MedQuist completes purchase of domestic business of Spheris

MedQuist Inc. (Nasdaq: MEDQ), a leading provider of technology-enabled clinical documentation services, today announces that it has completed the purchase of the domestic business of Spheris Inc.  Simultaneously, CBay Inc., MedQuist's majority owner, has acquired the stock of Spheris India Private Limited, a subsidiary of Spheris.  Together, the combined companies will offer unprecedented opportunities for healthcare providers to improve their clinical documentation and drive toward EHR adoption faster and at a lower cost, through the advanced technology and domestic and global services now available.

MedQuist CEO Peter Masanotti comments, "This is a very exciting development for the clinical documentation industry and the healthcare facilities we serve.  We are pleased to welcome Spheris customers and employees to MedQuist.  We pursued this transaction knowing that Spheris' resources and experience would perfectly complement our suite of services and technologies to deliver cost-effective, high quality clinical documentation."

He adds, "Our recent results have demonstrated that the market has been very receptive to MedQuist technologies and services, and we expect that new synergies with Spheris will only help us to increase our momentum and enhance our offerings to current and prospective customers.  We look forward to leading the way in innovation and customer care as a strong, financially stable, fully integrated organization."

Both MedQuist and Spheris are coordinating customer communications and ongoing services to assure that historical high service levels and customer satisfaction are continued in a seamless manner, supporting their customers' patient care mission.