Ajuba Solutions India, a leading provider of revenue cycle outsourcing services to healthcare providers besides billing and receivables management companies, is firming up its plans to tap the burgeoning US market for outsourcing opportunities. There is a huge potential for companies to serve the conversions of ICD-9 coding system to ICD-10 and ICD-10 coding system to be implemented by October 2013 in the US.
Currently US healthcare is estimated at $2.5 trillion, which is projected to grow to $4.6 trillion by 2020. Market reports indicate that Indian BPO industry is registering over 20 percent growth with a forecasted CAGR of 13 percent for the decade and stands to benefit significantly from the healthcare reforms introduced by the Obama government. Healthcare provider outsourcing is expected to record the highest growth rate of 31.9 per cent from 2011 to 2016 due to conversion from ICD-9 coding system to ICD-10.
“There is going to be a demand for coders and other skilled work force and India can benefit from the opportunity. While current competition in healthcare outsourcing business is fragmented, Abuja is investing in infrastructure and talent to handle the additional business,” Tony Mira, group CEO and founder, Ajuba Solutions told Pharmabiz.
“India has an abundant pool of educated and experienced, team to participate in this growth. In fact, no other country is better equipped than India to capture a good chunk of this business, especially in the ICD-10 area. Therefore the healthcare system will require the personnel to meet the needs. There will be demand for candidates armed with health sciences degrees and technology background to enable translation of the transition in addition to certified professionals from the US healthcare system,” he added.
“Ajuba Solutions will expand to the payer side especially with ACO’s coming into the market space. Payers will be under pressure to process those claims. We being a pure healthcare player are well-positioned to cater to that market space,” he said.
Three emerging trends in the market are ICD - 9 to ICD – 10 transition, maintenance of f Electronic Medical Records (EMR) and Creation of Accountable Care Organizations (ACO).
Specific to ACO, there is a need to provide services to the payer market. With 30 million more people getting insurance it will provide opportunities for companies like Ajuba to cater to the payer side to process those additional claims.
For healthcare outsourcing, India still is a prime destination for the US. Its quality workforce will help the country to capture a substantial amount of these orders, stated Ajuba chief.