Philippines aims for 5% market share of overall healthcare info outsourcing
The Philippines, the second most globally preferred outsourcing destination after India, aims to secure five per cent of the global market for the healthcare information management outsourcing worth $19 billion in 2010 to provide additional employment opportunities for people specialized in nursing and allied medical professions.
A website report quotes Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP), earlier known as the Medical Transcription Industry Association of the Philippines (MTIAPI), president Myla Rose Mundo-Reyes as saying that the five per cent market share actually denotes over 100,000 new employment opportunities for the graduates trained nursing and allied medical profession in the Philippines.
Speaking at the maiden HIMOAP conference, Reyes said that having attained its target, the organization will initiate measures to tackle with the remaining nursing graduates in the Philippines, which generates as many as 400,000 nursing graduates each year. According to her, the enhanced requirement for electronic healthcare holds vast career prospects for graduates in nursing as well as allied medical professionals for PHI entry and management, medical coding, disease management as well as patient education and several supplementary services associated with the organizational activities of hospitals, old age homes and different medical centers.
Basically, the United States is the main market for healthcare information outsourcing industry. Reyes said that apart from the organizations in the US, several others from the UK and other regions of Europe are presently outsourcing services other than medical transcription. In fact, presently there is an increasing requirement for firms that are able to handle information technology development for solutions that would endorse electronics medical records to transmit throughout the entire healthcare system platform.
At present, there are as many as 50 medical transcription firms in the Philippines, including Accenture, SPI owned by ePLDT Inc, and PeopleSupport that that recently acquired by Indian firm Aegis BPO. It may be noted that way back in 2000, the HIMOAP commenced operations and has by now generated revenues worth $12 billion. This organization functions under the auspices of the Business Process Association of the Philippines (BPAP), which is credited for generating over 400,000 jobs and earned in excess of $ 6 billion in revenues for the country.