SCIOinspire eyes over Rs 135 cr biz in 2011

MUMBAI, INDIA: SCIOinspire Inc., an analytics-driven business process solutions provider for healthcare management and insurance industry, is highly bullish on the business deals in the current year.

The company said its order book has grown exponentially in the first six months of 2011. “We are looking for an over Rs 135 crore for the year 2011. In the first half, we have signed 16 deals and are hopeful of signing more than 10 deals by the end of this year. For 2012, based on our current orders, we are looking for a Rs 180-200 crore business,” said Siva Namasivayam, CEO, SCIOinspire.

He added that the company's prime focus is commercial health insurance companies, and it is planning to enter other segments such as Pharmacy Benefit Managers (PBM), Life Sciences, Care and Wellness Management organizations.

“We are focussed on two services: one is around ensuring that the payments that health insurers/payers make to providers are valid and the correct payment is made. There is a huge bill payment leakage due to fraud, abuse, waste and errors in the claims payment arena and we have a broad set of analytics and technology enabled solutions to address this space,” he said.

The second area the company focuses is to help insurers and employers to make sure that various care and wellness- related programmes are effectively delivered and the right incentives are provided to consumers to change their behavior and take more responsibility towards wellness.

Likely to sign 2 contracts in India

The company is likely to sign two contracts in India and to add more staff. “We are planning to hire around 150 people in India by the year end. We will also increase the head count in the US by 20 per cent. Currently, the company has over 450 staff worldwide including 300 in the US.”

The Connecticut-based company is funded by venture partners including Sequoia Capital, Health Enterprise Partners and Silicon Valley Bank Capital. It has four delivery centers across the globe, including two centers in Chennai and one each at Pittsburgh and Stratford.

The two facilities in Chennai undertake development of analytics software products for the global market, provide the claims, data mining and business intelligence analysis for global businesses and provide direct service to large insurers in data mining and payment integrity areas.

“In India, we have a team of health-care domain intensive technology and business analysts that help us develop analytics software products and provide data mining activities to support our clients,” he said.

“Our business plan is to become one of the top three players with the most comprehensive set of healthcare analytics-driven services and products. Our goal is to expand the portfolio of software products and analytics services, cross-sell and up-sell all our products and services to clients, make strategic acquisitions and expand into adjacent markets such as Life Sciences, PBMs and grow geographically in markets such as India and Europe,” Namasivayam explained the company's future vision.

SCIOinspire was formed in 2007 and so far has made three key acquisitions - Socrates Inc., Solucia Inc., both in 2008 and acquired National Audit in February this year.