Spryance to double workforce in India
By agencies   |   Thursday, 05 May 2005, 19:30 IST
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CHENNAI: U.S. based Spryance, a provider of business process outsourcing for the health information management sector, will increase its workforce in India to 2,200 from 1,200 by the year end. The workforce includes a majority of home based transcriptionists and editors, according to Raj Malhotra, President and CEO, Spryance, the company will invest $6 million to take its total investment in the country to $14 million, he said. The fresh investments are likely to be funded by Beecken Petty O’ Keefe, a U.S. based venture capital firm. In the first and second round of funding the company got $8 million and the International Finance Corporation participated in the funding, he said. Spryance sees good potential for providing medical transcription services to the retail market in the U.S. It plans to expand its quality assurance hubs in Chennai and Pune and build a third QA facility to serve both as backup facility and to accommodate increased demand. The company adopts the home-based model in India involving woman working from home to serve the U.S. medical transcription market. Delivering over 5 million lines of transcription a month, Spryance’s growth rate exceeded 25 percent per quarter in the first 12 quarters successively. The healthcare BPO is a $200 billion business worldwide and medical transcription alone contributes about $12 billion while India accounts for $110 million of the business and there is potential to reach $5-6 billion of this market at 15 percent annually, he said.

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