PHL healthcare BPO industry eyes US$1B in revenues by 2016
HIM sector poised to soar higher in coming years
(Manila, Philippines, November 6, 2012) — Over 200 healthcare outsourcing industry leaders, providers and key executives gathered for the 3rd Healthcare Information Management Outsourcing Services Congress (HIMOSC) to analyze issues and trends in healthcare outsourcing toward impactful and sustainable industry growth.
Organized by the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) and the Department of Science and Technology-Information and Communications Technology Office (DOST-ICTO), HIMOSC 2012 provided perspectives on the industry’s growth, opportunities, diversification, and ways of achieving global competitiveness and leadership; career opportunities and training alignment needs of the industry; and technological developments, innovation, and best practices in HIM.
With global healthcare BPO projected to be a $330-billion industry by 2016, HIM outsourcing is now among the fastest-growing sectors in the Philippine information technology and business process outsourcing (IT-BPO) industry. With a highly skilled, English-speaking workforce, excellent telecommunications infrastructure, and reasonable cost of doing business, the country’s healthcare outsourcing sector is expected to generate US$433 million in revenues and employ 43,000 by the end of 2012.
The conversion from ICD-9 (International Classification of Diseases) to ICD-10 coding system is also seen to boost the growth of the healthcare outsourcing sector. ICD is a medical coding system followed by most countries for healthcare record-keeping. In 2014, the implementation of ICD-10 in the US is expected to increase the number of medical codes that need processing.
“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. When the Philippines established itself as a leading destination for outsourcing services, prospects for healthcare information management (HIM) outsourcing shone brighter,” said Myla Reyes, TTSI managing director and immediate past president of HIMOAP.
From initially delivering medical transcription services, the Philippine HIM outsourcing sector has evolved into 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.
To support the growth of the industry, HIMOAP has partnered with DOST-ICTO to efficiently implement programs that will 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 for an estimated 25,000 Filipino healthcare professionals and generated revenue of close to US$300 million in 2011. With continued partnership with HIMOAP, we are confident we can grow this more and be closer to being the number one healthcare outsourcing destination,” said DOST-ICTO Executive Director Louis Napoleon Casambre.
HIMOAP encourages investment in the Philippines and works to strengthen the overall business environment. “We are still up for the challenge of achieving the targets set out in our Road Map 2016: US$1 billion in revenues and 100,000 full-time employees. HIMOSC helps us to be a step closer in accomplishing that goal,” said Juanloz Botor, HIMOAP president.
About the Healthcare Information Management Outsourcing Association of the Philippines
The Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) formerly known as the Medical Transcription Industry Association of the Philippines, Inc. (MTIAPI) is a non-stock, non-profit industry organization recognized by the Philippine government and IT-BPO industry. The association was first registered as MTIAPI with the Philippine Securities and Exchange Commission in October 16, 2003 and renamed as HIMOAP in August 2010. HIMOAP prides itself in bringing together the Philippines’ most distinguished and active players in the healthcare outsourcing industry towards a common endeavor. The association serves the needs of the HIM service organizations, HIM education and training centers and vendors as it promotes the Philippines as the destination of choice for quality healthcare information management outsourcing services.