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Jul 9, 2005

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ROI on Training

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Dear Friends,

There is no other workplace issue on which so much money is spent
with as little accountability as training.

The evaluation of training is inherently a good thing and we all
know it and acknowledge it. But, because of our daily fire
fighting, 'urgent' things get priority over 'important' things. So,
it's typically something we plan to do better next year - after
all, we've got away with it so far, so another year won't hurt!

And even if training evaluation is undertaken, it is usually at the
easiest and lowest level - the measurement of trainee feedbacks
through evaluation sheets. Reactions are important and the
evaluation sheets serve a purpose, but they may not be enough to
back up your arguments when there is a need for a greater
investment in training, when major changes need to be made in
direction, when there is stiffer competition for scarce resources
or when times get tough!

So, how does one measure the ROI on training? Why is it difficult
to measure it? And once the right measure is set in place, how does
one go about increasing this ROI?

Let Mr. Mahan Tavakoli, Vice President and Managing Director,
International Business, of Dale Carnegie Training® headquartered in
New York, answer your questions at this NASSCOM interactive session
at the "Seasons", Hotel Royal Orchid, Bangalore at 3.00 PM on
Thursday, the 14th of July, 2005. To register, mail to:
bangalore@...

Ciao!

Maj (Dr) Amit Chatterjee, SM
Strategist / Founder ~ mailto:amit@...
MT India ~ www.mtindia.org
"The Community of MT Professionals"

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ADVERTISEMENT:
****************
Trainers wanted
++++++++++++++++++++
NEXT is looking for full time english and phoentic trainers,
medical doctors and experienced medical transcriptionists for our
training centers at Bangalore, Coimbatore and Hyderabad.

Contact: vimala@...
Phone: 0918051132600

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NEWS AND VIEWS :
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1) Spryance Closes $6.1 Million Series C Transaction

Spryance Inc., announced that the Company has closed a $6.1 million
Series C round of financing through raised capital and the
conversion of existing notes. Beecken, Petty, O'Keefe & Company
("BPOC") led the funding round with a $5 million investment, while
the remaining $1.1 million came from existing investors. Spryance
will use the new funding to enhance its U.S. sales efforts, acquire
U.S. medical transcription companies, and expand global quality
assurance and production operations.

"Our investors are very enthusiastic about the market's adoption of
Spryance's medical transcription services," said Raj Malhotra,
president and CEO of Spryance. "Our customers are enjoying the
benefits of consistently accurate, timely and complete medical
transcriptions that are made possible by Spryance's operational
excellence. With strong customer validation and market reception,
it is clear that the business opportunity for Spryance is
substantial.

http://biz.yahoo.com/bw/050705/55052.html?.v=1

2) MedQuist Announces Release of PhysAssist IQ(TM) Enterprise

MedQuist announced the release of PhysAssist IQ Enterprise, an
on-premise solution that enables physicians and medical caregivers
to use a variety of popular personal digital assistant (PDA)
devices to capture patient-related data and dictation. More than 40
different PDA models have been certified to work with the
PhysAssist IQ Enterprise software, using either the PocketPC or
Palm OS platforms. This allows the users to select the PDA device
that best suits their specific needs.

"This application significantly enhances the quality of patient
care while reducing errors. Patient demographic data is obtained by
an interface with physician or hospital information systems. Users
simply select the appropriate patient from a list on their PDA and
select "record" to dictate. PhysAssist IQ operates like a hand-held
dictation device, allowing the originator to fast forward and
rewind through dictation, as well as hold dictation on the unit to
complete at a later time. The user can also select a work type for
the dictation and assign a STAT note for priority transcription.

The PhysAssist IQ synchronization process can be performed through
a wireless connection or by inserting a multimedia memory card
(MMC) into a MMC reader on the computer. In a wireless environment,
PhysAssist IQ can send completed dictation, as well as obtain any
new or updated patient information, at predetermined times or each
time a dictation has been completed.

One of the key advantages of PhysAssist IQ is that the application,
as well as patient demographic and dictation data, is stored on the
PDA's MMC card. If a PDA malfunctions, the MMC card can simply be
inserted into another PDA and the physician or caregiver can
continue without any loss of data or dictation.

http://biz.yahoo.com/prnews/050708/phf012.html?.v=18

3) Transcription Service Founder Named as Virginia Ernst & Young,
Entrepreneur of the Year

In recognition of creating the nation's third largest transcription
service in marketplace filled with more than 1,500 competitors,
Robert Lynch, President and CEO of CyMed, Inc. was recently honored
as the Ernst & Young Entrepreneur of the Year for the State of
Virginia. Lynch's selection in the services category reflects the
company's success in applying Six Sigma management principles to
re-engineer the workflow for outsourced Electronic Medical Records
(EMR) and improve the costs, quality and cycle times traditionally
expected for the process. An internationally recognized speaker on
Six Sigma management and author of numerous transcription
re-engineering articles, Lynch has grown the 1998 start-up to now
generate more than 25,000 patient records daily on behalf of their
health care clients across the country.

"It is an honor to be recognized by Ernst & Young in such a
prestigious competition," noted Robert Lynch, CyMed's President and
CEO. "But our success is the result of empowering a strong
management team with Six Sigma management principles. Such process
improvement strategies are being sought by more and more Health
Information Management professionals to help their organizations
meet President Bush's national EMR challenge. Technology
improvements are one thing, but it still takes an orchestrated
workflow and real-time process visibility to achieve measurable
improvements. Consequently, we view this recognition by E&Y as a
validation of our efforts to become the most efficient
transcription business in the industry."

http://biz.yahoo.com/bw/050707/75767.html?.v=1

4) Soros Private Equity sued over Spheris acquisition

Soros Private Equity Investors LP was sued by a group of
partnerships who are asking a judge to order the release of
information about the buyout of medical transcription technology
firm Spheris Inc. In a Delaware Chancery Court lawsuit, New
York-based Psilos Group Partners LP and Venture Investment
Management Co. LLC and Vimac Early Stage Fund LP, both of Boston,
contend they have a co-investment agreement with Soros Private
Equity, yet are not allowed to invest in Spheris. Soros Private
Equity teamed up with Warburg Pincus LLC in November to buy Spheris
at an undisclosed price ''to the exclusion of the plaintiffs," the
suit alleges. (Bloomberg)

http://www.boston.com/business/articles/2005/07/08/hubs_convention_bookings_more\
_than_double_in_2005/

5) The Bush Health-Care Solution

Athena intends to stake a claim to the potentially most profitable
part of the market by digitizing the actual doctor's appointment
itself. The company is spending $2.1 million developing a product
called athenaClinicals, an electronic service that will roll out in
2006 to track and measure everything from diagnosis to medical
transcription to lab results.

http://www.fastcompany.com/magazine/96/health-care.html
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All original content of this newsletter is © Copyright 1998-2005
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
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Thank you for your interest in MT India!

The MTIndia Team
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