While many businesses have suffered declines in revenue because of the ongoing pandemic, one industry that is actually seen to have increased interest is the healthcare industry. All over the world, as hospitals try to keep up with the influx of coronavirus-positive patients, long-overdue appreciation is given to healthcare workers and many flawed medical systems are brought to light.
In the outsourcing world, the same attention and renewed perspective is also in order. Many outsourcing providers catering to the medical sector have had to make adjustments to ensure that the companies they serve remain fully operational, despite the disruptions. Here are some healthcare outsourcing statistics to consider:
- The healthcare BPO market is estimated to reach 312 billion (USD) by 2025.
Just as outsourcing, as a whole, has proven to be a lucrative industry – one of its largest segments, the medical-related sector, is showing to be highly profitable, as well. Even with the current disruptions, it still shows no signs of slowing down; trends predict a steady +10% in CAGR until 2025.
- Healthcare outsourcing services help companies save 30-60% on costs.
The main driver for the booming healthcare outsourcing industry is cost efficiency. Access to low-cost workforce and infrastructure helps institutions significantly increase their profit margin. 98% of C-Level executives surveyed said they were actively considering adopting such services or had already done so as a response to financial pressure and to allow them to focus on value-based programming.
- The most common outsourced healthcare functions are: medical coding/billing, medical transcription,
- insurance/claims processing, virtual assistants/physician liaisons, healthcare customer support.
Healthcare outsourcing started with roles in the lower-end spectrum of healthcare information management – such as data entry, transcription, and the like. In the past five years, many key functions are starting to be added to the roster: from healthcare VAs doing live-charting to developers creating medical software.
- Around 80% of medical bills contains errors.
One of the primary reasons causing revenue erosion in many healthcare institutions in the US is billing inefficiencies. This doesn’t just impact hospitals, but the entire ecosystem, as well: from physicians losing out on underpayments, to insurers having to reject an aggregate of 200 million claims a day, to the 79 million Americans who have problems with medical bills or debts. There’s definitely a snowball effect from an issue that can be mitigated by partnering with reputable and experienced medical billing services providers.
- The Philippines is one of the best destinations for healthcare outsourcing the world.
The vast talent pool of nursing graduates (and graduates of other allied medical courses), combined with a high literacy rate (top 20 ranking in the English Proficiency Index with little to no accent) and alignment to the Western culture makes the Philippines a go-to for outsourcing healthcare functions. Filipinos, in general, also have commendable work ethic: they are resourceful, hard-working, patient, and good-natured.
At FGC+, we have a vast pool of healthcare professionals ready to work with you. Our delivery centers in Davao and Bacolod are strategically located to ensure we can build your team with top talent. Call us today.