Healthscribe buys out Max India from JV for $10mn

HealthScribe India, a medical transcription company will now be a subsidiary of HealthScribe Inc, the US based Internet-enabled international outsourcer providing medical transcription and data management. The Indian unit has been bought back at a cost of $10.3 million.

In 2000, Healthscribe Inc had exited Healthscribe India after witnessing quality concerns from US which made India unviable for medical transcription. Since then, HealthScribe Inc, held a minority stake in the unit.

HealthScribe Inc bought a 65 per cent stake from Max India by paying $ 10.3 million, thus increasing its holding to 85 per cent. The balance is held by a Swiss equity fund.

Terming the move as "the come back of medical transcription business to India", Suresh Nair, managing director, HealthScribe India Pvt Ltd said, "After 2000, there has been immense cost pressures on the healthcare market. Our client base gradually became more accepted and HealthScribe Inc decided to grow this hub further."