Business
MedQuist overhauls billing practices
NEWS IN BRIEF — Posted Sept. 6, 2004
MedQuist Inc., Mount Laurel, N.J., announced on July 30 that it changed its billing practices after an independent investigation uncovered a problem with how it had billed certain customers.
Specifically, the medical transcription company used ratios and formulas to determine the number of billable lines rather than counting the number of relevant characters as required under certain contracts. As a result, some clients were overcharged while others were undercharged, MedQuist said.
MedQuist now is assessing the financial impact the questionable billings had on clients and on itself. Until that assessment and audit are completed, the company will not be able to file its 2003 annual reports and 2004 quarterly reports. The company's failure to file some of those reports led the NASDAQ to delist the company on June 16.
Meanwhile, MedQuist also disclosed that the SEC has launched a formal investigation of the company.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/09/06/bibf0906.htm.












