Philippine outsourcing industry eyes $54-B healthcare IT market in US

philippines-outsourcing

The Philippine outsourcing industry is gearing up to penetrate the healthcare outsourcing market in the US, forecasted to be worth $54 billion by 2015, the Yahoo reported recently.

According to the Healthcare Information Management Outsourcing Council of the Philippines (HIMOAP) President Josefina Lauchangco, the US share comprises 60% of the global market for IT healthcare. The growth of the US market is primarily driven by the US Healthcare Reform Bill, more commonly known as “Obamacare.”

Under the bill, more than 40 million Americans will be eligible for health insurance coverage. The Philippine outsourcing industry can supply services related to this measure. According to a local news website, these services include claims processing, premium and benefit administration, and medical transcription, among many others.

House Deputy Majority Leader Roman Romulo said in a previous interview that American health insurers will benefit from around 30% of reduced costs by outsourcing in the country. Moreover, the Philippines has a rich pool of college-educated professionals, among them licensed nurses and other health professionals who are highly qualified to work for back office services.

Romulo added that the new Data Privacy Protection Law is another factor that may encourage US companies to outsource to the Philippines. This law protects the confidentiality of personal information provided by clients stored in IT systems.

The Philippine outsourcing industry is currently experiencing strong growth. Its revenue is projected to hit $16 billion this year, up from a previous estimate of $15.7 billion.

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