Worst to First – a Service Company Turnaround

Transcend Services provides medical transcription services to the healthcare industry. Company CEO Larry Gerdes will discuss how Transcend, which was losing money and had a less than stellar industry reputation in 2005, became the top performing public company in Georgia in 2007 and the top-ranked medical transcription company in the industry in 2008, with 99% customer retention. Mr. Gerdes will focus on lessons learned along the way, including the shift from a “technology first” to a “service first” mentality, the unusual decision to adopt the culture of an acquired company and the use of speech recognition technology and offshore resources to improve profitability.

Mr. Gerdes has been involved in the healthcare services industry for more than 20 years. He has served as a director of Transcend Services Inc. and as Chief Executive Officer since May 1993 when he and his partner, Walter Huff, made their initial investment in the company's predecessor, Bottomley and Associates. (Mr. Huff was the founder of HBO & Company in 1974 and remained with that company until 1990.) In 1991, Mr. Huff and Mr. Gerdes formed an investment partnership called Gerdes Huff Investments (GHI). They remain the largest investors in Transcend.

Prior to Transcend, Mr. Gerdes held various executive positions with HBO & Company (now McKesson) from 1978 to 1991, including Chief Financial Officer and Executive Vice President. He also served as a member of the Board of Director. Mr. Gerdes serves as a director of Alliance Healthcard and is active in several private foundations and associations. He is a member of the Advisory Board for the Graduate School of Business at Indiana University and a board member of Tommy Nobis Systems, Inc. and the J. Kyle Braid Leadership Foundation.

Mr. Gerdes received a bachelor's degree from the University of Illinois and his MBA from Indiana University.

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