate Acquisitions


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


     


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


    CUSTOMERS


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


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


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


    COMPETITION


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


    I think the OP was stating that she got some

    However, I remember this job post and I think the pay was 7 cpl.  You get what you pay for is all I can say.   


    As far as your reasons for job hopping, it makes me no nevermind, I was simply pointing out the fact that you've had four jobs in 15 years.  In my opinion, that is a lot of jobs to have in that span of time.  I had the same employer for 15+ years and have serviced the same accounts for 10+.  Longevity equals production in this business. 


    I think that many promises are made to these MTs by these MTSOs, and then the promises are broken.  I think that causes a sour taste.  Let's face it.  Business is business.  


    I am just stating my opinion like everyone else...sm
    on the board. I must have struck a nerve with you for you to be so insulted. What's with "get over yourself" - just because I'm happy with my company and you probably aren't - means what? That I think I'm better than everyone? Don't think so. You should try being more positive, you might be more pleasant.
    By the way, stating that you feel you let them down
    is an admission that sounds like guilt. Don't get your denial of that issue either!
    If DOL is all your HR dept will take, then anyone stating here they could
    Perhaps you should just give it up if you are not willing to call and/or see an attorney for yourself. lol

    Stating the name of a job position
    I had though that all job ads posted had to state the name of the company; however, there is one posted by an MTRecruiter who seems to be looking for different companies.  Shouldn't that person name the companies who he/she is recruiting for?  Thanks.
    Why did you say that? Now there will be 60 messages stating
    xx
    I was getting 9 cpl with them and they let me go stating I could not do op notes sm
    Op notes are all I do for MQ and my other job.  They just didn't want to pay me 9 cpl and they dropped me to 7 cpl on er reports.  It is an awful company to work for.  I would not go there in any way, shape or form.
    and I am stating my opinion also. sm
    If the companies don't want to set up auto e-mail they don't want to. you aren't going to change them. Grow up. Not being nasty just to the point.
    This might be stating the obvious but...
    Make sure you make the corrections and save the revised document!

    I updated my resume and saved it, but when I went to send it out realized I had not updated my email address. I updated it on the resume I was sending out at that particular moment, but forgot to change it and save it in Word. After I had to correct it 3-4 times as I went to send it, I FINALLY remembered to go into the actual document, make the change and save it.

    Sometimes I really wonder how I function in day to day life, I'm such a scatterbrain, lol!!!
    I am only stating that she posted on another board. I don't know her
    one way or the other, you are right. I am not the basher. I just thought that post would clarify what someone else said. That's all. I am not bashing this woman. I am just giving information that I read while posting a question about Transtech on another board
    He emailed me afterward, stating that he had
    that he called to tell me about the additional ways. I never responded. The scary thing is that I had posted my resume to so many places here, so I had no clue who it was.
    Several posts in the archives stating this. nt
     
    I'm not being rude. The OP is stating she is lacking
    work, and you give her a lecture related to your problems. Again, apples and oranges. That means opposite! So you slacked off and caused the company problems, etc. Unless you know the OP personally and are accusing her of same, your post is irrelevant. Are you helping her get work? Are you answering her question why there is no work for her? No, you turned her post into your own post! Help the lady out and answer her questions - she didn't ask for your work history, etc. Nothing said negative about the company, so you're rather protective. Unless, as often happens here, a whole thread was deleted by now and I missed it! Peace to you! Just trying to point out that your post is not helpful or on topic of the original questions!
    email again just stating you submitted
    your resume about 10 days ago and have not heard anything as of yet for testing. They will get back to you very shortly then.
    not to but in but MTing put herself out there stating she was perfect...
    and had 100% quality. No one is going to just take your word for it with a comment like that. I am not even in QA and thought the exact same thing when I read the post - I could not help but notice the errors.
    Not really complaining, just stating a fact
    had not gotten even an email and never did.
    Not insulting. Just stating my observation of the
    w 2
    I received an email from JG stating spaces would
    be paid now too. Got it at 9:19 a.m. with a follow up email 4 minutes later stating for clarification, this is permanent.
    There is a note on the intranet stating they are working on changes and that all of them should be c
    If I were you I would email Lee directly and let her know that you havent heard anything back.

    In the past week I have been added to two accounts.

    THANK YOU KEYSTROKES/LEE
    I got an email stating my score within a few days.
    nm
    Did you sign a contract stating the amount
    xx
    I would send her a certified letter stating
    you would like to know the above, and that if you hear nothing from her within a certain timeframe you will be contacting an attorney (whether you actually do or not).
    Lots of posts in archives stating that it is
    a Indian run company.  Supposedly they have a U.S. storefront office in MA.  Turnover is very high, which is why they constantly have ads running.  The only good thing I've ever heard about them is they will hire newbies.  They pretty much have to because an experienced MT would not want to work for them unless they couldn't find a job elsewhere. 
    I received an email from TransTech stating that they
    are about to hire for many positions but just last week I read lots of posts on here about people running out of work.  At one time I had been really interested in working for them but this is really confusing and makes me very wary. 
    wasnt just "complaining", just stating a fact.
    nm
    I also think that comment was totally rude and not necessary...Poster just stating something..
    x
    I found an article stating they have already spent over 6 months
    already in place to take over immediately. I found it on their website if I'm not mistaken.
    I wanna think that OSI has an ad up stating that now have benefits for part-timers..Other than that,
    I do not think many do. Everyone was saying how Wedmedx did, but when I checked into it, their idea of PT was like 35 hours or something, but I could be wrong and I do believe they are also fairly rigid about those 35 hours. I think anyone that offers health insurance is going to ask for a fairly strict schedule and probably FT but you never know. You might also check into your local hospitals. I know they do have insurance and usually pretty good for PT.
    I received an email today stating it was all approved. :-) nm