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MedQuist Ownership Shift Complete
August 6, 2008
Amsterdam-based Royal Philips Electronics has completed the sale of its 69.5% ownership stake in medical transcription, software and outsourced services firm MedQuist Inc. to CBaySystems Holdings Ltd. for $287 million.
London-based CBaySystems Holdings has invested in several health care technology and services firms. It owns Annapolis, Md.-based CBaySystems, which, with a partner in India, sells transcription and billing software and outsourced services.
Mount Laurel, N.J.-based MedQuist will operate as an independent company with its own executive leadership under the financial oversight of CBaySystems Holdings. In addition to its core transcription services, MedQuist sells clinical documentation, workflow, speech recognition and other applications.
The stock of MedQuist resumed trading on the NASDAQ Stock Market July 17 for the first time in four years. The company lost its NASDAQ listing in 2004 and had traded since then on the Pink Sheets exchange. In early 2004, MedQuist discovered substantial irregularities in how clients were billed. The company spent the next three years revamping billing practices, changing corporate leadership, settling litigation, working to regain customer trust, and restating financial results. The company also needed to regain compliance with regulatory reporting requirements.
MedQuist’s ticker symbol on NASDAQ is MEDQ.
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