Medical Transcription Info And News – Ramblings – October 2008
Recessions are best times for bargain hunting, buyouts, takeovers and consolidations for cash-rich companies and in fact it’s a buying spree at Nuance Communications in 2008, the renowned speech-recognition software vendor with famous products Dictaphone and Dragon Naturally Speaking Speech Recognition Software. In April, Nuance acquired eScription, the computer-aided medical transcription technology provider, for USD 363 million, and in August Nuance acquired SNAPin Software, the mobile device and server self-service technology developer, for USD 180 million, and now comes Netherlands-based Royal Philips Electronics’ Philips Speech Recognition Systems under the fold of Nuance for Euro 66 million ($96.1 million) to strengthen its presence in the European healthcare market. Philips Speech Recognition Systems provides speech-recognition applications in 25 languages.
CBay Systems Holdings Ltd., a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services, announced that it has successfully completed the acquisition of 69.5% of ownership interest in MedQuist, the world’s largest medical transcription services company, from Koninklijke Philips Electronics N.V. (Philips) for a total consideration of USD 287 Million.
Spheris announced that it has entered into an exclusive, five-year agreement with Community Health Systems Professional Services Corporation (CHS), a subsidiary of the nation’s leading operator of community-based hospitals, to provide medical transcription technology and services to all of its affiliated hospitals.
Spheris is a leading global provider of clinical documentation technology and services to more than 500 health systems, hospitals and group practices throughout the U.S. Spheris offers a highly advanced, web-based technology platform blended with Spheris’ outsource services. Spheris employs approximately 5,500 skilled medical language specialists supporting the company’s clients through a secure network.
Like many MTs, after years into medical transcription career, are you asking yourself what kind of bird are you, duck, swan? Same is the case with Rebecca A. McSwain and she guides how to earn self respect and to keep yourself away from the boredom in “Being a Duck.”
Over years (or compared to the 1980s), the salaries of MTs have come down. Even after the change in Federal Minimum Wage Law in 2009, a CMT will be earning just above poverty wages and it’s hard to find anyone in the professional category to earn $27,000 (round numbers); even beginners in any profession earn better than that. So how to move your earning figures up? Check what Pat Forbis says in “For the Working MT.”
Here is a survey by a group of professors, Gary David, PhD, associate professor of sociology at Bentley College, Waltham, MA; Donald Chand, PhD, professor of information and process management; and Angela Garcia, PhD, associate professor of sociology, trying to throw light/find answers for a few burning questions in the medical transcription industry on issues like quality, salary concerns, shortage of MTs etc. The online survey was taken by 3,800 MTs. On the quality front, nearly half of MTs reported that they see how flagged errors are resolved only rarely or never! Regarding the salaries not heading upwards, Dr. David observes the industry as “One of the only places where the laws of supply and demand don’t work.” Regarding whether there is actually a shortage of MTs, Dr. David comments that because there are no solid numbers on the actual number of MTs working, there’s no way to determine if there is definitely a shortage. Read more about the Reactions to the MT Study.
And finally, if you’re an onshore transcriptionist, how much money do you make? It’s taboo to come right out and ask someone that question, but ADVANCE for Health Information Professionals is asking. They want to provide you with the most accurate information when they present their 2008 Salary Survey findings on December 15, but they need your help to do so. To convince you to participate, they’re offering a $100 giveaway in a random drawing among survey participants. Who can’t use an extra $100 these days? So headstart to take the Salary Survey 2008.
- What Does Medical Transcription Training Consist of?
- Will speech recognition replace human in medical transcription?
- Everything You Wanted To Know About Medical Transcription Career
