Economy


Steady growth seen for Philippine health care services industry




Posted on August 29, 2014


THE HEALTHCARE Information Management Outsourcing Association of the Philippines (HIMOAP) expects domestic health care information management services to hit $2.4 billion in revenues by 2016, as the country poses to become one of the global leaders in the industry.

HIMOAP President Josefina V. Lauchangco said that they are projecting steady growth, with revenues of $2.4 billion and employment of about 120,000 workers in the industry by 2016.

“There are a lot of opportunities in global health care, with the Philippines having a sizable talent pool of (around) 250,000 nursing graduates,” she told reporters after an industry conference yesterday.

“This will drive the growth and attract a lot of investors and companies to come here to the Philippines,” she added.

Ms. Lauchangco said that given that this kind of work force is unique to the Philippines, the country could become the global leader in the health care services industry provided that there is adequate training.

“What we need is to enable this talent, create programs that would provide them with the necessary skills,” she said.

“The training programs that we have are very limited to jobs like medical coding, medical transcription. We have to expand this to other services, like for example health care information technology and data analytics,” the official added.

Last year, the industry recorded $988.43 million in revenues, with more than 66,000 medical professionals employed.

David McKeering, public sector and health care leader at PricewaterhousCoopers Southeast Asia Consulting, said that the developing economy of the Philippines puts the country at an advantage in providing a globally competitive health care information system.

“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,” Mr. McKeering said. -- BBMB