Omega Healthcare Management Services on Monday signed an MoU with International Institute of Information Technology Bangalore (IIIT-B) to boost research in the field of Data Science, a field of AI.
The agreement will comprise of research programmes in AI and Data Science, aiming to focus on specific business-related processes along with expected outcomes, with the programme being collectively decided by both the organisations.
Gopi Natarajan, co-founder and CEO, Omega Healthcare said, “The collaboration will augment our position as an active adopter of technology and solutions in the healthcare space."
The Bengaluru-based company is also pursuing the UAE market actively. "We can make a huge difference if they outsource work to us because the market is still very nascent, they really don’t understand the healthcare revenue cycle management which is our primary part of business so we think we can add a tremendous amount of value to what is happening in that market, it's an evolving market," Natarajan told DH.
The model of claims processing in India is very different and very backward. "In the UAE, at present, healthcare is mandatory for every UAE resident. Many private insurance companies have started to open there, the whole claim and reimbursement model is evolving to be very similar to the US model," he said, adding "India is very different, it is predominantly fee for service model. It is not a very mature model as far as health insurance is concerned."
With seven delivery locations, 12 facilities and over 100 clients, the healthcare outsourcing company employs over 13,000 people (including 1,000 people in the Philippines), and it has been growing with a CAGR of 25%.
The company recently opened its new 250-seater centre in the Philippines. "The business is growing well because there is a lot of patient-related work. What we do here in India is more health plan, insurance company related work. A lot of patient-related work happens in the Philippines," Natarajan said, adding that they are looking at over 20% growth this year.
While earlier the company used to sell services, of late, it has started focusing on creating solutions. "We are leveraging a lot of technology and tools that are inbuilt, we take these tools, create solutions around that and sell to our clients. We are trying to change our model from pure labour oriented services to more technology-driven solutions and that’s where a lot of our growth is coming from," he concluded.