In the next five years, the healthcare information management services (HIMS) industry could be making at least $5.9 billion in revenues with 300,000 full-time employees (FTE). By 2020, it will have posted $9.8 billion in revenues and employed 545,000 FTEs.
In an effort to make the Philippines a premier global provider, the Healthcare Information Management Association of the Philippines (Himap) recently held the Healthcare Information Management Services Conference at the Manila Peninsula Hotl in Makati City, where the organization of over 80 HIMS companies showcased achievements of HIMS providers and presented new strategic growth targets.
In 2014, it was reported that HIMS providers in the Philippines generated $1.3 billion in revenues with 87,000 FTEs as a result of the industry targeting “bucket” services for pharmaceuticals, billing, claims management and member/patient management, among others.
But Himap president Myla Reyes said there are new and dynamic opportunities particularly in the United States where the healthcare sector is growing. In her keynote speech, she noted new and expanded types of services such as mobile healthcare, care coordination, research and analytics, population health management, supply chain distribution, medical writing and pharmacovigilance.
Reyes said this growth transformation largely arises from changes in the healthcare environment where patients now demand more participation in their care management programs.
“The healthcare industry is undergoing profound transformation with more innovative solutions and technological advancement pushing service providers to adapt. We as an industry need to step up, revolutionize to adapt and stay relevant,” she added.
Himap has begun its dash toward it 2020 growth. During the HIMS conference, it opened dialogues with American Health Information Management Association (AHIMA) and American Association of Professional Coders (AAPC), two of the global leaders in professional coding certifications.
Relevance of their participation at the conference coincided with the transition of medical coding standard from the outdated 9th International Statistical Classification of Diseases and Related Health Problems (ICD-9) to the newer and more detailed ICD-10.
HIMS providers in the Philippines have been using the ICD-9 standard as it is the one still largely being used by the United States, the industry’s largest target market. By October 1, 2015, the US will have fully implemented the use of ICD-10.