medical billing transcription supplier information

TRANSCEND SERVICES, INC. (TRCR/NASDAQ) a health information management company, today announced that it has completed a merger with Greiner's Medical Transcription Inc. ("GMTS") a transcription service company.

The transaction was treated as a tax-free exchange of stock under the pooling method of accounting. The company issued 87,805 shares of Transcend common stock in the transaction and entered into non-compete agreements with GMTS shareholders. GMTS generates current annual revenue of approximately $1.5 million.

Continuing its merger and acquisition growth strategy of the last three years, Transcend Services' transcription division now operates out of Fullerton, Calif.; Atlanta; Chicago; Pittsburgh and Erie, Pa.; Boston, Worcester and Stoughton, Mass. This division now employs over 250 full-time medical transcriptionists with a combined customer base of more than 130 hospitals.

Larry Gerdes, Chief Executive Officer for Transcend Services, Inc., stated:

"Transcend is very excited about our new association with Linda and Paul Greiner, and all of the valued employees and customers of GMTS. GMTS's commitment to quality service has earned them an outstanding reputation in Southern California and we are eager to grow our overall health information management business on the West Coast - including medical transcription with GMTS - in the very near future."

Linda and Paul Greiner, owners of GMTS, stated:

"We are very excited about our company becoming part of Transcend. Transcend is the only organization we believed shared our total commitment to quality and service. In addition, Transcend's financial and managerial resources and its broad vision of where health information management is headed significantly improves GMTS's ability to grow and provide valuable services to its customers in the future."

Transcend, headquartered in Atlanta, is a hospital services company focused on the outsourcing of Health Information Management (HIM) and related function, such as Patient Access (Admitting), for health care providers and has signed multi-year outsourcing contracts with hospitals and health care systems nationwide.