HealthScribe Buys Out Max Stake In Indian Subsidiary

Bangalore | Updated: Jan 30 2004, 05:30am hrs
US-based medical transcription company HealthScribe Inc is planning to make India a hub for healthcare-related services. As part of its growth strategy, the company has bought back the 65 per cent equity stake owned by Max Group in HealthScribe India for $10.3 million. With this, HealthScribe India has become a 100 per cent subsidiary of the US company.

Addressing the media, HealthScribe president and chief operating officer Dave Ehrhardt said, We decided to buy back the stake sold to Max Group in 2000, as India is a key component of our growth strategy. With India as the hub, HealthScribe is planning to expand into high volume processing services like billing, collection and coding in the next 12-18 months, he said. The company would look at acquisitions in both the US and India.

According to HealthScribe India managing director Suresh Nair, the company, which posted a turnover of $10 million in 2003 and is targeting a 50 per cent growth this year, plans to add 500 people this year. Currently, 1,200 people work in the Indian arm.