Addressing a press conference here on Tuesday, the companys chief executive officer and president, Raj Malhotra, said Spryance will be investing $5 million in India for building up its operations by training and enhancing the skills of its workforce, improving infrastructure by setting up additional data hubs, putting in place support systems and enhancing customer relationships. The investments would come from internal accruals besides venture capital funding.
The HIM market is about $200 billion worldwide. Of this, the medical transcription market alone is worth more than $16 billion and is growing at a rate of 15 per cent annually. The US market accounts for $10.68 billion and of this nearly 50 per cent is being outsourced. India accounts for nearly $80 million of the worldwide business.
According to Spryance India vice-president (operations), Rajiv Shetye, business potential worldwide is estimated to be $3-4 billion in the next three years. At Spryance, we have decided to tap the potential by enhancing our manpower. We are planning to double our workforce during the current fiscal. Presently, the staff strength is about 900 across the country, including 500 home-based franchisees, 150 employees and the balance are micro entrepreneurs, Mr Shetye said, adding that the manpower strength in Chennai would go up to 300 from the present 120.
The company is also planning to leverage its expertise and infrastructure to foray into newer areas like billing and coding. This again would add to the business of the company. We expect to grow our business four times in the next two years, from the present level of 5 million lines per month, he added.