Market Research Reports

Medical Transcription Services Market (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report and Others & MT Outsourcing and Offshoring) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

72pages
Published Date: 2013-11-25
 

Description




The report covers the market analysis for various medical transcription reports offered by medical transcription service providers to end users such as healthcare institutes, clinics, hospitals and other eligible professionals. Medical transcription has greatly increased the volume and quality of healthcare documentation globally. It has also helped in improving healthcare services output and patient care facilities in both developed and developing countries. The stakeholders for this study include market players who provide medical transcription services and develop software used in medical transcription and in recording patient information. 

The global medical transcription services market on the basis of service types is categorized into patient history, discharge summary, consultation records, operative records and other diagnostic reports. This study also further categorizes this market by the modes of procuring these services namely, outsourcing and offshoring. The market overview section of the report demonstrates the details of the market dynamics and market trends such as the drivers, restraints and opportunities that influence the current nature and future status of this field. Impact factors such as market attractiveness analysis and Porter’s five forces analysis have also been explained in the market overview section of the report in order to give a thorough analysis of the overall competitive scenario in the global medical transcription services market.

In terms of geographical distribution, the global medical transcription market has been classified into four geographical areas, namely North America, Europe, Asia-Pacific and Rest of the World (RoW). The study further offers recommendations and highlights the key barriers that exist in the market, which would be useful for the current and future market players to sustain and grow in the global medical transcription market. This report concludes with the company profiles section which includes key information about the major players in this market. Some of the key players profiled in this report include Nuance Communications, Inc., MModal, Inc., Acusis, LLC, Transcend Services, Inc., TransTech Medical Solutions, Precyse Solutions LLC, iMedX Information Services Pvt. Ltd. and others.

Table of Contents




Table of Content

Chapter 1 Introduction
1.1 Report Description
1.2 Market Segmentation
1.3 Research Methodology
1.4 List of Abbreviations

Chapter 2 Executive Summary
2.1 Market Snapshot

Chapter 3 Market Overview
3.1 Market Trends and Future Outlook
3.2 Growth Drivers
      3.2.1 Growth in Healthcare Automation
      3.2.2 Growing Emphasis on Using Standard Reporting Styles
      3.2.3 Assurance of Patient Record Portability
3.3 Restraints
      3.3.1 Full-Fledged vs Partial Medical Transcription
      3.3.2 Dictation Challenges
3.4 Opportunities
      3.4.1 Standards for Electronic Health Records (EHR)
      3.4.2 Increase in Healthcare IT initiatives in emerging regions of Asia-Pacific
3.5 Porter’s Five Forces Model: Global Medical Transcription Services Market
      3.5.1 Bargaining Power of Suppliers
      3.5.2 Bargaining Power of Buyers
      3.5.3 Threats ofSubstitutes
      3.5.4 Threat of New Entrants
      3.5.5 Degree of Competitive Rivalry
3.6 Market Attractiveness Analysis: Global Medical Transcription Services Market, by Geography

Chapter 4 Global Medical Transcription Market Size and Forecast, by Service Type, 2011 – 2019 (USD Million)
4.1 Market Trends and Future Outlook
      4.1.1 Global Medical Transcription Services Market Size and Forecast, by Service Type, 2011 – 2019 (USD Million)
4.2 History and Physical Report (H&P)
      4.2.1 Global History and Physical Report Medical Transcription Market Size and Forecast, 2011 – 2019 (USD Million)
4.3 Discharge Summary (DS)
      4.3.1 Global Discharge Summary Medical Transcription Market Size and Forecast, 2011 – 2019 (USD Million)
4.4 Operative Note or Report (OP)
      4.4.1 Global Operative Note Medical Transcription Market Size and Forecast, 2011 – 2019 (USD Million)
      4.4.2 Consultation Report (CONSULT)
      4.4.3 Global Consultation Report Medical Transcription Market Size and Forecast, 2011 – 2019 (USD Million)
4.5 Others (Pathology Report (PATH) & Radiology Report (X rays and radiographs))
      4.5.1 Global Other Medical Transcription Reports Market Size and Forecast, 2011 – 2019 (USD Million)

Chapter 5 Global Medical Transcription Services Market Size and Forecast, by Mode of Procurement, 2011 – 2019 (USD Million)
5.1 Overview
5.2 Outsourcing
      5.2.1 Global Medical Transcription Services Outsourcing Market Size and Forecast, 2011 – 2019 (USD Million)
5.3 Offshoring
      5.3.1 Global Medical Transcription Services Offshoring Market Size and Forecast, 2011 – 2019 (USD Million)
5.4 Both (Outsourcing & Offshoring)
      5.4.1 Global  Medical Transcription Services Both (Outsourcing & Offshoring) Market Size and Forecast, 2011 – 2019 (USD Million)

Chapter 6 Global Medical Transcription Services Market Size and Forecast, by Geography, 2011 – 2019 (USD Million)
6.1 Current Scenario and Future Outlook
6.2 North America
      6.2.1 North America Medical Transcription Services Market Size and Forecast, 2011 – 2019 (USD Million)
6.3 Europe
      6.3.1 Europe Medical Transcription Services Market Size and Forecast, 2011 – 2019 (USD Million)
6.4 Asia-Pacific
      6.4.1 Asia-Pacific Medical Transcription Services Market Size and Forecast, 2011 – 2019 (USD Million)
6.5 Rest of the World (RoW)
      6.5.1 RoW Medical Transcription Services Market Size and Forecast, 2011 – 2019 (USD Million)

Chapter 7 Recommendations
7.1 Market Strategy for Success
      7.1.1 Technology
      7.1.2 Medical Transcription Platform
      7.1.3 Output Quality
7.2 Barriers to be Considered
      7.2.1 Execution of Medical Transcription
      7.2.2 High Capital Investment
      7.2.3 Training

Chapter 8 Company Profiles
8.1 Acusis LLC
      8.1.1 Company Overview 
      8.1.2 Financial Overview
      8.1.3 Business Strategies
      8.1.4 Recent Developments
8.2 iMedX Information Services Pvt. Ltd.
      8.2.1 Company Overview 
      8.2.2 Financial Overview
      8.2.3 Business Strategies
      8.2.4 Recent Developments
8.3 MModal, Inc.
      8.3.1 Company Overview 
      8.3.2 Financial Overview
      8.3.3 Business Strategies
      8.3.4 Recent Developments
8.4 Nuance Communications, Inc.
      8.4.1 Company Overview
      8.4.2 Financial Overview
      8.4.3 Business Strategies
      8.4.4 Recent Developments
8.5 Precyse Solutions LLC
      8.5.1 Company Overview 
      8.5.2 Financial Overview
      8.5.3 Business Strategies
      8.5.4 Recent Developments
8.6 Scribe Healthcare Technologies, Inc.
      8.6.1 Company Overview 
      8.6.2 Financial Overview
      8.6.3 Business Strategies
      8.6.4 Recent Developments
8.7 Superior Global Solutions, Inc.
      8.7.1 Company Overview 
      8.7.2 Financial Overview
      8.7.3 Business Strategies
      8.7.4 Recent Developments
8.8 Transcend Services, Inc.
      8.8.1 Company Overview
      8.8.2 Financial Overview
      8.8.3 Business Strategies
8.9 TransTech Medical Solutions
      8.9.1 Company Overview 
      8.9.2 Financial Overview
      8.9.3 Business Strategies
      8.9.4 Recent Developments

List of Figures

FIG. 1 Medical Transcription Services: Market Segmentation
FIG. 2 Global Medical Transcription Services Market, by Service Type, 2012 (USD Million)
FIG. 3 Global Medical Transcription Market, by Geography, 2012 (USD Million)
FIG. 4 Porter’s Five Forces Analysis: Global Medical Transcription Services Market
FIG. 5 Market Attractiveness Analysis: Global Medical Transcription Services Market, by Geography
FIG. 6 Global History and Physical Report Medical Transcription Services Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 7 Global Discharge Summary Medical Transcription Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 8 Global Operative Note Medical Transcription Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 9 Global Consultation Report Medical Transcription Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 10 Global Other Medical Transcription Reports Market Size and Forecast, 2011 – 2019 (USD Million)
FIG. 11 Global Medical Transcription Services Outsourcing Market Size and Forecast, 2011 – 2019 (USD Million)
FIG. 12 Global Medical Transcription Services Offshoring Market Size and Forecast, 2011 – 2019 (USD Million)
FIG. 13 Global  Medical Transcription Services Both (Outsourcing & Offshoring) Market Size and Forecast, 2011 – 2019 (USD Million)
FIG. 14 North America Medical Transcription Services Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 15 Europe Medical Transcription Services Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 16 Asia-Pacific Medical Transcription Services Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 17 RoW Medical Transcription Services Market Size and Forecast,  2011 – 2019 (USD Million)
FIG. 18 Nuance Communications, Inc.: Annual revenue, 2010–2012 (USD Million)
FIG. 19 Transcend Services, Inc.: Annual revenue, 2010–2012 (USD Million)

List of Tables

TABLE 1 Global Medical Transcription Services Market Size and Forecast, by Service Type, 2011 – 2019 (USD Million)
TABLE 2 Global Medical Transcription Services Market Size and Forecast, By Mode Of Procurement, 2011 – 2019 (USD Million)
TABLE 3 Global Medical Transcription Services Market Size and Forecast, by Geography, 2011 – 2019 (USD Million)

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Free Market Analysis




In the past, medical documentation involved lots of paper work and was time consuming. Such documents were sometimes handwritten or typed on paper and gradually started occupying space in healthcare institutes, hospitals and clinics. Apart from being space consuming, retrieving any particular patient record from piles of record files posed as a bigger issue. Documentation and maintenance of patient records was not only a burden on hospitals but also on physicians and other healthcare staff which thereby created demand for a medical documentation process which involved less manpower, space and processing time.

Medical transcription process involves transcribing the patient information dictated by physician into text format. Physicians record patient information using audio recorders and send such recordings to medical transcriptionist for further process. This process has not only reduced writing work and efforts of physicians across the globe but has also helped in reducing space required for the saving of such documents. Apart from efficiently recording patient records medical transcription services also turn out to be instrumental in reducing the risk of legal disputes and insurance reimbursement issues. 

Many medical transcription service providers are offering both transcription services and transcription software. Audio recorders are being rapidly replaced with speech recognition software that allows automatic conversion of audio into text format. Medical transcription service providers offer services mainly to transcribe History and Physical reports (H&P), Discharge Summary (DS), Operative Notes (OP), Consultation reports (CONSULT) and other reports. Medical transcription services can be offshored or outsourced. Many developed countries prefer offshoring medical transcription jobs to the companies situated in developing countries such as India, China and Philippines. Medical transcription demands high end accuracy and hence requires skilled manpower. Developing in-house manpower capable of transcribing medical information with accuracy along with developing and maintaining infrastructure necessary for providing medical transcription services is a costly affair. Hence many healthcare professionals outsource their transcription jobs to save both time and monetary resources. Healthcare institutes prefer offshoring medical transcription activities over outsourcing as it is more beneficial for labor as well as healthcare institutes to avail the transcription services in exchange of dollars (currency rate benefits).

Medical transcription has extended definitions of healthcare services by enabling physicians and specialty physicians to treat patients across the globe, refer documents in history for special cases and guide for physicians in case of transfer of patient from one physician to another for better treatment. Developing countries in Europe are investing more on building medical transcription service organizations (MTSOs). Countries in Asia-Pacific are focusing more on medical transcription service industry rather than on availing medical transcription services. Governments in India, Philippines and China are providing subsidies, incentives, cost benefits in internet services and tax benefits for developing infrastructure required for set up of medical transcription company, developing skilled manpower and improving technology.

Geographically, North America dominates the global medical transcription services market due to increased medical documentation in the U.S. Contribution of the U.S. in availing medical transcription services is going to increase further as effects of passing of the Patient Protection and Affordable Care Act. Furthermore, most of the healthcare professionals availing medical transcription services are domiciled in the U.S. thus giving more scope to in-shore outsourcing. Many major MTSOs are coming up with cost effective products in the market that is driving cost reduction in this market. Growing awareness of medical documentation and its implementation by many healthcare professionals, hospitals, clinics and healthcare institutes is driving growth of medical transcription market. 

Moreover, factors such as increased awareness about the benefits of electronic patient recordkeeping, government initiatives, increased geriatric population worldwide; reimbursement processing and availability of various software leading to competitive cost reductions are driving growth of medical transcription services market. Use of novel recording system, which combines different type of automatic audio recorders and speech recognition technology, is a rapidly progressing trend. Medical transcription services is a promising and a fast growing segment in the field of next generation patient documentation and healthcare database and is changing the perception and look of healthcare industry.

global-medical-transcription-services-market-by-service-type-2012
 

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