STI partners with US firm for medical transcription

STI, the largest network of colleges in the country, has partnered with US-based PHNS Inc. for the acquisition of a majority stake in local medical transcription company Summit Technologies Inc.
       A flourishing business in the country, medical transcription is the conversion of the medical records dictated by health-care professionals into encoded documents. These records can be diagnoses, progress reports, chart notes, physicals, histories and even letters.
       Keeping a record of every piece of information has become very important because of the increasing risk of litigation faced by health care professionals. This need has given birth to a multimillion dollar industry.
       “Medical transcription is another promising industry for the Philippines. We are slowly positioning ourselves in the global market given the medical and computer training of many Filipinos, not to mention our developing IT infrastructure,” STI said.
       Summit Technologies is STI’s bid to the booming medical transcription industry. There are about 35 medical transcription companies in the country.
       From being one of the largest educational institutions in the country, STI has also expanded into health-care services.
       Recently, STI partnered with the de los Santos family to transform De Los Santos Medical Center into DLS-STI Medical Center. The partnership is expected to further develop health-care services and education in the country including the development of healthcare informatics.
       The company also plans to expand the network of DLS-STI Medical Center by putting up satellite clinics all over the country. A medical arts building and a state-of-the-art operating facility will also be added to the existing infrastructures of DLS-STI.
       STI’s venturing into related businesses is integral part of its Enrollment-to-Employment System (E2E System), an integrated approach to human resource development, providing not only education but also employment opportunities to its students.
       STI has over 100 campuses located across the Philippines. Honey Madrilejos-Reyes