 Spryance ups India outlay to $ 14 mn
Spryance Inc., one of the world's pioneering providers of technology-enabled business process outsourcing services to the health information management (HIM) market, plans to significantly augment its India operations. Institutionally-funded by the World Bank's private investment arm, the International Finance Corporation (IFC), Spryance, which has already invested $ 8 million over its initial two phases, now plans to increase total India outlay to $ 14 million (approximately Rs 60
crore).
Speaking on the company’s plans in India, Raj Malhotra, president & CEO, Spryance, said in Chennai, “Spryance is leading medical transcription's fast-track growth in India. Quality conscious medical transcription companies like Spryance are poised to expand their footprint in the country and the industry is attracting significant interest from private investment companies across the world. Beecken Petty O'Keefe & Company (BPOC), our investing partner, is partnering with us on the next phase of our growth that will include growth through acquisitions and internal sales. Beecken Petty O'Keefe & Company (www.bpoc.com) a US-based venture capital firm with $ 400 million in capital and extensive expertise and success in healthcare services, has recently made an investment in Spryance to facilitate the company's growth strategy. BPOC's investment in Spryance showcases our robust business model."
“Spryance sees tremendous potential for providing medical transcription services to the retail market in the US. The company, which has achieved phenomenal growth and success in the medical transcription market in the last two years, will leverage its proven business model, technology and infrastructure to cater to this exploding opportunity in the retail market, offering the same value proposition that has been so successful in the current model,” Malhotra added.
Spryance is rapidly expanding its operations in India and intends to upgrade its Quality Assurance (QA) hubs in Chennai and Pune, and build a third QA facility to serve both as a back-up facility and to accommodate increased demand. The company, which has achieved phenomenal growth and success in the medical transcription market in the last couple of years, also plans to focus aggressively on recruitment, HR & training, quality system certifications, among other priority areas.
Delivering more than 10 million lines of transcription a month, the company has recorded growth rates exceeding 25 per cent, per quarter for the preceding 12 quarters successively; making Spryance one of the fastest growing healthcare BPO companies in the world today. With 25 Medical Transcription Service Organisations (MTSO) as clients, including several industry leaders, Spryance supports over 125 hospital/clinic accounts in the US, including a number of the American marquee acute-care facilities. The company has built a reputation for quality and scalability resulting in 50 per cent same store growth in 2004.
Rajiv Shetye, VP - Operations, Spryance India, elaborated on the tremendous potential of the healthcare BPO business in India and stated that the country was well on its way to becoming the healthcare BPO capital of the world. "The healthcare BPO is a $ 200 billion business worldwide and medical transcription is alone worth more than $ 12 billion. India, today, only accounts for about $ 110 million of the business though the opportunity in the next three years is for $ 5-6 billion of this market which is globally growing at 15 per cent annually. According to NASSCOM, medical transcription is projected as India's fourth largest foreign exchange earners in about five years. Further, medical transcription service in India has generated over 5,000 jobs and it has been anticipated that employment potential would be 1,60,000 by 2008.
Spryance has pioneered the Home-based Medical Transcription (HMT) strategy in India, often involving qualified women working from home, to secure a high quality, cost-effective product, to service the US medical transcription market. “Spryance has deployed over 1,200 productive MTs (HMTs and editors), and will ramp up the workforce to 2,200 by the end of 2005", Shetye added.
Servicing the HMTs are the Spryance-owned and managed international QA hubs in Chennai and Pune, India, as well as a proprietary training programme. The role of the QA hub is to identify, evaluate and mentor the individual HMTs using a rigorous set of total quality management processes established to meet the requirements of the US customer
base.
R Rangaraj
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