Spheris quickly grows into a global medical transcription company. The firm becomes one of the fastest growing HIT companies in the country.

Regarded as an industry leader in 2010, providing document services for roughly 500 hospitals and health systems, Spheris leaders ultimately confirm a long-standing rumor that the company’s debt has led to a bankruptcy filing.

Spheris’s bankruptcy starts a bidding war, and MedQuist will eventually purchase the company for $116 million. The deal brings together the two largest players in the $15-billion medical transcription industry.

Some Spheris execs, like COO Tony James, stay on with MedQuist while others, such as CEO Steve Simpson, start new health care ventures.