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13 Nov 2004
********************************************************
AAMT to work with the GAO on offshoring survey
********************************************************
Dear Friends,
The U.S. Government Accountability Office (GAO) is conducting a study that
will include the medical transcription industry. In response to multiple
Congressional requests, the Comptroller General of the United States has
initiated a series of studies addressing the implications of the use of
service workers located in foreign countries. As part of this effort, the
GAO Healthcare team is examining the potential privacy implications
resulting from the offshoring of business functions by public and private
healthcare entities. They specifically intend to gather information about
the types of healthcare services involving protected health information most
commonly offshored, and whether offshoring is likely to introduce
significant risks to privacy. AAMT has agreed to cooperate with the GAO and
has provided them with a list of small business owners and independent
contractors who may be interested in sharing their stories and information.
The winner of Coffee Break XII is Vinod Charan Dass, QC Speciaist, Acusis
Software India Pvt Ltd, Coimbatore. To participate in the Coffee Break,
click here now:
http://www.mtindia.org/jobs/
Please let all your MT friends know so they can participate and win Rs 500
and a Certificate of Merit! Entries must reach us before 1700 hrs, 17th of
November.
Ciao!
Maj (Dr.) Amit Chatterjee, SM
Strategist / Founder ~ mailto:amit@...
MT India ~ www.mtindia.org
"The Community of MT Professionals"
***********************************************************
ADVERTISEMENT:
****************
HealthScribe India is looking for Trained or Experienced Medical
Transcriptionists
Employee Benefits:
Include an excellent career growth opportunity, attractive remuneration
package including free food, transportation, medical/accident insurance
cover, and all statutory benefits.
* Experienced MTs have the opportunity to work from home.
* Experienced MTs will be paid a joining bonus of Rs. 10,000 on joining
HealthScribe. This is in addition to regular salary and line incentives.
* Outstation Experienced MTs will be paid Rs. 3000 pm for 2 months towards
accommodation.
Click here for details:
http://www.mtindia.org/advt.html
Or email to healthscribe@...
***********************************************************
NEWS AND VIEWS :
*****************
1) Goodkind Labaton Rudoff & Sucharow LLP Files Class Action Lawsuit Against
MedQuist Inc.
Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on
November 8, 2004 in the United States District Court for the District of New
Jersey, on behalf of persons who purchased or otherwise acquired publicly
traded securities of MedQuist Inc. ("MedQuist" or the "Company") (Pink
Sheets:MEDQ) between April 23, 2002 and November 2, 2004, inclusive, (the
"Class Period"). The lawsuit was filed against MedQuist, Brian J. Kearns and
Davis A. Cohen ("Defendants").
If you are a member of this class you can view a copy of the complaint and
join this class action online at http://www.glrslaw.com/get/?case=Medquist
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the complaint alleges that Defendants issued a series of
materially false and misleading statements regarding the financial condition
of the Company. More specifically, the complaint alleges that Defendants
statements were materially false and misleading because the Company's
financial statements for 2002 and 2003 were the result of fraudulent
financial manipulations, including ambiguous billing to clients which
resulted in the overstatement of the Company's revenue and earnings by a
material amount. Moreover, the complaint alleges that the Defendants
indicated that Company's financial statements complied with Generally
Accepted Accounting Principles ("GAAP") when they did not.
If you bought MedQuist securities between April 23, 2002 and November 2,
2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff
papers must be filed with the court no later than sixty days from Nov. 8,
2004. If you would like to consider serving as lead plaintiff or have any
questions about the lawsuit, please contact one of our representatives or
Christopher Keller, Esq. at 800-321-0476.
http://www.primezone.com/newsroom/news_releases.mhtml?d=67137
2) CBay Systems and Bond Technologies Announce Strategic Partnership
CBay Systems, Ltd., a leader in medical transcription and information
management solutions, and Bond Technologies, offering the industry's most
advanced electronic health record (EHR) software, have teamed to provide the
full spectrum of electronic documentation of patient visits to medical
practices across the United States.
This multi-year agreement positions CBay as the preferred provider of
medical transcription, dictation and technical integration services to Bond
Technologies' end users, through a national reseller channel. Customers will
be able to dictate via the telephone, digital voice recorder or PDA and
medical reports will be returned securely and seamlessly into the EHR.
"CBay is very pleased to have been chosen by Bond Technologies to help
deliver a complete EHR solution to its customers," says Michael Kimball, Sr.
Vice President Sales & Marketing. "This alliance is a significant validation
of our strategy to lead in the healthcare outsourcing market through
solutions that combine best practices and leading technology."
The fourth largest provider of transcription services to the healthcare
industry, CBay has U.S. based and offshore production facilities employing
more than 3,700 people serving over 300 clients.
http://www.mysan.de/international/article1148.html
3) Acusis Announces Preparedness for 2005 HIPAA Security Deadline
Acusis has announced today their associates completed a Health Insurance
Portability and Accountability Act of 1996 (HIPAA) education and training
course. Over 540 employees globally have participated in the push to be
ready to meet the upcoming HIPAA regulations.
The completion comes months before the compliance deadline for HIPAA's
Security Rule in April 2005, indicating Acusis is doing their part to ensure
meeting the transition deadline is as smooth as possible for healthcare
organizations. In order to demonstrate to hospitals, clinics, and physician
practices Acusis is committed to safeguarding the confidentiality and
security of protected electronic health information, associates are required
to complete the HIPAA training course annually.
"Acusis has built our model around HIPAA-protected health information
guidelines. By making ourselves prepared for the 2005 deadline in advanced,
we can assure we are doing the best we can to encourage a seamless
transition in April for our customers," said David Iwinski, Jr., Acusis
President and CEO.
The course educates associates on HIPAA awareness, privacy and security and
follows with a formal assessment of employees' understanding of the rules.
Health Care Compliance Strategies (HCCS) presented Acusis with a Certificate
of Completion.
In addition to the required formal annual HIPAA training, Acusis has their
worldwide associates sign a Non-Disclosure/Confidentiality Policy. Last
June, Siemens Medical Solutions completed an independent assessment its
HIPAA compliance initiative. Acusis has technology systems in place for data
encryption, virtual private network safeguards, firewall multiple layers,
intrusion detection systems and disaster recovery redundancies.
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20041110005113&newsLang=en
4) Spheris Announces Recapitalization Transaction
Spheris, has completed a recapitalization transaction in which Warburg
Pincus and Soros Private Equity, two leading private equity investors, have
acquired ownership of the company from the private equity firm Parthenon
Capital. Spheris' existing management team, led by President & CEO Steven
E. Simpson, will also invest in the recapitalized company and continue to
lead the company's operations.
Spheris provides medical transcription services to many of the country's
largest and most prestigious acute-care hospitals and group medical
practices.
The company was formed in June of 2003 through Total eMed's acquisition of
EDiX. The newly formed Spheris became the second largest medical
transcription company in the U.S.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/11-09-2004/0002399014&EDATE=
5) Pulse Check on the Offshore Outsourcing Trend
"Even after a worst-case scenario of the medical transcription kind hit the
papers in October, there's still a steady rhythmical dilation of arteries
sustaining the offshore outsourcing trend. It remains to be seen if
anxieties over this incident will affect the trend, to say nothing of other
industry dynamics in the coming year. Here's some speculation on what's to
be expected on the offshore outsourcing front in 2004."
Why the Trend Continues: "It's driven by two key issues," stated Iwinski.
"One key is the continuing need for cost control from hospitals, clinics and
medical institutions. I don't see any change in the dynamics of medical
payments such that there's going to be a lot of free money floating around."
Fuller expanded on this point. "Consider the amount of money being spent on
transcription services in the United States today, and it continues to climb
because it is still the most prevalent way of creating documentation in a
digitized format for an electronic health record." If this expense can be
mitigated with an outsourced offshore workforce, many will opt for it, she
added.
The second reason Iwinski provides as evidence for the continuing trend is a
lack of skilled MTs. "Many of our clients have come to us strictly for
capacity reasons. They can't hire enough MTs, so they have to contend with
outsourcing as a solution."
"There is an issue in which there's flat out not enough trained MTs in the
United States," Fuller agreed, citing inherent physical challenges of a
lifetime career that involves sitting in one spot performing repetitive
motion, coupled with the salary issue. "If these people were making a lot of
money more people would take transcription jobs and there would be no reason
to go offshore."
<From the print edition of Advance..>
++++++++++++++++++++++++++++++++++++++
P. S. Would you like to share this newsletter with your friends
or post it on your site? Please do! But also be sure to read
below:
All original content of this newsletter is © Copyright 1998-2004
Mediweb Infotech Pvt. Ltd. All cited articles are copyright of
their authors and/or respective publications. Please feel free to
share this newsletter with your friends or post it on your site
as long as it is left intact with all links unchanged and this
notice.
Thank you for your interest in MT India!
The MTIndia Team
----------------------------------------------------------------
Please DO NOT reply to this mail id to unsubscribe
To subscribe, send an email to:
MTIndia-subscribe@yahoogroups.com
13 Nov 2004
********************************************************
AAMT to work with the GAO on offshoring survey
********************************************************
Dear Friends,
The U.S. Government Accountability Office (GAO) is conducting a study that
will include the medical transcription industry. In response to multiple
Congressional requests, the Comptroller General of the United States has
initiated a series of studies addressing the implications of the use of
service workers located in foreign countries. As part of this effort, the
GAO Healthcare team is examining the potential privacy implications
resulting from the offshoring of business functions by public and private
healthcare entities. They specifically intend to gather information about
the types of healthcare services involving protected health information most
commonly offshored, and whether offshoring is likely to introduce
significant risks to privacy. AAMT has agreed to cooperate with the GAO and
has provided them with a list of small business owners and independent
contractors who may be interested in sharing their stories and information.
The winner of Coffee Break XII is Vinod Charan Dass, QC Speciaist, Acusis
Software India Pvt Ltd, Coimbatore. To participate in the Coffee Break,
click here now:
http://www.mtindia.org/jobs/
Please let all your MT friends know so they can participate and win Rs 500
and a Certificate of Merit! Entries must reach us before 1700 hrs, 17th of
November.
Ciao!
Maj (Dr.) Amit Chatterjee, SM
Strategist / Founder ~ mailto:amit@...
MT India ~ www.mtindia.org
"The Community of MT Professionals"
***********************************************************
ADVERTISEMENT:
****************
HealthScribe India is looking for Trained or Experienced Medical
Transcriptionists
Employee Benefits:
Include an excellent career growth opportunity, attractive remuneration
package including free food, transportation, medical/accident insurance
cover, and all statutory benefits.
* Experienced MTs have the opportunity to work from home.
* Experienced MTs will be paid a joining bonus of Rs. 10,000 on joining
HealthScribe. This is in addition to regular salary and line incentives.
* Outstation Experienced MTs will be paid Rs. 3000 pm for 2 months towards
accommodation.
Click here for details:
http://www.mtindia.org/advt.html
Or email to healthscribe@...
***********************************************************
NEWS AND VIEWS :
*****************
1) Goodkind Labaton Rudoff & Sucharow LLP Files Class Action Lawsuit Against
MedQuist Inc.
Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on
November 8, 2004 in the United States District Court for the District of New
Jersey, on behalf of persons who purchased or otherwise acquired publicly
traded securities of MedQuist Inc. ("MedQuist" or the "Company") (Pink
Sheets:MEDQ) between April 23, 2002 and November 2, 2004, inclusive, (the
"Class Period"). The lawsuit was filed against MedQuist, Brian J. Kearns and
Davis A. Cohen ("Defendants").
If you are a member of this class you can view a copy of the complaint and
join this class action online at http://www.glrslaw.com/get/?case=Medquist
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the complaint alleges that Defendants issued a series of
materially false and misleading statements regarding the financial condition
of the Company. More specifically, the complaint alleges that Defendants
statements were materially false and misleading because the Company's
financial statements for 2002 and 2003 were the result of fraudulent
financial manipulations, including ambiguous billing to clients which
resulted in the overstatement of the Company's revenue and earnings by a
material amount. Moreover, the complaint alleges that the Defendants
indicated that Company's financial statements complied with Generally
Accepted Accounting Principles ("GAAP") when they did not.
If you bought MedQuist securities between April 23, 2002 and November 2,
2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff
papers must be filed with the court no later than sixty days from Nov. 8,
2004. If you would like to consider serving as lead plaintiff or have any
questions about the lawsuit, please contact one of our representatives or
Christopher Keller, Esq. at 800-321-0476.
http://www.primezone.com/newsroom/news_releases.mhtml?d=67137
2) CBay Systems and Bond Technologies Announce Strategic Partnership
CBay Systems, Ltd., a leader in medical transcription and information
management solutions, and Bond Technologies, offering the industry's most
advanced electronic health record (EHR) software, have teamed to provide the
full spectrum of electronic documentation of patient visits to medical
practices across the United States.
This multi-year agreement positions CBay as the preferred provider of
medical transcription, dictation and technical integration services to Bond
Technologies' end users, through a national reseller channel. Customers will
be able to dictate via the telephone, digital voice recorder or PDA and
medical reports will be returned securely and seamlessly into the EHR.
"CBay is very pleased to have been chosen by Bond Technologies to help
deliver a complete EHR solution to its customers," says Michael Kimball, Sr.
Vice President Sales & Marketing. "This alliance is a significant validation
of our strategy to lead in the healthcare outsourcing market through
solutions that combine best practices and leading technology."
The fourth largest provider of transcription services to the healthcare
industry, CBay has U.S. based and offshore production facilities employing
more than 3,700 people serving over 300 clients.
http://www.mysan.de/international/article1148.html
3) Acusis Announces Preparedness for 2005 HIPAA Security Deadline
Acusis has announced today their associates completed a Health Insurance
Portability and Accountability Act of 1996 (HIPAA) education and training
course. Over 540 employees globally have participated in the push to be
ready to meet the upcoming HIPAA regulations.
The completion comes months before the compliance deadline for HIPAA's
Security Rule in April 2005, indicating Acusis is doing their part to ensure
meeting the transition deadline is as smooth as possible for healthcare
organizations. In order to demonstrate to hospitals, clinics, and physician
practices Acusis is committed to safeguarding the confidentiality and
security of protected electronic health information, associates are required
to complete the HIPAA training course annually.
"Acusis has built our model around HIPAA-protected health information
guidelines. By making ourselves prepared for the 2005 deadline in advanced,
we can assure we are doing the best we can to encourage a seamless
transition in April for our customers," said David Iwinski, Jr., Acusis
President and CEO.
The course educates associates on HIPAA awareness, privacy and security and
follows with a formal assessment of employees' understanding of the rules.
Health Care Compliance Strategies (HCCS) presented Acusis with a Certificate
of Completion.
In addition to the required formal annual HIPAA training, Acusis has their
worldwide associates sign a Non-Disclosure/Confidentiality Policy. Last
June, Siemens Medical Solutions completed an independent assessment its
HIPAA compliance initiative. Acusis has technology systems in place for data
encryption, virtual private network safeguards, firewall multiple layers,
intrusion detection systems and disaster recovery redundancies.
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20041110005113&newsLang=en
4) Spheris Announces Recapitalization Transaction
Spheris, has completed a recapitalization transaction in which Warburg
Pincus and Soros Private Equity, two leading private equity investors, have
acquired ownership of the company from the private equity firm Parthenon
Capital. Spheris' existing management team, led by President & CEO Steven
E. Simpson, will also invest in the recapitalized company and continue to
lead the company's operations.
Spheris provides medical transcription services to many of the country's
largest and most prestigious acute-care hospitals and group medical
practices.
The company was formed in June of 2003 through Total eMed's acquisition of
EDiX. The newly formed Spheris became the second largest medical
transcription company in the U.S.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/11-09-2004/0002399014&EDATE=
5) Pulse Check on the Offshore Outsourcing Trend
"Even after a worst-case scenario of the medical transcription kind hit the
papers in October, there's still a steady rhythmical dilation of arteries
sustaining the offshore outsourcing trend. It remains to be seen if
anxieties over this incident will affect the trend, to say nothing of other
industry dynamics in the coming year. Here's some speculation on what's to
be expected on the offshore outsourcing front in 2004."
Why the Trend Continues: "It's driven by two key issues," stated Iwinski.
"One key is the continuing need for cost control from hospitals, clinics and
medical institutions. I don't see any change in the dynamics of medical
payments such that there's going to be a lot of free money floating around."
Fuller expanded on this point. "Consider the amount of money being spent on
transcription services in the United States today, and it continues to climb
because it is still the most prevalent way of creating documentation in a
digitized format for an electronic health record." If this expense can be
mitigated with an outsourced offshore workforce, many will opt for it, she
added.
The second reason Iwinski provides as evidence for the continuing trend is a
lack of skilled MTs. "Many of our clients have come to us strictly for
capacity reasons. They can't hire enough MTs, so they have to contend with
outsourcing as a solution."
"There is an issue in which there's flat out not enough trained MTs in the
United States," Fuller agreed, citing inherent physical challenges of a
lifetime career that involves sitting in one spot performing repetitive
motion, coupled with the salary issue. "If these people were making a lot of
money more people would take transcription jobs and there would be no reason
to go offshore."
<From the print edition of Advance..>
++++++++++++++++++++++++++++++++++++++
P. S. Would you like to share this newsletter with your friends
or post it on your site? Please do! But also be sure to read
below:
All original content of this newsletter is © Copyright 1998-2004
Mediweb Infotech Pvt. Ltd. All cited articles are copyright of
their authors and/or respective publications. Please feel free to
share this newsletter with your friends or post it on your site
as long as it is left intact with all links unchanged and this
notice.
Thank you for your interest in MT India!
The MTIndia Team
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Please DO NOT reply to this mail id to unsubscribe
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