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Spryance to expand its Indian business
EHM News Bureau, Mumbai
BPO
Spryance Inc, one of the pioneering providers of technology-
enabled business process outsourcing (BPO) services to the Health Information
Management (HIM) market, plans to significantly augment its India operations.
Angel-funded by the World Bank’s private investment
arm, the International Finance Corporation (IFC), Spryance, which has already
invested $4mn in its first phase, now plans to invest additional $5mn, thus
taking the overall investment in the country to $9mn (Rs 40 crores).
Speaking on Spryance’s plans in India, Raj Malhotra,
president and CEO, Spryance Inc, said, “Spryance is rapidly expanding its
operations in India and intends to upgrade its QA hub in Chennai, and build
a second QA facility to serve both as a backup facility and to accommodate increased
demand.” The company also plans to leverage its proven technology and infrastructure
into new arenas of HIM outsourcing like billing and coding.
Delivering more than 5mn lines of transcription a month,
the company has recorded growth rates exceeding 25 per cent per quarter for
the preceding twelve quarters successively.
With 35 medical transcription service organisation
(MTSO) clients, including several industry leaders, Spryance supports a total
of over 125 hospital/clinic accounts in the US, including a number of the country’s
marquee acute-care facilities.
The company has built a reputation for quality and
scalability resulting in fully two thirds of its 300 per cent growth in 2002.
Malhotra pointed out that that there is tremendous potential in the health care
BPO business in India and the country is well on its way to become the health
care BPO capital of the world.
“HIM is a $200bn business worldwide. The medical
transcription market is alone worth more than $16bn and growing at 15 per cent
annually. India, today, accounts for about $80mn of the business. The opportunity
in the next three years is for $3-4bn. This will be better than the software
services business,” he added.
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