The Hindu Business Line : iMedX to raise headcount, eyes more acquisitions

iMedX expects the number of
employees working for the company through sub-contracts across India to increase from 1,000 to around 4,000 in the next one year.

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Hyderabad, April 12 iMedX Inc, a US-based healthcare software and services company, is looking at acquiring four more companies this year. It is also planning to increase its headcount from 200 to 500 at its Hyderabad office in the next one year.

“The company after the first acquisition in February 2007, acquired three companies —MR Transcription (MRT), LS Services Inc and Verna Transcription — last year. All the three companies utilise US-based transcription workforce,” Mr Venkat Sharma, CEO and President, iMedX, said at a press conference to mark its fourth anniversary here on Saturday.

According to him, the acquisition of LS has helped the company get deeper penetration into hospitals and the Government market and also expand its in-house and home-based network.

“On the other hand, MRT and Verna have helped us in expanding iMedX’s geographical presence across the US and now we are looking at acquiring four more companies this year,” Mr Sharma added.

The company expects the number of employees working for the company through sub-contracts across India to increase from 1,000 to around 4,000 in the next one year. It has also announced the launch of two new products – TurboRecord and TurboRx.

New products

“TurboRecord is an Internet-based product to automate the paper-driven process in physician offices. TurboRx, which is also an Internet-driven product aims at enhancing health care quality by reducing the errors due to paper-dependent prescribing processes,” Mr Sharma said.

The company is now looking at developing a product for practice management which would integrate claims, billing, and so on.

“We expect to be ready with the product in the next twelve months. Also we are looking at entering the UK market with our products in the next six months,” he said.

Proposed public offer

Mr Sharma also added that the company is looking at the possibility of raising funds from the market in the next 12 to 24 months.

“The proposed public offer could either be in the US or India. It is, however, too early to give the quantum that we are looking to raise and the timing will also depend on the prevailing market conditions at that time,” he said.

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iMedX to raise headcount, eyes more acquisitions

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