MRC and Articulate find corporate parentsDOC issues directive to continue production, howeverMedical transcriptionist firm MedQuist has signed a definitive agreement to acquire The MRC Group, a Cleveland-based voice recognition firm. The
DOC issues directive to continue production, however
Medical transcriptionist firm MedQuist has signed a definitive agreement to acquire The MRC Group, a Cleveland-based voice recognition firm. The transaction would create a company with annual revenues of greater than $260 million.
The acquisition, which is subject to regulatory and shareholder approval, is expected to close during the fourth quarter. It would be accounted for as a pooling of interest, and MRC shareholders would own 26.5% of the company following the transaction, according to MedQuist of Marlton, NJ.
MedQuist chairman and CEO David Cochen will retain his titles with the new company, as will MedQuist president and COO John Donohoe. MRC chairman and CEO Edward Samek will serve as vice chairman, and MRC president and COO Dennis Byerly will become president of the company's eastern region.
In a related development, Salt Lake City, UT-based speech recognition firm fonix has purchased all of the outstanding shares of Articulate Systems, which provides the PowerScribe Radiology product family to The MRC Group. Based in Boston, Articulate Systems becomes a wholly owned subsidiary of fonix.
The company also reports continued commercial success with PowerScribe Radiology. In the eight months since the product was brought to market, fonix/ASI has acquired more than 20 healthcare institutions as clients, including Duke University, Emory University Healthcare, University of Alabama-Birmingham, Cornell Medical Center, Virginia Beach Hospital, Wishard Hospital, State University of New York-Stonybrook, and the National Institutes of Health.