The Philippines is set to become the top healthcare outsourcing destination in the next few years. Backed by a massive qualified workforce, the infrastructure and technology for outsourcing services seen in the business process outsourcing (BPO) industry’s growth in the country over the recent years, and the developed economy for service delivery, this potential outsourcing industry can spell a revenue growth forecasted to hit $2.4 billion in 2016.
In the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) conference held in Makati last week, HIMOAP president Josefina Lauchangco reported that the industry revenue by the end of 2013 was at $988 million with 66,000 full-time employees, most of them with medical backgrounds, in various local healthcare information management service companies.
A Massive Qualified Talent Pool of Nursing Graduates: Philippine’s Unique Advantage
There is an abundance of opportunities in global healthcare and the Philippine’s current 250,000 nursing graduates puts the country in a unique advantage. With adequate training, this factor alone could propel the country to gain global leadership in the healthcare services industry. Lauchango sees that this is a potential reason for driving growth and attracting companies to invest in the country.
The only thing needed is to enable harness the talent in this massive talent pool and create training programs that will provide them with the necessary skills. Currently, training programs are limited to medical coding and transcription. Lauchangco believes that we can also excel in healthcare information technology and data analytics.
US Healthcare sees Philippines as a Trustworthy BPO with HOLD
Gerry Dumatol, CEO of Dumatek, a major Philippine-based BPO company that focuses on the healthcare industry, recently announced that they were releasing the HOLD list soon. It is the list of companies that do their share in being diligent in data security and compliance. This list enumerates the Health Information Management Business Process Outsourcing (HIBPO) companies in the Philippines who have invested money in data security and compliance to the healthcare industry in the United States.
“Due to the latest enforcement activities of U.S. HIPAA laws, U.S. healthcare entities must take caution when dealing with HIMBPO companies in the Philippines who do not invest into data security and compliance surely placing U.S. patients’ healthcare information that is protected healthcare information (PHI) under HIPAA laws at risk. The HOLD is specifically developed to help alleviate this growing concern,” Dumatol said.
Philippines as a Global Leader in the Healthcare Outsourcing Industry
David McKeering, public sector and healthcare leader at PricewaterhousCoopers (PWC) Southeast Asia Consulting, said, “The Philippines right now, with the way you’ve been able to show how successful you can be with other industries with BPO (business process outsourcing) and other areas, health care is the industry where you could play the mark of the world leader.”
With the unique advantage of a talented workforce and the BPO industry focusing on securing standards to be compliant with security procedures of the US healthcare industry, the Philippines can certainly become the top provider of healthcare outsourcing services in the world in the span of a few years.
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