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Spheris files for bankruptcy, agrees to be acquired

By Getahn Ward • THE TENNESSEAN • February 3, 2010

Spheris, the Franklin-based medical transcription services company, today said it has filed for bankruptcy with an agreement to be acquired by a competitor.

Under the agreement, MedQuist Inc. and Cbay Inc., portfolio companies of Cbay Systems Holdings Ltd., would purchase substantially all of Spheris’ assets.

Spheris said that it expects operations to continue as usual during the restructuring process. Its Spheris India unit will be part of the prospective transaction but will not file for bankruptcy, company officials said.

The filing comes as Spheris faced mounting debt and challenges from more competition in its industry, which among trends has seen changes in technology.


LETTER FROM A NEWBIE MT TO ALL NEWBIE MTs

 
Hi MT Students, pastpresent and future:
 
I am writing to share my experiences from being a student to job-hunting to internship in hopes that it offers insight and assistance.   
 
I loved the MT course.. it felt like a perfect match!  I had time to devote to it and became obsessed with the challenges, loved learning and looked forward to the opportunity it would afford of returning to the work force. I had visions of typing in a paying position the day following course completion. 
 
Alas, that is not what happened.  It seemed that at that time, late August 2009, the industry was saturated with 'newbies.' I refused to accept that and for two months worked as hard on job applications and phone calls as I had on the MT course.  Finally, after infinite phone calls and 90+ resumes, I caved in and accepted that perhaps an internship was the way to go.  I researched companies, learned that the internship is a 'jumpstart program' or the 'bridge' that will raise my skills to a more competitive level. The ultimate goal of the internship company is to hire me for the account I am learning, which is my goal, as well. I applied, tested, and was accepted. It's like being back in the MT course all over again.  It's challenging, learning the internship site, then the site of company I am transcribing, and then on to the doctors and their templates.  There are up to 14 doctors in the facility, all different, all using their specific medications.  Currently, I am making payments on my completed MT course and on the internship.
 
For those of you who struggle with the MT course and with your instructors, I want to tell you.. my internship QA is exactly like my MT instructors.. no hand-holding, read your directions and learn.. Must do'snever do'sread your HIPAA.  I feel the same way when my reports come back as I did when my instructor returned my work.  I worked so hard on those, each and every line, where was the acknowledgement for the good work.  Only comments pointing out my mistakes, carelessness, oversights, not going the extra mile to look up a medication or a referral doctor, thinking I 'knew' when I did not know, only thought I did.  I learned through the MT course to look at the big picture and accept and appreciate the comments as a  huge and vitally important part of my education.  I am in one step closer to 'real-life' and it is just as my instructor said it would be.  She did her job well.  And, yes, I love being a medical transcriptionist, it's still the perfect match!  The day will soon arrive when I will look back on all of this with a smile on my face and a paycheck in my pocket. 
 
Best of luck to all of you!
 
Sarah G. (Academy of Medical Transcription and Professions graduate)