Why are Indian Teleradiology Companies Flourishing?
It's been exactly a decade since the first teleradiology company was set up in India, and since then numerous teleradiology companies (over 60 in number), have been established all over the country. This upward trend that started due to the shortage of trained radiologists in US has now expanded to cover various other parts of the world including Europe and Middle East. It is being predicted that around 20% of nation's diagnostic imaging business valued about $15 billion per year, will soon be provided through teleradiology.
Why Are India's Teleradiology Companies Flourishing – Points to Ponder
The reasons behind the tremendous growth of teleradiology in the imaging world are many, the primary reason being the acute shortage of trained radiologists in other parts of the world. This problem aggravates during night, when most of the radiology departments are seriously understaffed. Teleradiology providers in India are able to overcome this shortage by providing medical imaging services to healthcare units, when radiologists are not available in US.
The time zone advantage is another major factor that has contributed to the growth of teleradiology in India. Indian radiologists are able to provide services during night and weekends when shortage is felt the most. As per the estimation of a leading teleradiology company in US, the teleradiology market during night is approximately $750 million, and when added to the weekend and holiday calls, the figures can reach $1 billion to $1.4 billion. Moreover, as per the reports, current market penetration has reached 40% to 50% approximately. Therefore, it's no science to conclude that teleradiology companies in India have immense scope when it comes to making use of the time zone advantage in the imaging world.
The promise of a fast turnaround time is an extra bonus provided by teleradiology companies in India. Indian teleradiology companies are quick and report back on a medical image in as little as 25-30 minutes. There are many companies like Outsource2india, whose staff wrote tens of thousands of reports on images in 2010 alone. Added to this, is the capability of Indian companies to provide radiologists specializing in a wide range medical imaging fields including Doppler tests, Ultrasounds, CT screenings of the whole body, MRIs and Cardiology Coronary CTAs among others.
Finally, it is the availability of a large pool of trained radiologists at cost-effective prices, due to lower cost of living in India, which enables Indian teleradiology companies to thrive in the online imaging world.
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