The healthcare sector is one of the least affected by the recession. Bloomberg Businessweek reported that “while the economy lost 7.5 million positions during the 18-month recession, the health-care industry added doctors, nurses, and other hospital personnel.” Likewise, the American Hospital Association called the healthcare sector an ‘economic mainstay’ as it provided stability and even growth during the recession.
The Healthcare Industry is also in the limelight with the upholding of the Affordable Care Act by the Supreme Court. The Act mandates that everyone buy health insurance. This will increase the demand for healthcare services, and it is estimated that, by 2020, the workforce in healthcare will have to increase by 30% to keep up. There will be a rise in demand for the services of doctors, nurses and other healthcare staff, and hospitals. Pharmaceutical companies and insurance companies will also benefit.
Many experts have pointed out that the rise in demand for healthcare services would lead to an increased financial burden with people having to pay more in taxes to support the system. Others argue that the focus should be on improving the efficiency of the healthcare system and on delivering better care.
All this is a good sign for medical transcription companies as the growth in healthcare will lead to an increased demand for medical transcription services. Medical transcription companies need to focus, more than ever, on providing quality medical transcription in custom turnaround time.