MANILA, Philippines - The healthcare information management sector has emerged as a “hidden jewel†in the Philippines as its revenues almost quadrupled over the past two years, research firm Everest Group said.
In a report titled “Healthcare BPO is a ‘Hidden Jewel’ For the Philippines’ Global Services Industry,†Everest said the sector is one of the fastest-growing in the country’s information technology – business process outsourcing (IT-BPO) industry.
Data showed that revenues of the Philippine healthcare BPO grew fourfold to $430 million last year from about $102 million in 2010.
By 2016, the sector is expected to become a $1-billion industry employing around 100,000 Filipinos.
Everest said global companies have shifted their focus to the Philippines because of its large pool of available talent.
It noted that the Philippines has the largest pool of US-licensed nurses outside the US training more than 6,000 nurses per year, while domestic demand is less than one-fourth of this supply.
“Filipino nurses are familiar with US medical practices as nursing education is patterned largely on US standards, thus making the transition to healthcare BPO for US clients very easy for the nurses,†Everest reported.
Statistics from the National Council of State Boards of Nursing (NCSBN) showed that out of 62,000 examinees, Filipino nurses constitute 61 percent of foreign educated, first-time candidates qualifying for the US-NCLEX-RN examination.
Filipino nurses are the top foreign-educated nurses qualifying in the said exam, followed by India, South Korea, Canada and China. About 40 percent of foreign-educated nurses in the US are Filipinos.
Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) president Juanloz Botor said in a statement that there is tremendous opportunity for the Philippines to seize leadership in the global healthcare sector.
“Our unparalleled workforce remains to be the main reason why the Philippines is well-suited to deliver health information management services for international clients,†Botor stressed.
With the supply of professional nurses exceeding demand due to limited opportunities following the economic slowdown, the industry has been an attractive career alternative for an estimated 200,000 unemployed nurses in the Philippines.
Everest also noted that increase in demand for health information management services is being driven by healthcare-related legislation in the US and Europe.
“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 noted.
The Philippines has always taken pride in its highly competent IT-BPO workforce. Good English language skills and strong cultural affinity with the US make it easier for Filipino professionals to relate with American customers.
HIMOAP chairman Jeff Williams said there is no other country in the world that has the sheer volume of healthcare-trained professionals such as in the Philippines.