Healthcare outsourcing revenues to hit $1B by 2016

By Lawrence Agcaoili (The Philippine Star) | Updated November 11, 2012 - 12:00am

MANILA, Philippines - Revenues of the countrys healthcare outsourcing industry are expected to more than double over the next four years as the Philippines positions itself as one of the worlds prime location for healthcare outsourcing. Juanloz Botor, president of the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), said the industry aims to book $1 billion in revenues by 2016 from the projected $433 million this year. The industry also projects to more than double the number of workforce to 100,000 over the next four years from the projected number of employees of 43,000 this year, he said. We are still up for the challenge of achieving the targets set out in our Road Map 2016: $1 billion in revenues and 100,000 full-time employees, he said. The industry continues to encourage investment in the Philippines and works with the government to strengthen the overall business environment. To support the growth of the industry, HIMOAP has partnered with the Department of Science and Technology-Information and Communications Technology Office (DOST-ICTO) to efficiently implement programs that will help strengthen the Philippines position in the global healthcare outsourcing market. DOST-ICTO executive director Louis Napoleon Casambre said HIMOAP has played a crucial role in fostering a healthy business atmosphere for the industry that booked $300 million in revenues and employed 25,000 workers last year. With continued partnership with HIMOAP, we are confident we can grow this more and be closer to being the number one healthcare outsourcing destination, Casambre said. With global healthcare BPO projected to be 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 (IT-BPO) industry. HIMOAP immediate past president Myla Reyes said healthcare outsourcing is one of the fastest growing sectors in the IT-BPO industry. 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 outsourcing shone brighter, Reyes said. The Philippine healthcare information management outsourcing sector has evolved from initially delivering medical transcription services 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.

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