HEALTHSCRIBE RECEIVES $9 MILLION INVESTMENT FROM GROTECH HEALTHSCRIBE RECEIVES $9 MILLION INVESTMENT FROM GROTECH HealthScribe receives $9 million investment from Grotech

Sterling 25 January 2000HealthScribe Inc., a Sterling, Virginia based national medical transcription company, has received a lead investment of $9 million from Grotech Capital Group of Timonium, Maryland. HealthScribe will use the capital to expand its technical and production capacity and continue as the fastest growing Internet-enabled provider of medical transcription.

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Frank Adams, the Grotech Partner who is responsible for the investment in HealthScribe, stated: ìGrotech is pleased to be associated with this outstanding management team that we have high confidence will make a significant mark in the Internet-enabled health arenaî.

Mike King, CEO of HealthScribe, commented: ìHealth care providers are outsourcing transcription in ever increasing numbers as the need for medical record documentation grows. HealthScribe continues to increase market share, as we become the obvious solution to the challenges facing the health care providers. The company is setting the standard as an Internet-enabled transcription provider.î

HealthScribe is the fastest growing Internet-enabled provider of medical transcription and data management services, utilising the most advanced digital information and data management systems. Clinical data is captured electronically at a hospital or clinic and provided to hundreds of medical transcriptionists using HealthScribeís proprietary digital system. Medical records are created which enable healthcare organisations to bill in a timely manner, provide a continuum of patient care, as well as decrease overhead. HealthScribe is one of the largest companies in the $ 6 billion transcription market.

Grotech is the largest regional venture capital fund serving the Mid-Atlantic and Southeastern United States. With over $500 million under management, Grotech focuses its investments in communications, Information Technology, consumer, basic and service industries.


Leslie Versweyveld

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