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CHENNAI:
Spryance, a medical transcriptions company, plans to scale up
its headcount to 2,200 people by the end of 2005 from the
current 1,200. Over 80% of them would be medical
transcriptionists working from home. Spryance would invest $6
million on its expansion in the country, senior officials
said.
Mr Raj Malhotra, CEO, Spryance, said that the company had
already invested $8 million in its Indian operations, which
includes two quality assurance hubs in Pune and Chennai. It
is planning to set up one more centre, he said.
Spryance also expects to growth through acquisitions, Mr
Malhotra added. The company has received a total VC funding
of $8 million so far from a consortium in which World Bank’s
investment arm, International Finance Corporation,
participated.
Under its home-based medical transcription model, Spryance
hires medical transcriptionists (MTs) on contract (about 950
MTs at present) who work from their homes.
MTs are identified, evaluated and mentored by QA hubs
(presently employing 200 in Chennai and 50 in Pune) to meet
customer requirements, Mr Rajiv Shetye, VP - operations,
Spryance India, said.
The company delivers over 10 million lines of transcription a
month, and has grown at 25% a quarter for the preceding 12
quarters, Mr Malhotra said. It has 25 medical transcription
service organisations as clients and supports over 125
hospital/clinic accounts in the US. The company sees retail
market as a thrust area of future growth, Mr Malhotra said.
Mr Shetye said the healthcare BPO was a $200 billion business
worldwide and medical transcription is alone worth more than
$12 billion. India presently accounts for about $110 million,
he said. Medical transcription service in India has generated
over 5,000 jobs and the potential could be 1,60,000 by 2008,
he added.
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