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PH Healthcare Sector Sets Eyes on $10B Revenues by 2020

by: Karen Cayamanda

Tuesday, September 15, 2015 | Outsourcing News |

The country’s healthcare information management services (HIMS) sector aims to grow its revenues five-fold by 2020 to US$10 billion.

Healthcare industry faces significant transformation

Last year, the sector posted revenues worth US$1.3 billion, and according to Healthcare Information Management Association of the Philippines (HIMAP) President Myla Reyes, there is a need to exert more effort as the healthcare industry faces significant transformation, with service providers compelled to adapt to technological changes. Also, patients are now more active in their care management programs, and the local sector should be able to respond to these positive changes to the industry.

Current services being targeted by the sector include pharmaceuticals, billing, claims management, member and patient management.

In the next five years, it is predicted that the local service providers could have a 300,000-strong workforce and rake in revenues reaching almost US$6 billion, but with a more aggressive plan, this could be 545,000 full-time employees and US$9.8 billion in revenues by 2020.

The HIMS Conference held recently coincided with the shift of medical coding standards to ICD-10, from the outdated ICD-9 which is currently used by HIMS providers in the country since it is still the standard widely used in the US. By October 1 this year, the country’s largest target market will use ICD-10.


Source:
http://www.mb.com.ph

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