Spheris parent readies for IPO

In preparation for its $115 million initial public offering, Spheris parent CBaySystems Holdings last week filed an amended S-1 with the Securities and Exchange Commission, indicating the company's shares will trade under the symbol 'MEDH' and providing some updated financial figures for the now Franklin-based holding company. CBaySystems' medical transcription subsidiary MedQuist purchased Spheris out of bankruptcy earlier this year for $116 million. In a conversation with NashvillePost.com in September, MedQuist officials said they were pursuing an "expanded organization" at the Middle Tennessee office. And when CBay filed for the IPO in October, it indicated it had moved its corporate headquarters to Spheris' offices in Franklin. For the first nine months of the year, CBay had $316 million in revenues, a 12 percent increase over 2009. Net income was $11.7 million, up from $5 million in 2009. Also, the company said it lost $2.4 million in pro forma net revenues for the first nine months of 2010 due to Spheris customer losses. For all of 2009, Spheris' customer attrition accounted for $24.6 million in lost revenues. Those losses, however, were offset by the $4.9 million in year-to-date and $28 million in 2009 savings CBay was able to achieve through the integration of Spheris and MedQuist.
Nov 29, 2010 11:59 AM

More retail at McEwen

Southern Land has tweaked its plans for the southern edge of its McEwen development in Franklin. The new layout for Southside at McEwen comprises three retail buildings between the nearly completed Whole Foods store (far left in the image below) and the McEwen office building. The larger buildings will be 19,000 square feet each, the smaller restaurant building will be about 7,000 square feet. Southern Land's previous plans had called for a hotel and some residential units in that area.

Nov 22, 2010 8:14 AM

MTA, Gray Line extend Williamson service to VU

Starting Monday, bus commuters from Williamson County to downtown will soon also have two stops on 21st Avenue to get them to the Vanderbilt University campus. Gray Line of Tennessee, which contracts with the Metropolitan Transit Authority, will add the stops to its current route terminus, downtown's Music City Central station.
"We are pleased with the ridership growth of the route, which is less than a year old. This expansion to Vanderbilt will give us an opportunity to attract more regional commuters," said Ballard, RTA/MTA CEO. "We appreciate that Mayor Schroer, Gray Line, and Vanderbilt are partnering with us on this initiative. We all want to see the service grow and attract new customers."
Oct 29, 2010 7:25 AM

Digital Reasoning partners with Texas firm

Franklin-based Digital Reasoning Systems Inc. today announced a partnership with Texas-based Riptano to promote and simplify the adoption of cloud-scale analytic intelligence solutions in government and commercial markets. Digital Reasoning creates intelligence software that identifies usable information from unstructured data. Riptano offers software, support and training for open source database Apache Cassandra. One of the first results of this partnership will be the deployment and support of an open source Cassandra management solution.
“Apache Cassandra is the database for big data,” said Matt Pfeil, CEO and co-founder of Riptano. “Digital Reasoning is doing interesting work within the intelligence community that is resulting in a deployment of Cassandra across hundreds of nodes for millions of documents. We're excited Digital Reasoning is giving back to the community by open sourcing their software to deploy Cassandra on Amazon EC2. This will save time and make it easier to run Cassandra in the cloud.”
Oct 6, 2010 10:40 AM

Capella cuts Alabama jobs

Franklin-based Capella Healthcare this week notified 23 employees at Parkway Medical Center and Hartselle Medical Center that their jobs are being eliminated as it continues to pursue a "system approach" in the Alabama communities, the Decatur Daily reports. Earlier this month the company announced it was cutting the CEO and CFO roles at Hartselle. These jobs will be in administration, business office, transcription, dietary and materials management.
Sep 15, 2010 10:02 AM

UHS adds debt for Psych Solutions buy

Universal Health Services (Ticker: UHS) this morning said it’s offering $250 million in senior secured notes due 2018 to fund a portion of the price to buy Franklin-based Psychiatric Solutions Inc. Including financing and transaction costs, the deal will cost Pennsylvania-based UHS about $3.3 billion. UHS had originally announced $4.15 billion in committed debt financing from JPMorgan and Deutsche Bank when it inked the Psych Solutions (Ticker: PSYS) deal. For more background on the deal, expected to close in the fourth quarter, click here and here.
Sep 14, 2010 10:13 AM

Kingston Springs dining favorite relocates to Franklin

Dana Franklin has the scoop on Kingston Springs restaurateurs Jan and Bernie Strawn's move of MacK & Kate's to the Gateway Village project on Franklin Road.
The restaurant's owners' said in a release that they are sad to leave Kingston Springs and that the decision was a hard one. "However, we have decided as a family that Franklin would be a wonderful fit for our innovative concepts and great food," they said.
Sep 10, 2010 2:10 PM

Git 'er done

Universal Health Services announced it is canceling upcoming investor conference appearances as it focuses on closing its acquisition of Franklin-based Psychiatric Solutions Inc. and prepares for financing some financing transactions. In addition, Psych Solutions (Ticker: PSYS) filed its proxy with the Securities and Exchange Commission yesterday, soliciting shareholder votes in favor of the deal and setting a shareholder meeting date on October 5. Pennsylvania-based UHS (Ticker: UHS) in announced the more than $3 billion transaction in May. Get the background on the deal at this link and this one.
Sep 9, 2010 7:01 AM

Court approves Spheris liquidation plan

U.S. Bankruptcy Court Judge Kevin Gross last week approved the liquidation plan for pay creditors of Spheris Inc. from the sale of the Franklin medical transcription company's assets, Bloomberg reports. From the story:
Under Spheris’s plan, a trust is created to distribute the proceeds and any other remaining assets. Subordinated noteholders, owed about $133.6 million, and other unsecured creditors will share the trust. They are estimated to recover about 23 cents on the dollar. Lenders with claims of about $75.6 million were already paid in full from the sale, court papers show.
Spheris is now officially known as SP Wind Down Inc., following the $116 million sale of its assets to New Jersey competitor MedQuist Inc.
Aug 30, 2010 11:46 AM

A leader for Franklin's theater

Former TPAC boss Steven Greil has been named managing director of the Franklin Theatre, which is expected to open its renovated doors to the public next spring. Before his 11-year run at the helm of TPAC, Greil also headed the Nashville Symphony Association.
Aug 23, 2010 7:50 AM