Healthcare BPO revenues quadruple to $430M
MANILA, Philippines – A “hidden jewel.”
This was how research firm Everest Group described the Philippine healthcare outsourcing sector, whose revenues grew fourfold to $430 million in 2012 from $102 million in 2010.
In a report, Everest said healthcare information management is now one of the fastest-growing sectors in the information technology-business process outsourcing industry.
By 2016, healthcare outsourcing is expected to generate $1 billion revenues and employ around 100,000 Filipinos.
The research firm said global companies are now focusing on the Philippines because of its huge talent pool.
Healthcare outsourcing has become an attractive career alternative for thousands of nurses who lost their jobs following the economic slowdown.
According to Everest, the Philippines trains “more than 6,000 nurses per year, while domestic demand is less than one-fourth of this supply.”
Healthcare Information Management Outsourcing Association of the Philippines President Juanloz Botor said Filipino nurses are highly qualified since they are “familiar with US medical practices.” “Nursing education is patterned largely on US standards,” he said.
Data from the National Council of State Boards of Nursing showed the Philippines accounted for 61% of foreign-educated, first-time candidates qualifying for the US-NCLEX-RN examination, beating India, South Korea, Canada and China.
“Global players... are not only leveraging the voice advantage of the Philippines for voice-based BPO but also using the unique value mix of medical know-how and good customer interaction skills to deliver niche services,” Everest said. – Rappler.com