Philippines seen rising as health tech outsourcing powerhouse
The Philippines is playing a key role in a rapidly expanding global health-care outsourcing market which, in turn, is creating a need for efficient cross-border payments.
New York-based fintech Payoneer said in a statement that there are more than 200,000 remote professionals based in the Philippines. Their expertise are in areas like clinical documentation, medical billing and telehealth.
“The Philippines is becoming a global health technology outsourcing powerhouse, thanks to its skilled workforce, strong compliance standards, and cost-effective operations,” said Monique Avilla, senior director of customer success at Payoneer in the Asia-Pacific region.
Citing information from the Department of Trade and Industry, Payoneer said the Philippines is shifting away from traditional business process outsourcing (BPO) services and focusing more on high-value knowledge industries, such as health-care information management services.
Payoneer said this creates a major opportunity for the Philippines to capture a larger share of the global market.
However, this growth also brings operational challenges as health-care BPOs need to keep up with global demand while managing workforce quality, compliance and cost efficiency.
The fintech cites Global Medical Virtual Assistants (GMVA) as an example of the companies that have experienced this firsthand.
GMVA is a company that connects US-based health-care providers with Filipino remote professionals, offering support for both administrative and clinical tasks to help deliver quality health-care services across borders.
Before partnering with Payoneer, GMVA faced hurdles in cross-border transaction fees and high maintaining balance requirements. These created unnecessary strain on both the business and its remote professionals.
With the help of Payoneer, remote professionals can get paid in major currencies, manage their funds flexibly and withdraw to their local bank. This ensures faster and more reliable access to earnings, regardless of where the worker is based.
