MedQuist of Marlton, NJ, earlier this month said it had begun a review of its billing practices, and planned to file its 10-K annual report with the Securities and Exchange Commission by March 30, once the review was completed. MedQuist now says the review will not be completed in time to meet the March 30 deadline, and that the company will not be able to predict when it will be able to file its 10-K.
Medical transcription firm MedQuist has delayed the filing of its annual report pending a review of the company’s billing practices.
MedQuist of Marlton, NJ, earlier this month said it had begun a review of its billing practices, and planned to file its 10-K annual report with the Securities and Exchange Commission by March 30, once the review was completed. MedQuist now says the review will not be completed in time to meet the March 30 deadline, and that the company will not be able to predict when it will be able to file its 10-K.
The company began the review in response to assertions made by a company employee of improper billing practices. MedQuist said that it is unable to determine at this time whether the review will have a material impact on its reported revenues.
MedQuist operates a network of transcriptionists and also provides digital dictation and speech recognition services. In 2001 the company bought the medical transcription division of troubled speech recognition firm Lernout & Hauspie. Almost 71% of MedQuist is owned by Philips Electronics of the Netherlands, also the parent company of Philips Medical Systems.
By AuntMinnie.com staff writersMarch 30, 2004
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