The Healthcare Information Management Outsourcing Association of the Philippines (HIMOAP) has reported that the Healthcare Information Management Service (HIMS) market expanded by about 114 percent from 2012 to 2013, and racking up almost $1 billion in revenues.
With the industry having doubled in value last year alone, the sector had more than 60,000 full-time employees (FTEs), who are medical professionals and mostly nurses.
The growth is equivalent to a 47-percent increase, the largest employment growth rate in the BPO industry. By 2016, the number of FTEs is estimated to reach 100,000.
HIMOAP president Josefina Lauchangco attributed the extraordinary increase in industry size and value to the emergence of the Philippines as one of the top global destinations for healthcare service contracts.
?The country is now widely regarded as a credible and legitimate provider of world-class healthcare services,? Lauchangco said.
The Philippine HIMS (healthcare information management services) industry has seen remarkable progress since 2011, as service providers demonstrated a growing capability for offering more complex work.
This had coincided with the re-launching of what was formerly the Medical Transcription Industry Association of the Philippines Inc. (MTIAPI) into what is now HIMOAP.
The industry has also diversified from medical transcription into medical billing, medical coding, outpatient care services, among others. HIMS also includes telemedicine, pharmaceutical, and healthcare application support (clinical and non-clinical).
As the industry continues to grow, it is expected to offer a wider array of career opportunities for healthcare professionals ? including the thousands of nurses that are part of the emerging oversupply in the country.
The exponential growth is among the key message that HIMOAP will present and discuss at the HIMS Conference 2014, formerly Healthcare Information Management Outsourcing Services Congress (HIMOSC) scheduled to happen on August 28, 2014 at the Peninsula Manila Hotel, Makati City, with this year?s theme: “Philippine HIM Services: Trailblazing to Global Leadership”.
The event serves as a venue for industry players, training institutions, vendors, other stakeholders, and the larger business community to identify key factors and programs that will contribute to positioning the Philippines as the leading destination for quality healthcare information management outsourcing.
This year?s conference looks back at the achievements of the industry in 2013, and looks forward to opportunities for sustained growth towards its milestone goal of achieving $1 billion in revenues by 2016.
It will feature presentations and briefings by industry and domain experts; panel discussions with top industry executives from around the region and with respected and influential resource persons; and an exhibit by leading vendors and support service providers.
It is also expected to attract high-level government officials and executives from the HIM and other IT/BPM industries, both from the domestic and global markets.