The segment of the local business process outsourcing industry that serves the healthcare sector is expected to grow sharply over the next four years on the back of strong demand from developed countries.
As such, the head of the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) predicted that Philippine companies in this sector would report a threefold hike in combined revenues during the period.
“We are still up for the challenge of achieving the targets set out in our Road Map 2016: $1 billion in revenue and 100,000 full-time employees,” HIMOAP president Juanloz Botor said in a statement.
He made this pronouncement on Tuesday as more than 200 healthcare outsourcing industry leaders, providers and key executives gathered in Makati City for the 3rd Healthcare Information Management Outsourcing Services Congress to analyze issues and trends in healthcare outsourcing toward a meaningful and sustainable industry growth.
At present, there are about 25,000 Filipinos working in the healthcare outsourcing sector, generating revenue of almost $300 million in 2011.
From initially delivering medical transcription services, the Philippine healthcare information management outsourcing sector now offers various services, including clinical data management, disease management, revenue cycle management, pharmacy benefits management, electronic medical records, medical claims recovery, patient education, insurance processing and quality assurance.
With the global healthcare BPO sector projected to become a $330-billion industry by 2016, healthcare information management outsourcing is now among the fastest-growing sectors in the Philippine information technology and business process outsourcing industry.
With a highly skilled, English-speaking workforce, good telecommunications infrastructure and a reasonable cost of doing business, the country’s healthcare outsourcing sector is expected to generate $433 million in revenue and employ 43,000 by the end of 2012.
“Healthcare outsourcing is blazing the trail as one of the fastest-growing sectors of the IT-BPO industry, and we are very honored to host the biggest healthcare outsourcing event of the year,” said Myla Reyes, managing director of BPO firm TTSI and the immediate past president of HIMOAP. “When the Philippines established itself as a leading destination for outsourcing services, prospects for healthcare information management outsourcing shone brighter.”
To support the growth of the industry, HIMOAP has partnered with DOST-ICTO to efficiently implement programs that would help strengthen the Philippines’ position in the global healthcare outsourcing market.
“The invaluable contribution of HIMOAP in organizing and promoting the industry and fostering a healthy business atmosphere has had a significant effect in generating employment,” DOST-ICTO Executive Director Louis Napoleon Casambre said.