The Hindu Business Line
AGS Health to open facilities in Chennai, Hyderabad
AGS Health, a revenue cycle management solutions provider to the US healthcare institutions, will open new facilities in Chennai and Hyderabad in 2017.
The company will invest ₹34 crore in 2016 in India to open new facilities, building technology and analytical capabilities and skilling the workforce. The Chennai facility with a capacity of 500 seats will be operational by April 2017, whereas the 600-seat Hyderabad facility will be commissioned by the end of 2017. The company expects to close the coming fiscal with a revenue of ₹340 crore and is growing at the rate of 42 per cent annually.
Speaking to BusinessLine, Devendra Saharia, CEO and coFounder, said with the US healthcare industry growing, there is tremendous growth potential for healthcare service providers and to generate employment in India. With the growth opportunity, Saharia said the company expects to increase its revenue to ₹506 crore by March 2018 and ₹675 crore by March 2019.
Rise in aging population has resulted in piling insurance claims. Many hospitals are more comfortable in adopting technology but there is shortage of talent to process claims. Saharia said these two factors have prompted many hospitals to outsource revenue cycle management to firms in India due to availability of affordable labour.
“Our partner hospitals in 2014 stood at 30 but now, we are associated with over 400 hospitals in the US,” Saharia added. There are 8,000 doctors and 900 hospital chains in its network.
But the major challenge is building soft infrastructure. “Since this is a niche industry, there is a need for specialised training for fresh as well as existing workforce ,” Saharia said.