CBaySystems Sheds Light on Outsourced MT Industry

Last week, the medical transcription invoice funding specialists at PRN Funding blogged about CBaySystem’s IPO. Since then, we learned more details on the company’s plan to go public.

As part of CBaySystems’ IPO, the MT company filed an S-1 Form with the Securities and Exchange Commission.  In it, CBaySytems shared a number of fascinating facts about the company as well as unique insights into the clinical documentation industry as a whole.

CBaySystems is the “leading provider of integrated clinical documentation solutions for the U.S. healthcare system.” The following CBaySystems statistics were calculated over a three-month time-span which ended on June 30, 2010:

  1. CBaySystems processed (on an annualized run rate basis) more than 2.9 billion lines  on its platform.
  2. CBaySystems has more than 14,000 MTs and MEs.
  3. More than 60% of the 2.9 billion lines CBaySystems processed used ASR technology.
  4. Nearly 40% of the 2.9 billion lines CBaySystems produced were done offshore.
  5. CBaySystems serves more than 2400 hospitals, clinics and physician practices throughout the U.S., including 40% of hospitals with more than 500 licensed beds.

Furthermore, the S-1 Form shared a number of interesting facts about the medical transcription and clinical documentation industry, courtesy of research conducted by ValueNotes Database Pvt. Ltd (ValueNotes). Below of some of the market research firm’s key findings:

  1. ValueNotes estimated that the  market for outsourced medical transcription services was $5.4 billion in 2009.
  2. Outsourced medical transcription is expected to grow 8.2% per year over the next five years to $8.0 billion in 2014.
  3. In addition, ValueNotes estimates that the outsourced medical transcription market was 33% of the overall MT market in 2009, and it projects a growth in the market to 38% in 2014.

Click here to read the entire CBaySystems’ S-1 Form.