Healthcare outsourcing sees $1B in revenue, doubling of workforce
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Healthcare outsourcing sees $1B in revenue, doubling of workforce
The healthcare outsourcing industry expects to generate $1 billion in revenue in five years and double its workforce this year.
Myla Rose Reyes, president of the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), said the association is targeting the capture of 25 percent of the $4 billion potential global market for healthcare information management outsourcing.
HIMOAP, formerly known as the Medical Transcription Industry Association of the Philippines, said that as of end-2010, it had $94 million in revenue and 14,000 full-time employees. Reyes added that the industry aims to tap the 375,000 to 400,000 nursing graduates yearly.
"The Philippines has an adequate and competent pool of medical workforce to maneuver this industry. The country’s capability in providing workers, particularly in medical transcription alone, is now getting a significant attention from the US market as the latter is currently undergoing a major healthcare reformation," Reyes said.
She said the industry is relatively small but growing rapidly with the current health reform and implementation of the electronic medical records system in the US and other markets such as Britain and other countries in Europe and the Asia Pacific.
It is creating more career opportunities for Filipino nurses and medical practitioners.
At present, 85 percent of healthcare outsourcing comes from North America, with the remaining accounted for by Britain, the rest of Europe, Asia Pacific and the domestic market.
Reyes said the industry has become the most realistic solution to the plight of unemployed and underemployed healthcare workers in the country.
Monchito Ibrahim, commissioner of the Information and Communications Technology Office under the Department of Science and Technology, said the HIMOAP initiative to tap the oversupply of nursing graduates is laudable.
Ibrahim said IT-BPO, of which the HIMOAP is a part, contributed 4.5 percent to the country’s gross domestic product last year. The contribution is expected to grow this year to 6 percent.
There are several service areas the healthcare information management outsourcing industry is looking, such as medical transcription, health information management 16 to 18, and IT development program.
Healthcare outsourcing sees $1B in revenue, doubling of workforce
The healthcare outsourcing industry expects to generate $1 billion in revenue in five years and double its workforce this year.
Myla Rose Reyes, president of the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), said the association is targeting the capture of 25 percent of the $4 billion potential global market for healthcare information management outsourcing.
HIMOAP, formerly known as the Medical Transcription Industry Association of the Philippines, said that as of end-2010, it had $94 million in revenue and 14,000 full-time employees. Reyes added that the industry aims to tap the 375,000 to 400,000 nursing graduates yearly.
"The Philippines has an adequate and competent pool of medical workforce to maneuver this industry. The country’s capability in providing workers, particularly in medical transcription alone, is now getting a significant attention from the US market as the latter is currently undergoing a major healthcare reformation," Reyes said.
She said the industry is relatively small but growing rapidly with the current health reform and implementation of the electronic medical records system in the US and other markets such as Britain and other countries in Europe and the Asia Pacific.
It is creating more career opportunities for Filipino nurses and medical practitioners.
At present, 85 percent of healthcare outsourcing comes from North America, with the remaining accounted for by Britain, the rest of Europe, Asia Pacific and the domestic market.
Reyes said the industry has become the most realistic solution to the plight of unemployed and underemployed healthcare workers in the country.
Monchito Ibrahim, commissioner of the Information and Communications Technology Office under the Department of Science and Technology, said the HIMOAP initiative to tap the oversupply of nursing graduates is laudable.
Ibrahim said IT-BPO, of which the HIMOAP is a part, contributed 4.5 percent to the country’s gross domestic product last year. The contribution is expected to grow this year to 6 percent.
There are several service areas the healthcare information management outsourcing industry is looking, such as medical transcription, health information management 16 to 18, and IT development program.
posted by Susheel Ladwa at 3:45 AM
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