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09 Oct 2004

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CBay Systems, Ltd. Named One of Maryland's Fastest Growing Technology
Companies

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Dear Friends,

CBay Systems, Ltd. has been named to Deloitte's prestigious Technology Fast
50 Program for Maryland, a ranking of the 50 fastest growing technology
companies in the area by Deloitte & Touche LLP, one of the nation's leading
professional services firms. Technology Fast 50 rankings are based on the
percentage of growth in fiscal year revenues over five years, from 1999 -
2003.

CBay's President, Donald "Skip" Conover credits the Company's effective team
approach and committed staff with the company's fast growth over the past
five years. He said, "We have always combined the expertise of our
financially and internationally sophisticated executive team with the long
and proven experience of our senior managers to create the fastest growing
company in our industry."

"The Deloitte Maryland Technology Fast 50 companies have shown the strength,
vision and temerity to succeed despite a very challenging technology
environment," said Gary H. Tabach of Deloitte's Technology, Media &
Telecommunications Practice and Office Managing Partner for Deloitte's
McLean, Virginia office. "We applaud the successes of CBay and acknowledge
their place as one of the very few to accomplish such a fast growth rate
over the past five years."

"In today's economy, (double or triple)-digit percentage revenue growth is
an exceptional accomplishment. We commend CBay for making the commitment to
technology and delivering on the promise of market longevity. We are proud
to honor CBay as a Deloitte Technology Fast 50 winner."

To qualify for the Technology Fast 50, companies must have had operating
revenues of at least $50,000 in 1999 and $1,000,000 in 2003, must be public
or private companies headquartered in North America, and be a "technology
company" defined as owning proprietary technology that contributes to a
significant portion of the company's operating revenues (using other
companies' technology in a unique way does not qualify); and/or devoting a
significant proportion of revenues to research and development of
technology.

On another front, HealthScribe has become Avicis. See
http://www.avicis.com/

Regards,

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

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NEWS AND VIEWS :
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1) MedQuist Announces Notice of Class Action Lawsuit

MedQuist Inc. announced that it has received notice of a putative class
action lawsuit filed against the company in the United States District Court
for the Central District of California. MedQuist has retained the law firm
of Winston & Strawn LLP to represent it in the matter.

"MedQuist has been proactively and responsibly working with its clients to
address the questions raised regarding its billing practices, and we will
continue to do so," MedQuist Chief Executive Officer Howard S. Hoffmann
said. "The company intends to respond to the suit appropriately, according
to the best interests of our customers, employees and shareholders."

http://biz.yahoo.com/prnews/041004/nym236_1.html

2) MedQuist Hit with Class Action By Greenberg Traurig; Hospitals, Defrauded
by Nation's #1 Medical Transcription Service, Rush to Join Class

Florida's South Broward Hospital District and international law firm
Greenberg Traurig LLP announced today they have brought a class action suit
against MedQuist (MEDQ.PK), a publicly-traded company based in Mt. Laurel,
New Jersey and the world's #1 vendor for electronic medical transcription
services, following an independent investigation of MedQuist's billing
procedures.

Delisted from NASDAQ June 16, MedQuist identified accounting errors
following the complaints of an employee. In its public statements, in late
July, the company detailed the results of an independent audit by Debevoise
& Plimpton LLP and Pricewaterhouse Coopers which found some hospital clients
were overbilled for transcription services. As a result of the
investigation, MedQuist replaced their CEO and fired their chief financial
officer and chief legal officer. The Securities & Exchange Commission has
also launched an investigation of the company.

SSI Advisors, a management consulting company headquartered in New York,
spent almost a year for one large hospital system evaluating MedQuist's over
billing problem. Based on invoices reviewed, SSI Advisors' principal,
Jeffrey Litvack, found through their analysis that the MedQuist over bill
rates reached as high as 50% on some invoices and estimated a loss exceeding
ten (10) million dollars to the hospital system.

The class is expected to grow as it's anticipated that as many as 4,600
hospitals nationwide and in Canada are clients of MedQuist and that the
losses due to MedQuist's fraud are expected to be quite significant. The
class action is expected to be one of the largest ever taken by corporations
and one of the first to use consumer fraud laws by companies against another
company.

http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&ne\
wsId=20041004005778&newsLang=en

3) IT firms protest against poor infrastructure

The poor state of the roads in the country's Silicon Valley was highlighted
once again today when several hundred residents, software engineers, call
centre professionals along with those working in medical transcription
sector and professors and students of the Indian Institute of Management,
Bangalore, participated in a rasta roko to highlight the deteriorating state
of the Bannerghatta Road.

Companies like Honeywell, Accenture, HSBC, Heartland, Oracle, Infosys,
Progeon and others have their offices on this state highway, along with
several huge up market residential apartments. The protesters blocked the
road for over three hours, disgusted as they were with the total apathy of
the state government in making the otherwise prestigious road motorable. The
IT-enabled companies and IIMB, along with over 27 residents welfare
associations, had been urging the state authorities to improve the road for
over three years but ineffectively.

http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=56201

4) Governor vetoes bills on offshoring jobs

Gov. Arnold Schwarzenegger vetoed one of legislative Democrats' biggest
priorities of the year Wednesday by rejecting three measures intended to
prevent businesses from sending jobs abroad. The chief bill would have
prohibited the state from contracting with any company that planned to use
foreign workers to do the job. The other two measures would have banned
health care companies from storing consumers' health information outside the
country and prohibited the state from outsourcing work done by the state's
Office of Homeland Security.

In a lengthy veto message of AB 1829 by Assemblywoman Carol Liu, D-La Canada
Flintridge, Schwarzenegger characterized an outsourcing ban as a restriction
of foreign trade that could hurt the economy and stymie entrepreneurship.
"Our focus should not be on erecting artificial barriers that that will
thwart the spirit of our citizens and the businesses that will help our
economy grow,'' he said.

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/09/30/BAG\
PE91B551.DTL

5) Bloopers just a blip, say medical transcription cos

A patient's `phlebitis (vein inflammation) left leg' was typed out as `flea
bite his left leg' while a `below knee amputation' was transcribed as
`baloney amputation'. Hilarious as these may sound, these errors or
transcription bloopers have resulted in an outcry in the UK, questioning the
quality of medical transcription services from India. Is this yet another
case of making a mountain out of a molehill? The medical transcription
industry, which does exports of about $100 million and is growing at 35 per
cent, thinks it is.

"The reports are fairly exaggerated, making out as if an exception is the
norm. Our interaction with overseas customers of the industry indicates that
they are always able to get quality standards of 99.9 per cent or more," Mr
Sunil Mehta, Vice-President of Nasscom said. Mr Mehta said clients were
fairly convinced of the quality processes being adhered to by Indian
companies. "While, in any field, there is always room for error, Nasscom
encourages its member companies in the IT and BPO space to go for
internationally accepted quality certifications," he said.

According to Mr Suresh Nair, CEO and Managing Director of Healthscribe
India, "Our customers get the same quality in India as in the US. Lot of our
customers have appreciated the quality of work and some clients want the
work to be done specifically in India." Mr Nair said that Healthscribe was
growing at 50 per cent per annum and targeting a 70 per cent growth next
year.

CBay Systems, says its revenues are growing at 75 per cent.

http://www.thehindubusinessline.com/2004/10/05/stories/2004100500410300.htm

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The MTIndia Team
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