STI ventures into medical transcription services

Computer technology school STI, along with PHNS Inc., has acquired a majority stake in Summit Technologies Inc. in hopes of capturing a slice of the promising medical transcription services industry.

Summit Technologies is a local medical transcription company. PHNS is a medical transcription company operating in the United States.

Medical transcription refers to the conversion of the medical records dictated by health care professionals into typed documents. These records can be in the form of diagnosis, progress reports, chart notes, physicals, histories and even letters.

Keeping a record of every piece of information has become very important due to the increasing risk of litigation faced by health care professionals. This need has given birth to a multi-million 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 president and chief executive officer Monico Jacob said.

There are about 35 medical transcription companies in the country.

STI provides a comprehensive portfolio of baccalaureate and diploma programs in information and communications technology, business, education, engineering, and health care in its more than 100 campuses nationwide.

The company recently ventured into healthcare services via the acquisition of the De Los Santos Medical Center, now named DLS-STI Medical Center.

STI also plans to expand the network of DLS-STI Medical Center by putting up satellite clinics all over the country.

In addition, a medical arts building and a state-of-the-art operating facility will also be added to the existing infrastructure in DLS-STI.