November 27, 2012
Outsourcing is the buzz word in the Healthcare industry, particularly in the United States. The rising costs, lack of qualified manpower and the quality work provided by vendors are the key factors driving outsourcing in this vertical. The United States is the largest source of outsourcing, followed by Europe.
India is fast emerging as the most preferred destination for healthcare outsourcing. The availability of qualified healthcare professionals in abundance makes India a highly attractive prospect for clients. Healthcare professionals in India are also finding the BPOs as an attractive career option. Many ayurvedic practitioners and other of their ilk like homeopaths and physiotherapists in India prefer to join BPOs as specialists in analytics and medical transcription. A stable salary, better growth prospects and a chance to work on a global platform makes them take the BPO path.
Industry estimates suggest that US healthcare sector will be outsourcing work to the tune of $14-18 billion in the coming few years. Obama’s new healthcare law is expected to bring 30 million more Americans under medical insurance. This will add to the healthcare outsourcing market. Experts are of the opinion that India will garner around$4-5 billion of the business coming from the US markets. It is expected that by 2016, about 100,000 new medical BPO jobs will be created every year, up from 18,000 in 2012.
Major healthcare BPO players are gearing up for this boom. Omega, a major healthcare BPO with over 4000 employees is looking to add around 150 to 180 employees every month. Similarly, M*Modal, with more than 6000 employees is adding more than 100 employees every month. The industry is expecting more projects related to data conversion, claims processing, management of electronic health records, verifications, etc to be outsourced to India regularly.
The potential of Healthcare BPO in India is huge. This sector is currently growing at 30-35 percent and will only go up from here. Though Philippines is giving competition, India is firmly in the driver’s seat when it comes to Healthcare outsourcing.