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'Cos Looking To
Cut Costs In Medical Transcriptions'
After a sharp decline in business
in early 2000, Medical Transcription (MT) sector is once again looking at high
growth worldwide. The American Association of Medical Transcription (AAMT), one
of the world's largest association of medical transcriptionists, is actively
working to establish global quality standards in MT. Peter Preziosi, executive
director, AAMT, speaks to Sujata Dutta Sachdeva about the trends and the new
certification programme :
What are the global trends in
MT and how is it evolving?
The worldwide market for MT is
estimated to be around $30 to $33 billion. The US accounts fro nearly two-third
of this. That's because of the health insurance system prevalent there. A large
part of the insurance reimbursement is based on transcription. Unfortunately,
the industry is highly fragmented and misunderstood. Many small mom and pop
units have come up all over the world. But as the industry matures, it is
looking at higher growth rates. With it comes consolidation. Companies are now
looking at ways to drive down costs in transcription. My feeling is only the
bigger players will be able to sustain and compete in the future.
What is the potential of MT in
India?
As of now, 10 percent of MT work
from the US is being outsourced overseas. India, of course, is a big player. And
it has everything in its favour great turnaround time, proficiency in English
language. Today, there are about 120 to 150 companies engaged in MT in India.
The sector earns around $220 to $240 million per annum. Indeed, the industry
went through a lean period but now it has bounced back and has seen substantial
level of consolidation. There are around 10 to 12 big companies in the fray, and
they account for almost a third of the industry employment base.
What are the job opportunities
in countries like India?
The opportunities are immense.
According to estimates by Thomson Prometric, currently there are 18,000 medical
transcriptionists in India. And as more and more people join the profession,
there is a need for bench marketing of transcriptionists across the world to
ensure quality. In fact, AAMT is introducing two voluntary certification courses
for employees. The Registered Medical Transcriptionist and the central medical
Transcriptionist. The certification will help both the employee and employers.
Also, once a person gets the certificate, an Indian Transcriptionist will be at
par with his American or European counterpart. As the world looks at exchanging
information, this will help in standardization and quality control.
(Ref : The Times of India
dated June 22, 2006)
Poly Medicure
Acquires US Company
Poly Medicure Limited,
manufacturers of health medical devices and disposables under the brand name,
Polymed, has acquired US Safety Syringes, a US company to enter the US health
disposables market.
Polymed which posted a turnover
of Rs 64 crores in 2004-05, has invested more than $ 1million in the acquisition
of 'US Safety Syringes' which holds 8 patents and 2 FDA approvals for Safety
Medical Devices.
Says Himanshu Baid, managing
director, Poly Medicure Limited, "The acquisition has given us an impetus in the
export market and we are very positive that Polymed will increase its US
business operations to $ 8 million in the next 3 years as a result of this
acquisition. The company's export drive has also given its products a quality
orientation by exposure to International Quality standards of acceptance."
Polymed manufactures more than 40
different products under different categories like IV Cannulaes, Infusion
Therapy Devices, Central Venous Access Catheters, Anaesthesia, Blood management
devices and other surgical products. The company is already exporting its range
of products to more than 50 countries across different continents including
Europe/ Africa/ Asia and South America.
http://economictimes.indiatimes.com/articleshow/1545716.cms
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