Healthcare revenues reach $1.9 B in 2015

The country’s healthcare information management service industry employed 100,000 people last year and generated $1.9 billion in revenues, the Healthcare Information Management Association of the Philippines (HIMAP) said.

HIMAP president Beng Coronel said the industry is on track to hitting its target of employing 210,000 people by 2022, translating to a 100 percent jump in revenues to about $5 billion.

Actual revenue growth could even be higher given the potential of the industry, Coronel said.

“This is a conservative growth in revenue forecasted at 250 percent from $1.9 billion in 2015 and these figures were shown during last year’s conference,” she said.

The industry has been growing since 2011 with service providers showing strong capability to offer more work.

It has diversified from just medical transcription such as medical coding, medical billing, outpatient care services, telemedicine, pharmaceutical and healthcare application support.

As the industry continues to grow, it is expected to offer a wide array of career opportunities for healthcare professionals including nurses who often find it difficult to find gainful opportunities in the country.

HIMAP is organizing the Global Convergence Enabling Inclusive Care and Innovation on Sept. 15 to discuss ways on how to further grow the industry.

The conference is expected to look into stakeholder roles in healthcare and how some trends disrupt the growth and innovation in healthcare industry.

Coronel said the conference aims to look back at the achievements of the industry and look forward to opportunities for sustained growth.

“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,” she said.