The Indian share of BPO revenues from the offshoring of revenue cycle management (RCM) services were estimated at $125 million for 2006, and total revenues from this segment are expected to reach $410 million by 2011, stated a ValueNotes Research report. Though RCM industry in India is still at a nascent stage, ValueNotes has identified four companies as potential vendors. They are, Ajuba, Apollo Health Street, Perot Systems and Zavata. These large vendors offer end-to-end RCM services. There were also a few other vendors that were focused on in the Indian RCM industry, that offered certain specific services such as medical coding, payment posting and accounts receivable. Two of the core processes in RCM services are medical coding and billing, and the ValueNotes report has focused on billing and coding. Medical transcription, which is another specialised service that is not offered by generic BPOs that has not been covered in this report, and revenue and manpower estimates exclude medical transcription. The report was compiled, based on secondary data, as well as interviews with key oficials at various BPOs, captive as well as third-party, in India.