Chennai, May 4
SPRYANCE Inc, the US-based provider of business process outsourcing (BPO) for the health information management sector, will ramp up its workforce in India to 2,200 from the present 1,200 by the year-end.
The workforce includes a majority of home-based transcriptionists and editors, according to Mr Raj Malhotra, President and CEO, Spryance. The company plans to invest $6 million to take its total investment in the country to $14 million, he told newspersons.
The fresh investments are to be funded by Beecken Petty O'Keefe and Company, a US-based venture capital firm. In the first and second round of funding, the company got $8 million and the International Finance Corporation (World Bank's private investment arm) participated in the funding, he said.Spryance sees good potential for providing medical transcription services to the retail market in the US. It plans to expand its quality assurance (QA) hubs in Chennai and Pune, and build a third QA facility to serve both as back up facility and to accommodate increased demand.
The company adopts the home-based franchisee model in India involving women working from home to service the US medical transcription market. Delivering over 5 million lines of transcription a month, Spryance's growth rate exceeded 25 per cent per quarter in the preceding 12 quarters successively. Spryance being a private-held company, Mr Malhotra did not provide the company's financial details.
According to Mr Rajiv Shetye, Vice President (Operations), Spryance India, the healthcare BPO is a $200-billion business worldwide and medical transcription alone contributes about $12 billion. India accounts for $110 million of the business, and there is potential to reach $5-6 billion of this marketat 15 per cent annually.