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 Why India?
Outsourcing Healthcare Services to India can reap following benefits:
- Revenue Enhancement: Streamlined processing and follow-up, fewer denials, and short cycle times
- Healthcare Expertise: Healthcare compliance processes and a highly trained, college educated operations team with experience in Coding, Medical Billing, government regulations, and software applications.
- Risk Reduction: Productivity, accuracy and turn-around time (TAT) guarantees with quick starts for new clients, high volume, and overflow.
- Technology: Proprietary interactive workflow technology that puts you in control 24/7.
- Security of Data: We provide security of the patient records with a dedicated VPN (Virtual Private Network) for each client.
In the United States, Coders are in short supply and it would be unrealistic to expect this situation to change in the short term.
In India, every year approximately 19 million students enroll in high school.
10 million students enroll in pre-graduate degree courses.
2.1 million graduates and 0.3 million post-graduates emerge from India’s non-engineering human science colleges.
This mastery of quantitative concepts, coupled with proficiency in English, results in a skill set ideal for medical coding.
Today, the country is one of the world’s major IT powers and a significant trading partner with the United States.
The Indian government has actively supported the industry, passing The IT Bill in 2000.
It provides a legal framework for the stringent recognition of electronic contracts, confidentiality, prevention of computer crimes and electronic filing of documents.
With this, India joins a select band of 12 nations that have cyber laws.
India was quick to plunge into ITeS solutions for the healthcare industry, particularly, the US healthcare sector.
"The more advanced areas of healthcare such as imaging, disease management and claims processing offer a big opportunity to Indian IT enabled Services firms," according to NASSCOM.
As per LogicaCMG study:
LogicaCMG outlines key predictions for outsourcing activity, including global expenditure on outsourcing services.
Business Process Outsourcing (BPO) will include IT outsourcing and mainstream BPO expenditure is likely to grow worldwide by 10 per cent a year from $140 billion in 2005 to over $220 billion by 2010. (Source: Logica CMG study)
The industry is rapidly growing and maturing and India has established itself as a major outsourcing hub.
India is the world’s favorite outsourcing destination.
India's share of the global offshore outsourcing market for software and back-office services is 44%. According to the National Association of Software Companies (Nasscom), India’s premier trade body of the IT software and services industry, technology and IT services exports in India were worth $17.2bn (£9.5bn) in the year ended March 2005, a rise of 34.5% over the previous year. A further expansion of 30% in exports is predicted in the next twelve months, to reach $22.5bn. The US accounts for 68% of Indian exports.
The outsourcing of IT and other business processes is likely to move from a 2005 average of 12 per cent of organisational costs to 20 per cent by 2008.
A report by Evalueserve predicts that:
India will capture more than 70 percent of the KPO sector by 2010.
Low-end outsourcing services have an expected Cumulative Annual Growth Rate (CAGR) of 26% by 2010. In contrast, the global KPO market is poised for an expected CAGR of 46% by 2010.
The following figure demonstrates the expected growth in the BPO and KPO markets by the end of year 2010.
The Global Outsourcing Report says that:
"While a smaller percentage of companies are outsourcing those activities offshore (32%), half of them have cut full-time jobs as a result. India is the most competitive and popular technology outsourcing destination in the world in 2005."
Global Knowledge Process Outsourcing industry (KPO) is expected to reach USD 17 billion by 2010, of which USD 12 billion would be outsourced to India.
In addition, the Indian KPO sector is also expected to employ more than 250,000 KPO professionals by 2010, compared with the current figure of 25,000 employees.
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Why India?