Spheris India is now CBay Group Company

Well, it's official now. The word has come from the horse's mouth itself.  The BIG combo of  MQ plus CBay has now another big cat under their kitty, the once mighty Spheris but now a bankrupt Spheris. As every one knows that Spheris has already filed for bankruptcy protection under the United States Bankruptcy Code on February 3, 2010.  The Spheris deal is to be governed by a bidding process subject to regulatory and court approval.  If the court approves the deal, the entire deal will be expected to be completed by the first half of 2010 and thus will make $400 million CBay company even bigger than ever.

CBay Holdings, through its subsidiaries MedQuist, Inc. and CBay, signed an agreement with Spheris to purchase select operating assets and liabilities of Spheris in multiple geographies, said in a statement released by CBay promoters.  The entire transactions will be done through a bidding process, subject to regulatory and court approvals. According to the agreement, MQ will acquire the domestic (US) and Canadian business of Spheris, while CBay, Inc. (the majority owner of MQ) will acquire the stocks of Spheris' India subsidiary, Spheris India Privated Ltd., thus bringing the end of tension to thousands of Spheris' workforce in US, Canada, and India.  
 

Spheris, based in Tennessee, US, with operations in North America and India had a consolidated revenue of $182.8 million and a net loss of $19.2 million for the year ended December 31, 2008.  So, the deal will make CBay Holding richer by almost $200 million, thus probably making it the biggest medical transcription company in the world.

Best of luck to all Spheris employees for a better tomorrow!!!



© 2010 Ranjan Kumar

US versus Indian MT

Well, the battle line is drawn and going by the amount of dissatisfaction with most of the MQ and Spheris jobs being outsourced to India, one must start thinking that there is something seriously wrong on this front. I just looked into a few MT forums and what I read there is really outrageous.

"I was laid off from Cbay & later MQ as well because they were sending so much to India. These greedy corporations have ruined what used to be a good industry, while endangering patients' health and privacy by sending the work overseas. They can't go bankrupt fast enough for me, and with the hundreds of thousands of dollars worth of bonuses for the head chiefs, I doubt it will take long. It seems to be the new way of corporations these days anyway -- get in, run the little guys out of business, move numbers around, take huge bonuses & get your money off the top, then let it sink...."

"we are now called "medical language specialists". What a joke. We should be called "translators" because most of our time is spent trying to figure out what the foreign doctors are saying in broken, horrible English. We can't make a decent paycheck because our line counts are so low. I make about $100 per week now, when I used to make $600-$750 per week. I am a very fast and accurate typist (120 wpm) and have been doing this type of work for 30 years. Do not waste your time working for these slave-drivers. They want Indian workers? Let them have them."

"If you make a little mistake, you are threatened with termination. TERMINATION is the constant threat. The morale in this companyis terrible. If you request anything, you are threatened with Termination. Don't work for these people. They treat their workers like SHIT. One day, when they are stuck with all Indian workers who can't spell or speak English, and their clients ditch them, they will be sorry."

These are just the tip of an iceberg, maybe in the near future, we might see even more aggressive remarks.



© 2010 Ranjan Kumar