Health care outsourcing, one of the major segments in Business process Management (BPM) is expecting a steady growth in the coming 4 years in Philippines. Estimates from HIMOAP claim that the health care BPM industry of Philippines projects $1 billion revenues and 100,000 full-time employees by 2016.
The sharp growth of healthcare BPM sector in the upcoming years is predicted by Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP). According to them health care companies in Philippines itself would report a threefold hike in composite revenues estimated. Such a growth in the country is mainly attributed by the strong demand of healthcare outsourcing services from developed countries. Other factors that fuels the growth of health care BPM of the country are
- Highly-skilled Resources
- English-speaking workforce
- Excellent telecommunications infrastructure and
- Reasonable cost
Philippines had established itself as a leading hub for health care outsourcing services, especially in healthcare information management. Recent years showed a considerable increase in the work force employed in the sector. Reports reveal that the number of employees serving the industry has grown steadily from 14,000 in 2010 to 24,700 in 2011. The figure expected in the current fiscal is 43,000. Salary benefits and good infrastructure facilities are the main reason for increased attraction of aspirants to healthcare BPM sector.
Other than work force, revenue figures also seem much positive. It had increased from $102 million in 2010 to $277 million 2011. Revenues figures projected for 2012 is $433 million, which is really great.
As revenue figures projected for global health care BPM is $330-billion (by 2016), Philippine healthcare information management outsourcing will emerge as a rapid growing sectors business process management industry.
As a step up strategy, HIMOAP is looking for the implementation of advanced medical coding system like ICD (international classification of diseases) -10 rather than ICD-9. ICD is a medical coding system employed for health care record keeping. By implementing ICD-10, the demand for medical code processing increases and hence improved revenue.
Unlike older days when Philippine healthcare information management outsourcing industry was restricted to medical transcription, they are now providing a wider array of services. Advanced services offered by Philippine healthcare BPM industry include
- Clinical Data Management
- Electronic Medical Records
- Medical Claims Recovery
- Patient Education
- Pharmacy Benefits Management
- Disease Management
- Quality Assurance
- Insurance Processing
- Revenue Cycle Management
Now healthcare BPM services are considered as one among the top 10 priority growth sectors. Also the Department of Science and Technology under HIMOAP is planning for increased development of health care BPM sector. HIMOAP is offering valuable contribution in sorting out and promoting the industry to achieve heights. They hope that US healthcare reforms will create an increased need for comprehensive data management and hence more opportunities for BPM sector in Philippines in the coming years.