A few months ago, Franklin-based wellness and disease management company Healthways announced a company-wide restructuring that ultimately ended up costing the company more than $10 million. The company wouldn't say just how many workers were affected by the cuts, which included the loss of some international and local positions.
Browsing through Healthways' recent annual reports, however, can give readers a general sense of what's been happening with the employee ranks of Healthways over the last few years.
That's a 26 percent decline in employee count in the last three and a half years.
MedQuist Holdings’ acquisition of Franklin-based Spheris last year helped the company post a 29 percent increase in revenue in the fourth quarter. The medical transcription company — which now calls Franklin home — said Spheris contributed $29.9 million in revenue during the fourth quarter, while its total revenues were up just $24.7 million, to $110.5 million.
The company (Ticker: MEDH) accounted for the revenue trend by explaining that it’s been lowering prices for customers and shifting production and speech recognition offshore to ensure “higher customer retention and margins.”
Adjusted net income was $14.4 million, or 28 cents per diluted share, compared to $11.9 million, or 23 cents per diluted share in the year-ago quarter. Income attributable to shareholders in Q4 was $1.4 million, or 4 cents per diluted share, compared to $275,000, or a penny per diluted share.
Robert Aquilina, Chairman of MedQuist Holdings, said, “Through our industry leading platform, we are giving our customers the features, customer service capabilities, and cost savings they desire. Our higher volumes have enabled us to leverage the scale of our platform while also realizing the benefits of offshore resources and post speech recognition editing. The acquisition and turnaround of two companies in the last two years speaks to the success of our strategy with a five-fold increase in Adjusted EBITDA during that period and, most recently, the $7 million of synergies gained in the fourth quarter, or $28 million annualized, from the integration of Spheris. We will look to continue this performance in 2011 as well as organic growth derived from a relentless focus on new business.”
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