CBay, Spheris, Medquist - INDIA - CrankyBeach

Came across this information, from a reliable source (who prefers to remain anonymous.)

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A leading United States-based healthcare BPO services vendor CBay Systems Ltd. plans to transfer nearly 50 per cent of its work to India during the next two years with a view to develop into a $1-billion company. Presently, CBay Systems provides its facilities to almost 40 per cent of the hospital market in the United States covering over 2,400 hospitals, clinics as well as physician practices that make use of the BPO firm’s billing, medical transcription and coding services.

According to a report in a business website, the decision comes in the wake of the BPO firm’s acquisition of an insolvent clinical documentation company called Spheris in the United States. Interestingly enough the acquisition of the bankrupt company has actually enhanced the revenue earnings of CBay Systems to around $500 million.

Following the acquisition, CBay Systems has increased its workforce in India to 8,000, including 2,000 former Spheris employees. The BPO firm now plans to hire another 2,000 personnel in India by 2012 with a view to shift half of its IT operations to India. Presently, 30 per cent of the company’s operations are processed in India, while the remaining 70 per cent is handled by technical professionals based in the United States.

Confirming the news Raman Kumar, vice-chairman and CEO, CBay Systems, said that the acquisition of Spheris has helped the company to emerge as one of the biggest firms in business worldwide. Stating that shifting more operations to India was a strategic move, Kumar, who is also a founder of the BPO firm, emphasized that CBay Systems was now all set to spur growth and achieve the target of $1 billion in terms of revenues. He further said that CBay Systems plans to achieve an annual growth of 20 per cent and is seek further opportunities to acquire new firms after the integration process with Spheris is completed.

With a secure base in the United States, the company is now looking to expand its footprint in the UK and Australian market, Kumar said, adding, CBay Systems also plans to increase its offerings and include IT infrastructure outsourcing and physician management for hospitals in list of services provided by the company. He said that the business prospects in the healthcare IT infrastructure outsourcing sector was immense, as very few firms were presently active in this field. Presently, CBay Systems offers services in the area of clinical documentation, including dictation, voice recognition, billing