July 18, 2009

Medical transcription bucks trend

In a US hospital, a patient in critical condition is wheeled into the emergency room. The doctor orders various tests and the report dictated by the physician is sent to Pune, to a Medical Transcription (MT) company. An hour later, back in the US, the doctor starts the surgery aided by the transcript from the Pune company.

After hitting a low in 2002, the MT industry in the country started showing signs of revival in 2006 and has now come of age with not even the global economic slowdown affecting the workflow from the US.

Many MT companies in Pune are in the expansion mode and are on a huge hiring spree.

“There has been no effect of the slowdown on our business. In fact the volume of business has reached a high and we are planning to recruit 100 hands soon to meet the growing volume. We acquired a US MT firm Medical Bazar in 2006 and are now finalising a joint venture with Lotus Logistic in the US. We will hold 75 per cent stake there,” said Sumanta Gupta, Managing Director, Crossover Medical Technology Inc that caters to over 80 clinics in the US. Crossover is also starting its centre in Bangalore, Hyderabad and Alappuzha in Kerala.

Another Pune-based MT firm, Sharp Hearing Technologies, is also in the hiring mode.

“We are finalising a contract with a big hospital in California with 1,200 doctors. As soon as the deal is done, we will recruit 100 more employees,” said Yogesh Bhosle, Managing Director, Sharp Hearing Technologies.

According to him, after it started reviving in 2006, the MT industry has matured and only truly healthy ones survived.

“MT training institutes were mushrooming before it hit a low. Many closed down or moved to other jobs. Now, the qualified workforce and industry maturity are some of the main reasons that draw greater amount of work from the US,” said Bhosle, who plans to employ 90 out of the fresh 100 it is recruiting as home-based transcriptioners.

According to A Chetan of Bangalore-based Lloyds Solutions Pvt Ltd, the scene is no different in Bangalore. “The work volume for MT firms in general has picked up. The reason attributed to it is the quality of delivery that the Indian firms offer. As for us we have 6 major hospitals and 4 clinics as clients. We have an employment strength of 200 and plan to hire more as per the increase in the volume of work,” he said.

As per a recent strategic report of NASSCOM, the MT segment in India that earns an annual revenue aggregate of approximately $ 220-240 million and the MT industry will be worth Rs 40 billion by 2010 and could employ as many as 50,000 people.

The work off-shored was expected to be in the region of $ 860 million in 2010, of which India is expected to capture $ 647 million.

Link: Original Article

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