Financial Daily from THE HINDU group of publications
Saturday, Aug 07, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 07, 2004 |
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Industry & Economy
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Human Resources Info-Tech - IT-enabled Services Medical transcription back in demand Our Bureau
Bangalore , Aug. 6 THE Indian medical transcription (MT) industry, which was in the dumps till recently, is witnessing a resurgence in India following shrinkage of availability of skillsets (skilled manpower) in the US. The highly-fragmented industry consisting of close to 300 operators and with exports of between $50-100 million is poised to grow at 50 per cent over the next few years. In a bid to latch on to this high pace of growth and create a platform for the operators, MT companies in Karnataka have come together to form an alliance - Indian Medical Transcription Industry Association (IMTIA). Announcing the formation of the alliance, Mr Suresh Nair, CEO and Managing Director of HealthScribe India and president of IMTIA said the association would play an important role in shaping industry related policies and standards. The association would try to build awareness among the companies about data protection, security and privacy of confidential information, share best practices in medical transcription, human resources and training initiatives, Mr Nair said. The MT skillsets in the US are shrinking at the rate of five per cent annually, while the market there is growing at 10-15 per cent with the increase in ageing populace, Mr Nair said. This throws up a major growth potential for the Indian industry, he said adding besides the US, the UK and Australia were emerging as new source of business. IMTIA with its domain knowledge at its disposal would move up the value chain to render services such as electronic medical records, medical coding and billing services, document imaging, data warehousing and high end services such as radiology, Mr Nair said. The size of the global medical industry is estimated to be around $6 billion. "India could play a leading role in it in view of the tremendous human resources available," Mr Nair said adding that the sector currently employs between 5,000-10,000 people. "We are competing with the BPO industry for the same human resources," Mr Nair said adding that IMTIA aims to create awareness about MT as a viable long-term career option.
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