by: Sidney Liquigan
Thursday, May 9, 2019 |
According to a research report, the healthcare BPO market will experience strong growth during the forecast period leading to 2025, driven by the increasing number of medical and healthcare organizations adopting BPO in order to attain business growth.
The report pointed out that outsourcing is becoming a trend in the healthcare industry as the workload for medical and healthcare providers also increase. Thus, they outsource to offshore providers so they can continue to focus on their core competencies and improve the quality of their services.
The healthcare industry turns to outsourcing providers to cut costs, realign their resources, and reduce expenses on support activities. The report stated that these reasons will be the main driver of the healthcare BPO market growth in the coming years.
Another benefit that the industry gets from BPO is easy access to a wide variety of talent at lower labor rates. Healthcare companies outsource to developing countries including the Philippines, China, and India. They offer various business support activities such as medical transcription, data management and analysis, accounting, payroll, medical billing, and medical coding.
Technological advancements are also seen to boost healthcare BPO market growth. The demand for digitization of medical support activities is expected to rise. Also factoring in costs, it would be more cost-effective for companies to outsource to providers that already have up-to-date resources and technologies than to acquire their own.
On the other hand, despite a positive outlook for the market, there are still major restraints that are seen to limit its growth – particularly the risks that come with outsourcing. As the healthcare industry generally deals with sensitive information, some companies are still hesitant to outsource because of data security risks. Furthermore, time zone differences are also a concern.
However, for offshore clients' peace of mind, strict standards and certifications are in place to address these concerns. MicroSourcing, specifically, is ISO/IEC 27001:2013 (Information Security Management System) and ISO 9001:2015 (Quality Management System) certified. We are also compliant with the Philippine Data Protection Act of 2012, as well as the USA's Health Insurance Portability and Accountability Act of 1996. As for concerns regarding time differences, BPO providers offer flexible working models that will best fit the requirements of the clients.
Leading countries as healthcare outsourcing destinations include the Philippines, India, China, Vietnam, the USA, Mexico, Argentina, Ireland, France, and South Africa.