Medical transcription companies have always been an asset to healthcare industry and most hospitals and clinics depend on these services for accurate medical documentation. These services also enable physicians to save valuable time and focus on providing better patient care. In addition, outsourcing medical transcription allows hospitals and other providers to reduce costs and improve the quality of medical documentation without additional capital investment.
The global medical transcription service market is expected to grow at a CAGR rate of 6.3 percent from 2017 to 2021 and reach US $70 billion in 2021, according to findings by iHealthcareAnalyst, Inc. The following factors contribute to the growth of this market:
- Government initiatives in the health information infrastructure
- Adoption of medical documentation and recording systems
- Implementation of EHRs
- Technological innovations through the use of electronic technology to reduce turnaround time
- Increasing focus on reducing costs while improving productivity and quality of patient care
The global market report estimates the market size and composition of the market based on medical services like mode of procurement, forecasts and growth trends during the period 2017 to 2021. The report further segments the market geographically and provides detailed data regarding market landscape, market drivers, restraints, opportunities. It provides market attractiveness analysis and profile of major competitors, financial snapshot, key products, technologies and recent developments.
According to service type, the global market is divided into:
- Consultation report
- Discharge summary
- Operative note or Report
- Others like pathology, radiology reports
As per mode of procurement, the global market for transcription service in the healthcare industry is divided into off shoring, outsourcing and combined.
Geographically, the global market for transcription services in the healthcare sector is segmented into North America (US, Canada), Latin America (Brazil, Mexico and rest of LA), Europe (UK, Germany, France, Italy, Spain and rest of EU), Asia Pacific (Japan, China, India, Rest of APAC) and the rest of the world.
The key players in this market are Nuance Communication, Inc., MModal, Inc., Acusis, LLC, Transcend Services, Inc., TransTech Medical Solutions, Precyse Solution LLC, and iMedX Information Service Pvt Ltd among others.
There is no doubt that medical transcription services will continue to be popular, maybe in a new and more important role providing EMR-integrated transcription for healthcare providers. These services are very much in demand because they ensure high quality documentation and also streamline the workflow with the use of technology enabled quality checks. They provide the ground work for documenting EHR. They ensure accurate medical documentation, reduce costs, improve quality of medical data, and ensure better productivity for physicians.