Medical transcription is the process of translating the entire verbal medical records regarding patient diagnosis, assessment, clinical course, therapeutic procedures, and prognosis, into a readable textual format, for easy accessibility by health insurance agents, patients, and healthcare providers. With attending physicians unable to make time for detailed documentation of each patient’s condition, outsourcing of such documentation to medical transcription services has gained significance over the years. Despite the prominent practice of in-house transcription in several healthcare settings, outsourcing is gaining in significance given its benefits such as, cost effectiveness, elimination of documentation backlogs, and low turnaround times.
Growth in the market is expected to benefit from the positive outlook in the healthcare sector. Aging world population vulnerable to numerous health conditions, rise in the prevalence of lifestyle induced chronic health disorders such as obesity, hypertension, diabetes, and growing need to comply with stringent HIPAA regulations, represent factors driving growth in the healthcare industry worldwide. Advancements in medical dictation will continue to revolutionize the field of medical transcription. The market is also expected to benefit from the rising need to comply with ICD-10, the latest version of international medical coding. The subsequent rise in the amount of documentation as a result of expanded coding is expected to improve prospects for medical transcription in the coming years.
As stated by the new market research report on Medical Transcription Services,the United States represents the largest market worldwide. With nearly 95% of Medicare bills in the country paid by insurance providers, every healthcare process for each patient requires careful documentation. Asia-Pacific represents the fastest growing market with a CAGR of 8.9% over the analysis period. Growth in the region is led by the growing popularity of outsourcing medical transcription processes to low cost service providers in Philippines and India. Low labour costs, access to skilled managerial talents and operations, better capacity utilization, and well-organized labour deployments represent factors encouraging increased outsourcing to developing Asian countries.
Key players covered in the report Acusis India, Audio Dicta Transcription Services, Care Technologies India Private Ltd., eTransMed LLC, iMedX Inc., M*Modal IP LLC, MTS Transcription Services, Nuance Communications Inc., Precyse Solutions LLC, Scribe Healthcare Technologies Inc., Superior Global Solutions Inc., TopTrans Company, Total Transcription Solutions Inc., TransDyne, TransTech Medical Solutions and Vennar Soft Inc. among others.
The research report titled “Medical Transcription Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends growth drivers, regulations, issues, challenges, and strategic industry activities of major players worldwide. The report provides market estimates and projections in US$ Million for all major geographic markets including the US, Europe, Asia-Pacific, and Rest of World. The report also analyzes the global market for Medical Transcription by the following service segments – Consultation Report and Other Reports. The report also analyzes the US market for Medical Transcription Services by Mode – In-House Services and Outsourced Services. In addition, the report analyzes Indian and Philippines Offshore Medical Transcription Services market.