Firstsource Eyes Obama's Healthcare Policy
With the Obama government pressing hard for healthcare reforms for American citizens, Firstsource is eyeing new projects to better its contribution to 50% from this vertical.
Talking to CXOtoday at the Nasscom BPO Strategy Summit 2009, Ananda Mukerji, MD and CEO of Firstsource said, "We are looking to better our growth in this sector with healthcare being the single largest sector in the US amounting to a sum of $30 billion."
In fact, healthcare contributes over 40% to Firstsource revenues. The company expects this vertical to touch 50% in the years ahead.
"Despite a major bank owning stake in the company (ICICI Bank owns a 26.8% stake), our healthcare revenue has overtaken that of BFSI or telecom sectors. Interestingly, BFSI contributes about 33% to the company s revenues," said Mukerji.
The other major vertical for Firstsource is media and telecom. Company officials indicate that despite the global recession, healthcare and telecom have seen substantial gains for Firstsource while BFSI has recorded a flat growth.
About 5% of hospitals revenues are lost simply by not managing collections and claims and Firstsource said they can impact the market.
Within the healthcare sector, Firstsource addresses the payer and service providers. However, it does not cater to the pharma sector. While payer is all about claims and access, provider works with the hospitals on collection and also on medical records documentation.
The company has been into vertical for the last three years and has about 22,000 employed in this vertical alone.
Firstsource entered into the healthcare vertical with the acquisition of Chennai-based RevIT Systems in 2005 followed by BPM and MedAssist Holdings, which was picked up in 2007.
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