Countries involved in Medical Transcription outsourcing services

Outsourcing is one of the most trending modes of business operation. There are different forms of business outsourcing such as a business can be outsourced offshore or nearshore. In addition to that, a business can be outsourced within the country or in a foreign country depends on the needs of the business. Medical transcription one of the booming sectors in the healthcare segment mainly works based on outsourcing of its operations. Countries such as India, Canada, Kenya, Australia are involved in outsourcing operations. The outsourcing of the medical transcription units is mainly done by the US-based healthcare organizations to these countries. The Philippines is an upcoming country in this medical transcription outsourcing sector. In addition, South American countries are also involved in medical transcription outsourcing. Currently, it has been identified that some US-based healthcare organizations are outsourcing their medical transcription works to some eastern European countries thus bringing them into the league. 

Why medical transcription is outsourced to other countries?

Keeping in mind the major benefit of saving the time of the physicians and the healthcare service providers, countries like the US and Australia outsource their medical transcription works to developing countries. Countries like the Philippines and India have a cheap and skilled workforce that enables easier operational management for medical transcription. 

The medical transcription outsourcing between US and India and the US and South American countries is solely based on getting the work done on time. The time gap between the US and India enables the organizations to get the work done within 24 hours making it a suitable choice for outsourcing. Same goes for the Philippines and South America. Thus this enables to maintain the fast turnaround time for the sector. 

Why Kenya and Eastern European are penetrating the market?

India being the largest market for the medical transcription outsourcing has become saturated leading to the emergence of newer options. Kenya being a developing country can provide the same features as India but at a much cheaper rate. Although there are some issues in their accuracy still with proper training the country is gaining hold over the medical transcription market by providing <24 hour TAT and accurate transcription. There are new job opportunities and supply markets in eastern Europe in the medical transcription sector leading to the emergence of these countries as a favorable region for outsourcing. 

Why the Philippines is better than India as a choice for outsourcing?

The Philippines is currently reigning the medical transcription outsourcing sector. This can be attributed to its young workforce. They have high proficiency with the US ICD-10 documentation standards along with a good medical background. Most of the medical transcription professionals are major in physical therapy. The professionals also involve nursing students and students from biological science streams. This enables them to provide 1000 lines of transcription per day with high accuracy and 24*7 service. 

Thus it can be concluded that medical transcription outsourcing is growing rapidly with newer countries entering the market. The countries with cheap labor and skilled workforce are favorites for transcription. Finally wrapping up it can be predicted that with the increasing growth of this sector there will be emergence of newer countries. This might be a threat to the already existing ones creating a tug of war with anticipation for the winner !!!!!!!