Hyderabad: Aquity Solutions, formerly known as ‘MModal’, market leader in medical transcription space with a legacy of over 40 years and over 3000 clients, is all set to expand its facilities in South India and especially Hyderabad. The Company has set its sight to leverage the huge market opportunity estimated to be around $8.9 billion in US alone and expected to grow up to $ 19.16 billion by 2022. Aquity Solutions, recognized by independent market research firms, KLAS and Black Book as the top outsourced transcription service vendor, has over 7,000 health data specialists, across five countries, who convert more than 300 million minutes of dictation each year, generating $200 M in annual service revenue.
In India, Aquity Solutions began its operations in 1999 and currently has 11 operational centers at Mumbai, Pune, Nagpur, Hyderabad, Vizag, Bangalore and Coimbatore. Aquity Solutions has around 3500 employees in India alone. The current thrust is to grow Coding and Scribing operations in India and is aggressively formulating plans to build infrastructure to meet its global clients’ needs. In line with the initiative, the Company will also ramp up its employee count in the coding and scribing segment significantly during 2020.
We intend to grow our Coding and Scribing operations across cities and for this we may even build new facilities. Our ramp up for coding and scribing is already in progress and 2020 will witness setting up of new facilities. We expect the employee count to grow by 30 – 50% or even more during 2020, says Mr. Agnelo Rodrigues, Executive Director, Aquity Solutions.
Aquity Solutions currently has three facilities in Hyderabad, located at Kukatpally, Dilsukhnagar and Secunderabad and they together house around 1000 employees. The Kukatpally and Dilsukhnagar facilities support Coding and Scribing services, while the Secunderabad facility focuses on Medical Transcription services.
Very early we recognized the tremendous potential Hyderabad holds in our grand scheme of things for India and have invested in sizeable terms on quality human resources and state-of-the-art facilities here. Hyderabad and neighboring cities in the South of India will continue to play a pivotal role as we unveil significant expansion plans, says Mr. Kashyap Joshi, CEO, Aquity Solutions.
Majority of our revenue comes from North America, predominantly USA, approximately $7.9 Bn comes from USA and the balance $ 1 Bn from Canada, UK and Australia combined. More than 60% of employees in India, are in South Indian cities. Medical Transcription is a statutory necessity in the USA and it will never go out of business. Being part of healthcare business, this is recession proof business. In this, scribing is the latest profession in the business and this is where we need more and more people, here in Hyderabad we are going to recruit at least 1000 people by the end of 2020.
In medical coding business, we have around 225 people in Hyderabad alone and intend to add another 200 skilled coders here by the end of 2020. We will be consolidating two of our offices in Hyderabad into one, by having a much larger and state-of-the-art facility in the city by the 1st quarter of next year. Our company is $ 170 mn. In India we so far invested up to $50 to 60 mn in the last 20 years and will continue to invest $ 5 to 6 mn per annum depending on the growing needs. Right now we want to consolidate our Hyderabad facility and expand our Bangalore operations.
The people we need should be graduates having skill sets of good English language, cognitive and coding skills. We are interested in partnering with the Government of India’s Skill India program and impart some training in the graduation final year itself, by making it part of the curriculum, so that we have industry ready employees. As far as attrition is concerned, in scribing which is highly paid it is as low as 3 to 4%, even that is due to reasons other than professional challenges, but in transcription profession the rate is 8 to 9%.
