After BPO, India looks to cash in on medical transcription boom

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Hyderabad: Following the revival in the medical transcription (MT) business activities in the US, Hyderabad based Worldtech, one of the organised player in the MT industry, has decided to more than double its manpower in Hyderabad. In order to capitalise on the growing demand, the company is also looking at possible acquisition of smaller companies in the US to scale up its operations.

Speaking to FE, Ramakrishna Tummala, managing director, Worldtech, said: “The MT industry is booming again in the US and there has been an increasing demand for quality transcriptionists in India.”

“We have decided to double our manpower in the next 12 months to over 650 as against 320 professionals now and given the encouraging response the number of manpower will go up further,” he added.

In addition to the domestic growth, the company is also seriously looking at two to three smaller companies in the US to scale up its operations further while adding new clients through acquired companies. “We are looking at smaller companies in the range of $one million and above to increase both clients list as well as manpower,” he said. According to him, the proposed inorganic growth will help Worldtech to further spread its operations.

According to Mr Tummala, even though some companies had to shut down during the last two years due to poor quality and want of jobworks, given the ageing factor coupled with increased demand for data storage of patients, the MT industry has again attained a boom phase. “The demand for quality manpower in this industry will outpace the demand that of Business Process Outsourcing (BPO)/ Information Technology enabled services (ITES) and IT services sector in the next few years,” he said.

The scaling up of operations could be possible as more and more individual doctors, smaller hospitals as well as healthcare institutions have decided to outsource their jobworks to countries like India. “This is something which was not a major source for MT companies”, Mr Tummala pointed out.

Even the US customers, who earlier objected to sub-outsourcing the jobs by Indian companies to third-party individuals (located at far-off places like India), have realised the importance of outsourcing and accordingly allowed the jobs to go out based on the quality assurance provided by the Indian company. “This comes in handy for companies like Worldtech to scale up its operations faster,” Mr Tummala pointed out.