MOUNT LAUREL, N.J., Jan. 10 /PRNewswire-FirstCall/ -- MedQuist Inc. (MEDQ.PK), a leading provider of electronic medical transcription, health information and document management services, today announced that as of January 1, 2005 the company has ceased the use of ratios and formulas as a surrogate for counting AAMT lines on MedRite, one of its legacy transcription platforms, and will instead count AAMT lines using a definition supplied by an industry consultant that the company believes provides a commercially reasonable interpretation of the AAMT line unit of measure. MedQuist will be sending letters to all of its customers that are serviced on its legacy MedRite platform and billed based on the line unit of measure commonly referred to as the "AAMT line" informing them of this change.
"MedQuist has taken another necessary step in the process of resolving its billing issues," MedQuist Chief Executive Officer Howard S. Hoffmann said. "It is an interim step until we can work with our customers billed using the AAMT line unit of measure on our legacy MedRite platform to migrate them to another clearly defined, verifiable billing unit of measure on our new transcription platform, the DocQment Enterprise Platform."
About MedQuist
MedQuist is a leading provider of electronic medical transcription, health information and document management services. MedQuist provides document workflow management, digital dictation, speech recognition, mobile dictation devices, Web-based transcription, electronic signature, medical coding products and outsourcing services. MedQuist is a member of the Philips Group of Companies.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding MedQuist's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward- looking statements, see "Forward Looking Statements" in the Company's Annual Report or Form 10-K for the fiscal year ended 2002.
Contact: Kajal Jhaveri Ruder Finn 212.593.5864jhaverik@RuderFinn.com
MedQuist Inc.CONTACT: Kajal Jhaveri of Ruder Finn, +1-212-593-5864,jhaverik@RuderFinn.com