One segment of the healthcare provider industry is absolutely giddy over the business prospects of ObamaCare. They see explosive growth ahead to help the whole industry keep up with the mandates contained within the ObamaCare legislation. Am I talking about the IRS here? Is this going to be good for our economy as in creating jobs the way Nancy Pelosi claimed?
Well, not quite. It seems the bullish outlook is coming from India, according to this article in the Christian Science Monitor.
The bulge in administrative work may look like a nightmare to American insurance firms and government employees. But to outsourcing executives here in India, it’s heaven-sent. A number of Indian companies are already anticipating an increase in workload thanks to Obama's healthcare law.
The addition of 32 million insured Americans is “very significant” for Indian outsourcers, says Ananda Mukerji, chief executive officer of Firstsource Solutions in Mumbai. Companies like his will see “increased opportunities” as US health insurers and hospitals scramble to reorganize to comply with the new law, he wrote in an email to the Monitor.
This extra work will include processing new enrollments, organizing bigger member databases, processing more claims, providing more support services, and managing more revenue, he says.
In particular, outsourcers can expect to benefit from insurers’ need to minimize administrative costs, Mr. Mukerji says, citing a recent Deloitte Center for Health Solutions study showing that up to 41 percent of the cost of a health plan is administrative.
The US healthcare reform offers a "natural extension" of the back-office outsourcing that Indian companies already specialize in, says Tu Packard, a senior economist with Moody's Economy.com.
Remember this the next time some liberal starts screaming about US Companies outsourcing jobs overseas.
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