High prevalence of diseases due to growing population is the major factor which is driving the hospitals market in the Philippines. Additionally, rise in per capita healthcare expenditure, infrastructural development in the hospital industry and growing medical tourism in the country are the major factors which are further fuelling the hospitals market in the country. Southern Philippines Medical Center, Philippine Orthopedic Center, Lung Center of the Philippines, Vicente Sotto Memorial Medical Center, Healthcare Expenditure in the Philippines, Medical Tourism Industry of the Philippines,
Philippines hospitals market was inclined to USD ~ million in 2016, which included both government and private hospitals, recording a CAGR of ~% in between 2014 to 2016 with revenues being USD ~ million in 2014. The hospitals market of the Philippines witnessed a growth when the government in November 2014, made it mandatory for all senior citizens to receive Phil Health insurance
This gave more ease to the people who were not financially well-off to undergo expensive surgeries and treatments. Number of patients visiting the hospitals increased with these health insurance benefits where they spent relatively less money on healthcare services, thereby generating revenues for the hospitals. Major private players operating in the market also served as the platform for medical tourism in the country.
The aging population which witnessed a rise in number of people from ~ million in 2014 to ~ million in 2016 raised the demand for hospitals in the Philippines. With the growth of healthcare sector in the country, new hospitals were established so as to cater the rising demand of the population.
Which Revenue Streams Has Been Observed To Generate Highest Revenue For Hospitals In The Philippines?
Outpatient services dominated the hospitals market with revenue share of ~% in 2016 owing to the increased number of outpatient visits for medical consultations and check-ups by the qualified physicians and surgeons available the hospitals. The numbers of outpatient for almost all hospitals were more than twice the number of inpatients. For instance, Dr Jose N Rodriguez Memorial Hospital witnessed ~ outpatients in 2016, compared to ~ inpatients during the same year.
Services offered by diagnostic laboratories set up in the hospitals are also a considerable source of revenue for the market players. Majorly catering to the diagnostic needs of inpatients with technologically advanced procedures at prices prescribed by the hospitals, this segment adds ~% revenue to the overall revenues generated by the hospitals. Hospital-based pharmacies provide fixed amount or percentage of the revenue to the hospitals as per the conditions of the agreement. The revenue generated from hospital based pharmacies is increasing at a high rate as the patients also purchase
government, business entities, private organizations, PDAF, PSCO and other sources which cater to the funding needs of the hospitals for providing quality healthcare services to the patients in the Philippines. The PCSO donates to hospitals of the Philippines by providing financial assistance for the purchase of medical and surgical supplies, medical equipments and the construction and renovation of devolved and retained hospitals, municipal health centers, day care centers and also to private institutions implementing welfare programs nationwide.
The government of the Philippines has taken steps to increase the penetration of health insurance in the country. The government has made health insurance scheme of Philippine Health Insurance Corp., PhilHealth mandatory for the population above 60 years of age. National Health Insurance Program (NHIP) administers the medical insurance in the entire country and has made mandatory to provide health insurance to the entire population either under PhilHealth or Private health insurance schemes. PhilHealth further covers the working class of the country wherein both employer and the employee contribute a minimal amount as premium for health insurance benefits of the employees. All these benefits ease the medical expenditure for the people of the Philippines.
The country has also witnessed private players entering the health insurance market and insuring people against healthcare expenditures Aging Population in the Philippines, Prevalence of Diabetes and Obesity in the Philippines, Upcoming Hospitals in the Philippines, Analysis of Major Private Hospitals In the Philippines, Culion Sanitarium and General Hospital Philippines, Veterans Memorial Medical Center Philippines, Philippine Heart Center, High Dependence on Government Hospitals Philippines, Rizal Medical Center Philippines,
Philippines Hospital trends The growing state of medical insurance has been responsible behind more people opting for hospital services even by private players apart from taking up the inexpensive medical services offered by the government hospitals in the Philippines.
The price competitive medical tourism market of the Philippines has witnessed more healthcare services being provided to people in the recent past. Lack of infrastructure made the market underdeveloped which is now positively changing due to skilled physicians, accredited hospitals, english speaking nurses and relatively inexpensive medical facilities of the country which makes it a global hub for medical tourism. Philippines were ranked eighth among the world’s top medical tourism destinations in 2015 and cater to ~ to ~ foreign patients annually.
In order to promote medical tourism of the Philippines, the Department of Health of the government along with Department of Tourism of the Philippines initiated Philippine Medical Tourism Program in 2006 so as to attract foreign patients to the medical services of the country. Government even collaborated with various private medical institutions for the purpose of quality healthcare and safety of international patients. Increasing medical tourism market will consequently impact the hospitals market in a positive manner leading to more number of services being provided to international patients.
Topics Covered in The Report
- Southern Philippines Medical Center
- Philippine Orthopedic Center
- Lung Center of the Philippines
- Vicente Sotto Memorial Medical Center
- Healthcare Expenditure in the Philippines
- Medical Tourism Industry of the Philippines
- Aging Population in the Philippines
- Prevalence of Diabetes and Obesity in the Philippines
- Upcoming Hospitals in the Philippines
- Culion Sanitarium and General Hospital Philippines
- Veterans Memorial Medical Center Philippines
- Philippine Heart Center
- High Dependence on Government Hospitals Philippines
- Rizal Medical Center Philippines
- Philippines Hospital trends
- Health Profile of the Philippines
- Diagnostic Laboratories market Philippines
- Hospital Based Pharmacies Philippines
- Philippines Hospitals Statistics
Ankur Gupta, Head Marketing & Communications