Sunday, August 07, 2005

Favila urges local firms to tap $25-B medical transcription business in US

Trade and Industry Secretary Peter B. Favila has urged local firms to tap the profitable $25-billion medical transcription market in the US.

Favila said hospitals and laboratories in the US find it cheaper to send some of their core and non-core medical processes overseas.

"With our huge pool of highly skilled, quality medical and technology professionals, the Philippines is the best destination for medical transcription services," he said.

Department of Trade and Industry reports show that the cost of healthcare in developed countries is spiraling. Sending offshore key business processes is seen to reduce costs by as much as 70 percent, according to estimates.

The global healthcare outsourcing market, with all services put together, is seen to reach $71 billion in 2005.

Healthcare business process outsourcing (BPO) is a $200-billion business worldwide. In the United States, an estimate of the medical transcription market alone is valued at $25 billion, growing at a rate of 20 percent a year.

Nearly half of the total transcription dollars are being spent on outsourced transcription market, according to the US-based Medical Transcription Industry Association (MTIA).

Medical transcription is one of the five sub-sectors identified by the DTI in its campaign to sell the Philippines as a global hub for outsourced IT-enabled services.

Medical transcription deals with interpreting and electronic encoding of patient assessment and therapeutic procedures from hospitals and other medical institutions.

Philippine medical transcription companies do mostly medical reports, discharge summaries, operative reports, therapy/rehabilitation notes, chart notes, and hospital and clinic reports using state-of-the-art software and equipment from the US.

Each medical transcriber can transcribe up to 1,000 lines per day with a 98-percent accuracy rate.

Most of them offer 24/7 services and have an average turnaround time of 24 hours, with the ability to deliver output in 3 to 6 hours in emergency cases.

This year, 12 IT-enabled companies in the Philippines will join the American Health and Information Management Association (AHIMA) Conference and Exhibition from Oct. 15 to 20 in San Diego, California.

These firms are: eData Services Philippines, Inc., Global Data Processing Inc., Ibiz Outsource Technology Inc., International Center for Medical Transcription, Medscribe Asia Inc., MT Link Asia, Northern Transcriptionworks Inc., Text Switch Unlimited Inc., Total Transcription Solutions Inc., Touch Asia Contact Solutions Inc., Transkripsyo Inc. and SPI Healthcare Documentation.

AHIMA is a dynamic professional association representing more than 50,000 health information management professionals in the healthcare industry.

The AHIMA Conference and Exhibition targets industry professionals that make and influence the buying decisions in the US healthcare information management industry, making it an ideal venue to promote the Philippines as a choice destination for medical transcription outsourcing.

At the e-Services Philippines 2005 in February, the country’s major IT conference and exhibition, Peter Maquera, vice president for content development of SPI Technologies Inc., said the growing US medical transcription market is seen to benefit the Philippines as evidenced by the 2008 market sizes.

These include billing of $1.07 billion; coding worth $587 million and claims processing, $15.7 billion.

"Medical transcription is here to stay. With more companies improving their cost position and market share, plus newer technology adding value, this business is on a sound footing," Favila said.

The Philippines graduates an average of 30,000 medical professionals every year and Filipino doctors, nurses and healthcare providers are acknowledged worldwide for their keen sense for details, high degree of productivity and credibility, assuring clients of safety of any medical information

1 comment:

GoingStraight said...

I hope they also look at the salary and benefits of BPO workers.