Advocacy Summit 2011 Details Released

Attendees are set to speak with key legislative officials and staff about the medial transcription industry’s critical role in healthcare delivery at Advocacy Summit 2011 is set for May 3-4 in Washington DC.

According to the official MTIA Blog, Advocacy Summit 2011 attendees will receive the following:

  • Orientation and training on effective lobbying techniques
  • Appointment scheduling services for legislative meetings
  • Materials to convey a clear, concise, and powerful message
  • AHDI/MTIA staff assistance every step of the way

Additional events are scheduled at the Georgetown University Hotel and Conference Center.

Download Registration Form
Register Online – Full Registration
Register Online – Day Tripper Package

The Hotel
Georgetown University Hotel and Conference Center
3800 Reservoir Rd NW
Washington, DC 20057
Phone: 202-687-3200

The Georgetown University Hotel and Conference center is nestled among the buildings of the university campus in one of the most historic Washington, DC, neighborhoods. Complimentary transportation to two nearby metros—Dupont Circle and Rosslyn—are available along with abundant shopping and restaurants right around the corner in the heart of Georgetown. Single- and double-occupancy rooms for AHDI/MTIA Advocacy Summit attendees are $189 per night.

Online reservations
Reserve by Phone: 1-888-324-2111 (mention you are with AHDI/MTIA)

Room-Sharing Program
Advocacy Summit attendees interested in sharing hotel room costs at Georgetown University Hotel and Conference Center may contact Miranda Youkhaneh at myoukhaneh@mtia.com or 800.982.2182 for roommate pairing.

For more details and updated information, visit Advocacy Summit 2011 at www.mtia.com/AdvocacySummit.cfm.

CBaySystems Sheds Light on Outsourced MT Industry

Last week, the medical transcription invoice funding specialists at PRN Funding blogged about CBaySystem’s IPO. Since then, we learned more details on the company’s plan to go public.

As part of CBaySystems’ IPO, the MT company filed an S-1 Form with the Securities and Exchange Commission.  In it, CBaySytems shared a number of fascinating facts about the company as well as unique insights into the clinical documentation industry as a whole.

CBaySystems is the “leading provider of integrated clinical documentation solutions for the U.S. healthcare system.” The following CBaySystems statistics were calculated over a three-month time-span which ended on June 30, 2010:

  1. CBaySystems processed (on an annualized run rate basis) more than 2.9 billion lines  on its platform.
  2. CBaySystems has more than 14,000 MTs and MEs.
  3. More than 60% of the 2.9 billion lines CBaySystems processed used ASR technology.
  4. Nearly 40% of the 2.9 billion lines CBaySystems produced were done offshore.
  5. CBaySystems serves more than 2400 hospitals, clinics and physician practices throughout the U.S., including 40% of hospitals with more than 500 licensed beds.

Furthermore, the S-1 Form shared a number of interesting facts about the medical transcription and clinical documentation industry, courtesy of research conducted by ValueNotes Database Pvt. Ltd (ValueNotes). Below of some of the market research firm’s key findings:

  1. ValueNotes estimated that the  market for outsourced medical transcription services was $5.4 billion in 2009.
  2. Outsourced medical transcription is expected to grow 8.2% per year over the next five years to $8.0 billion in 2014.
  3. In addition, ValueNotes estimates that the outsourced medical transcription market was 33% of the overall MT market in 2009, and it projects a growth in the market to 38% in 2014.

Click here to read the entire CBaySystems’ S-1 Form.

CBaySystems files for US IPO

According to the Associated Press, the medical transcription services company, CBaySystems Holdings Ltd. filed for an initial public offering worth as much as $115 million yesterday.

Based in Franklin, Tenn., CBaySystems handles medical transcription, billing, and coding services for about 2,400 hospitals, clinics, and practices in the U.S. It did not disclose how many shares it plans to sell or when it plans to complete its IPO. It also did not disclose a proposed ticker symbol for its shares.

Click here to read the article in its entirety:
CBaySystems files for US IPO worth up to $115M.

Nuance and IBM Collaborate on CLU

Nuance Communications (the maker of speech-recognition software) made an announcement today that it has entered into a new collaboration with IBM.

According to an article on the HealthcareIT News web site, “the two companies aim to help advance the state-of-the-art in clinical language understanding (CLU) technologies.” Moreover, a team of leading natural language processing (NLP) researchers at IBM will collaborate with Nuance’s research and development team to integrate the their technologies.

The vice president of software in IBM Research, Charles Lickel, was quoted in the article: “With Nuance, we’ll work to ensure healthcare organizations can gain access to, and classify health data to improve patient outcomes and to help lower the cost of healthcare today.”

AHDI Seeking Topics for 2011 ACE

According to AHDI’s blog, the 2011 ACE Programming Committee is in the process of creating developing the 2011 ACE breakout sessions, workshops and special events.

The committee is asking all medical transcriptionists and medical transcription service owners for their input on these cutting edge programs.

They’re asking MTs and MTSOs to complete a single question poll to give their input.

For The Record – MTSOs, Mergers & Matchmaking

Did any MTSOs get a chance to read For The Record’s August article entitled: MTSOs, Mergers and Matchmaking?

In it, the writer discussed how brokers in the healthcare industry and medical transcription services owners view the buying and selling process within the medical transcription industry.

On the broker side, the writer interviewed Jason Robinett, the VP of Corporate Finance Advisors in Cleveland, Ohio.

He said that potential buyers are attracted to several qualities, including top-line revenue; large, positive cash flow; stable management; industry experience; a strong software platform; large hospital accounts; smaller ambulatory accounts; and strategic geographic locations.

Robinett also pointed out four main types of buyers (all with different motivations): other MTSOs that want to grow their business’ financial buyers, including private equity and venture capital groups; businesses in related industries such as medical billing or EMRs who want to cross-pollinate their business; and individuals.

The writer also interviewed Linda M. Sullivan, the president of New England Medical Transcription. She said that brokers and investors actively seek out companies for acquisition, and she uses those encounters to help her learn more about the current state of the industry.

Click here to read the entire article: MTSOs, Mergers and Matchmaking.

Medquist and Trascend Host Congressional Visits

Hired by MTIA and AHDI, the Dewey Square Group (along with MTIA staff) has started eliciting member-hosted congressional district visits to help build legislative relationships and better educate key members on the work that the medical transcription industry does and the challenges it faces.

According to MTIA’s eNewsletter, “Congressman John Adler (D-NJ) was hosted by Peter Masanotti, president and CEO, Michael Clark, senior VP of sales, marketing and operations, and Eileen Dwyer, corporate vice president at MedQuist Headquarters in August.

MedQuist discussed meaningful use as well as the medical transcription industry’s overall role in healthcare reform and workforce/job development during a roundtable discussion with the congressman.

While only two MTIA member companies participated, the visits initiated the opportunity to build a relationship with these offices and continue to work together on Capitol Hill briefings, testimony, and potential industry-related hearings.”

AHDI Kicks of 2010 Summer G.A.M.E.

The Association for Healthcare Documentation Integrity (AHDI) has a fun game  for its Individual Professional members to play this summer.

The G.A.M.E. (Get a Member Event) is a fun way for current members to recruit new members to the transcription association and earn discounts on their own membership renewal in the process.

According to AHDI’s web site, all you have to do to play the G.A.M.E. is download a Summer G.A.M.E. scorecard, tell your friends and family to join the association, and send in your completed scorecard once they join.

Here’s a list of the rewards:

  • First new Individual Professional member: receive 50% off your membership
  • Second new Individual Professional member: additional $22.50 off your membership
  • Third new Individual Professional member: additional $22.50 off your membership
  • Fourth new Individual Professional member: FREE membership renewal

Visit AHDI’s Summer Rewards G.A.M.E. page for more details.

MTIA-AHDI Special Projects Initiative

According to MTIA’s web site, the Medical Transcription Industry Association partnered with AHDI to engage the Dewey Square Group lobbying firm that is tasked with proactively positioning the transcription industry associations with congressmen, senators and cabinet members in Washington, DC.

Here’s a list of what the initiative has already done for MTIA and AHDI members:

  1. Better defined landscape on meaningful use that will raise awareness about issues and will continue to make the case for our industry as rules and regulations around certification and future iterations of meaningful use are crafted
  2. Significantly moved the needle on awareness and visibility through education and grass roots connection, which will help us continue to establish stronger credibility and understanding of the roll the industry plays in an ever-changing healthcare system
  3. Created key relationships that focus on frequent, consistent connection in a personal way and will allow us to be on the offence and in front of policy as it is crafted rather than trying to change laws that have already been enacted, yielding a return over time
  4. Benefited from more targeted, strategic organization of our efforts, which has maximized the expertise of DSG and our resources
  5. Built critical advocacy infrastructure for future regulatory positioning, including identifying critical issues, shaping key messages, developing outreach strategies, and building key contacts

If you’re a medial transcriptionist or medical transcription service owner, and you want to invest in the MTIA Annual Fund for Advocacy/Public Affairs Special Projects Initiative, you can download the form here.

MTIA Changes Name to CDIA

According to MTIA’s  Blog, the Medical Transcription Industry Association (MTIA) changed it’s name to the Clinical Documentation Industry Association (CDIA).

The official press release announced that MTIA’s members “voted to change its name to Clinical Documentation Industry Association (CDIA) in an effort to reflect not only the expanded scope of services its members provide to the healthcare industry, but also a more appropriate focus on the health record and its critical role in clinical decision-making and continuity of care.”

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