Key Drivers of Global Medical Transcription Services Market

Transparency Market Research Report Added “Medical Transcription Services Market (History and Physical Report, Discharge Summary, Operative Note or Report, Consultation Report and Others & MT Outsourcing and Offshoring) ” to its database.

Medical Transcription Services Market: Discription

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.

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Medical Transcription Services Market: Overview

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).

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