Archive for October, 2010

CBaySystems Sheds Light on Outsourced MT Industry

Friday, October 29th, 2010

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.

PRN Funding Prepped for Decision Health’s Private Duty Conferece

Tuesday, October 26th, 2010

According to a press release issued last week on their site, the private duty factoring firm will be exhibiting again at Health Decision’s Annual Private Duty Conference and Expo next month.

Private duty and home care agency business owners are encouraged to stop by booth #209 to learn more about an alternative financing option, invoice factoring.

CBaySystems files for US IPO

Wednesday, October 20th, 2010

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.

TRS Includes Medical Billing & Coding in its Career Training Programs

Friday, October 15th, 2010

TRS Institute, the nation’s leading provider of AHDI-approved online medical transcription and speech recognition training programs, announced that it was adding a Medical Billing and Coding curriculum to its course offerings.

The new curriculum will include:

    1. Medical Billing & Reimbursement career preparation
    2. Certified Professional Coding for physician’s offices and hospital facilities
    3. Accelerated program for Medial Billing and Coding

      Click here to read the entire article in the Kansas City Star.

      Nuance and IBM Collaborate on CLU

      Wednesday, October 13th, 2010

      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

      Friday, October 8th, 2010

      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.

      US Report Suggests Using Nurses to Fill Doctor Shortage

      Wednesday, October 6th, 2010

      The U.S. Institute of Medicine and the Robert Wood Johnson Foundation released a report stating that nurses have the capability to handle “much of the strain that healthcare reform will place on doctors and should be given both the education and the authority to take on more medical duties.”

      The report suggests that the U.S. Government and non-profit organizations should fund grants and scholarships to allow nurses to further their educations so they can take on bigger responsibilities.

      Q: If  nurses are pulled away from their nursing responsibilities and asked to take on more doctor-like ones, it may help with the physician shortage. However, who will step up to help fill the gaps with the nursing shortage?

      Click here to read the entire article: Doctor shortage looming? Use nurses, US report says.