Medical transcription service refers to the process of transcribing the patient information dictated by physicians into text format. Physicians record patient information using audio recorders and send such recordings to medical transcriptionists for further processing. Such data is used largely by healthcare organizations and electronic health record initiatives. With more and more medical professionals and organizations benefiting from transcription, the demand for the associated tools and professionals is on the rise. Various tools are critical to provide accurate and reliable transcripts of physician notes and patient records. These tools range from Voice Operated Recordings to transcription software. Based on the latest market reports, most hospitals will install more medical transcription tools from companies such as Acusis, Nuance, MModal, iMedX, Precyse, Scribe Healthcare, Superior Global Solutions, Transcend Services and TransTech Medical Solution, among others.
Voice recognition software can automate the process of transcribing medical reports. The software converts audio files to text without human intervention. This software also reduces the efforts by physicians to record and send voice files for transcription. Despite language barriers, speed of speech, and incorrect pronunciations, the software reduces the time needed to transcribe medical reports. However, transcriptionists will be required to edit and proofread these automated transcripts.
Some of the top medical transcription software include Dragon NaturallySpeaking speech recognition software, which is 3x faster than typing and is 99% accurate; Intelligent Medical Software, an integrated Electronic Health Records (EHR) and Practice Management solution which includes applications for e-prescribing, practice reporting, patient portal and communication tools; Express Scribe, a professional audio player software for PC or Mac designed to help transcribe audio recordings; and Winscribe Text, an integrated, end-to-end medical report and documentation management solution for healthcare organizations that handles all steps in the documentation process.
According to the latest market report from Radiant Insights, Inc, technological advancement is one of the important factors driving the growth of the medical transcription industry and this market will witness a substantial growth due to the growing focus on automation of healthcare services and increasing adoption of advanced reporting techniques. Another report from Technavio finds the emergence of voice recognition technologies as the recent market trend.
Both the reports predict the Asia-Pacific (APAC) region would hold the major market share in the medical transcription industry during 2018-2022. The end users of this market are hospitals, physician practices, clinical laboratories, and academic medical centers. According to the Technavio report, the hospital sector will grow during the forecast period owing to the increasing number of patients suffering from chronic diseases. Even with the availability of such advanced MT software, many physicians are still considering medical transcription outsourcing to HIPAA-compliant transcription companies to enjoy benefits such as faster turnaround time, advanced technology, and reduced cost compared to in-house process, safe handling of patient data, quality transcripts and experienced proofreaders as well as improved report accessibility.