Healthcare Industry Aims to Meet Market Demands

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Healthcare outsourcing in selected regions of the globe have seen a positive start this year, especially in the Philippines, where there is a large market for those looking to outsource their medical billing outsourcing and medical transcription processes.

For the Philippine healthcare BPO industry, 2010 ended well. This is according to the Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP),  who estimates that the country has seen an 11% growth in revenues and an increase of up to 14,000 newly hired health care professionals. 

As the majority of the client portfolio of healthcare solutions providers are coming from the United States, solutions providers have been maximizing their resources to be able to provide services that will surpass their clients’ expectations.  Outsource Portfolio reports that the BPO industry in the Philippines has gone up almost 50%, including the healthcare industry, reflecting that outsourcing companies have been continuously growing.

It was reported by the Medical Billing Advocates of America that 80% of the medical bills contain error and that these errors can go undetected when not reviewed properly. In addition to this, an article was published earlier this month that mentions Health Affairs suggesting that erroneous patient records exist ten times more than the previous findings. These types of findings push healthcare providers to engage themselves in best practices to provide their clients with exceptional services and quality work. Companies’ strategies of bringing their workforce to becoming an expert in their craft vary; some send their employees to seminars and conferences while some provide in-house training.

An establishment of an educational facility, which is one strategy that a company may push for if their company budget suffices,  is important in this particular industry, mainly because training is highly important and efficiency in one’s work is valuable in this line of work. There have been educational and training facilities established in India and in the Philippines to further strengthen their manpower when it comes to outsourcing solutions. But aside from these outsourcing companies providing facilities for training and education, there are also other schools, associations and organizations that are aimed at honing the skills of individuals interested in becoming a part of the outsourcing industry.

Developments in the healthcare outsourcing industry is inevitable, as companies who offer healthcare solutions are looking for ways on how to improve their services and further capitalize on the healthcare market. Indian outsourcing company, Wipro (NYSE:WIT), has claimed that 10% of their revenues comes from their healthcare solutions, and having seen that there can be great potential in this market, they are now planning a greater focus for their healthcare solutions.

Another example of a recent development in this particular industry under outsourcing, ACS, a Xerox (NYSE:XRX) company,  that offers healthcare outsourcing services announced last March that it has acquired a provider of software and services to the healthcare market. 

The healthcare industry may have seen improvements in terms of expansion and developments and companies are further pushing to bring the industry in to a higher level, bringing healthcare professionals’ performance and client satisfaction as the top priorities in conducting their business.

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