A Sri Lankan Knowledge Process Outsourcing (KPO) company which operates in the medical transcription outsourcing niche by targeting US-based hospitals is expecting more and more of its future business to come in from that country's insurance industry, according to company officials.
Claiming to be part of the "single largest KPO operating locally", medical transcription service MedSource noted that it started operations in February 2008 and currently has 150 employees. And, according to company officials, Vice President (Operations) Brian Lacey and Director (Operations) Elvis Peters, the majority of its current revenues are derived from transcribing voice recordings of medical histories made by doctors.
Further, it has also indicated that the niche in which it operates had now changed significantly due to the availability of voice recognition software, which has resulted in a bigger component of MedSource's work now having to do with editing computer-generated medical transcriptions.
Part of a 500-person KPO group that includes revenue systems management company MediGain, engineering design shop Quantum and insurance claims processor Legacy, MedSource also revealed that, while it took three years to break even, it was now fully profitable and experiencing year-on-year growth in excess of 100%.
It was also anticipated that MedSource would more than double in size within the next one or two years. In fact, it was also indicated that MedSource was currently looking to fill 20 new vacancies and that hiring people with the required English and science skills locally was hard. However, for those that fit the bill, average monthly salaries would be Rs. 33,000, with many employees also presently following education opportunities, due in large part to a flexible work schedule that spanned three shifts of eight hours each.
MedSource officials also signalled that, in terms of the US$25 billion global medical transcription sector, an emerging high growth area in the field was Medical Coding (or Classification), and that MedSource was also benefiting from this trend locally.
This trend pertains to coding and / or classifying terms in medical transcripts into medical codes which simplifies insurance claims processing.
And, as such, this was resulting in MedSource being given more work by US-based insurance companies, in addition to its existing customer base of hospitals and their medical institutions.