Medical Transcription Services Market
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
Press Release :
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.
Medical transcription (MT) services are those services where healthcare information dictated by healthcare professional is converted into electronic text format by listening to audio recordings. Electronic text format of patient records has enabled reducing paper work and maintenance cost associated with it. Medical transcription software have also eased the data retrieval process and access of the data from any place around the globe. The report, medical transcription services market 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 medical transcription services market 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 based on service type is categorized into patient history (H&P), discharge summary (DS), consultation records (CONSULT), operative records (OP), and other diagnostic reports (pathology reports (PATH) & radiology reports (X-rays or radiographs). Medical transcription services market study also further categorizes this market by the modes of procuring these services namely, outsourcing, offshoring and both outsoursing and offshoring at a time. Revenue forecast and market analysis for each segment has been given in this study for the period of 2011 to 2019 in terms of USD million in addition to the compound annual growth rate (CAGR %) for each segment of technology and application. The CAGR is provided for forecast period of 2013 to 2019 and 2012 have been considered as base in year for market size estimation.
The market overview section of medical transcription services report demonstrates the details of the market dynamics and market trends such as the market drivers, market restraints and market opportunities that influence the current nature and future status of medical transcription industry. Impact factors such as market attractiveness analysis and Porter’s five forces analysis (bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat of substitutes and degree of competitive rivalry) have also been explained in the market overview section of medical transcription services market 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 services market has been classified into four geographical areas, namely North America, Europe, Asia-Pacific and Rest of the World (RoW). This report also provides the present and future market estimation in terms of USD million for the period 2011 to 2019, in addition to compound annual growth rate (CAGR %) for each geographic area. The study further offers recommendations which includes market strategy for success and highlights the key barriers that exist in the medical transcription services market, which would be useful for the current and future market players to sustain and grow in the global medical transcription services market.
Medical transcription services market report concludes with the company profiles section that includes key information about the major players in medical transcription market. Key information such as company overview, financial overview, business strategies and recent developments about the top market players operating in the global medical transcription services market is provided in the company profiles section of this report. Some of the key players profiled in medical transcription services market 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.