GROWING POPULARITY OF MEDICAL TRANSCRIPTION SERVICES ONLINE

The increasing number of medical transcription businesses

As stated in the 2018 report of the U.S. Bureau of Labor Statistics, the demand for online medical transcription services through administrative support services has increased by 33% in recent years. The average number of medical transcriptionists recruited via the office of physicians is 23% worldwide, whereas that of the hospitals as well as states is 21. The average number of medical transcriptionists who are self-employed is 6 for any medium-sized healthcare center, whereas, for the medical and diagnostic laboratories the number of average transcriptionists is 2. This clearly shows that medical transcription services online have increased in popularity.

Table 1: Increase in demand for online medical transcription services via administrative and support services

Medical transcription refers to the method of transcribing patient history which are voice recorded. The global market for medical transcription services has flourished for the last five years. The total market value of the Global medical transcription business was worth 1.17 Billion USD in the year 2018. The growth rate of medical transcription services online showed a steep rise of about 5.6% CAGR in the year 2019. According to the Medical transcription market report 2020-2026, the market value is going to reach at 3.84 Billion USD within the year 2026.According to the market analysts, the estimated rise in the CAGR, during the period of 2020-2026 will be of about 16.5%.

Diagram: 1:
(Source: https://www.fortunebusinessinsights.com/industry-reports/medical-transcription-software-market-101572)

This steep rise in the growth curve of medical transcription services can be attributed to technological advancements such as Electronic Health Records or EHR medical transcription initiatives providing fast as well as an accurate transcription of medical records. Apart from that, the increasing rate of transcription outsourcing has also contributed to the growth of medical transcription services online. The following diagram shows the increase in the rate of transcription outsourcing all over the world, in recent years.

Diagram: 2

In recent times the job opportunities for medical transcriptionists has been increased even in developing countries like India. This is also contributing to the worldwide popularity of medical note transcription worldwide. During the year 2004, the rate of increase in the vacancies in the medical transcriptionist career in India was 2.51%. With the increasing demand for the medical transcriptionist in the country, the rate of rise in the vacancies in the same field became 6.05% in the year 2018.

The following table explains the international scenario regarding the increase in the job opportunities in the field of medical transcriptionist:

chart: 3

Reasons for the increasing popularity of medical transcription business (200)

1.Technological advancement:

One of the significant factors driving the popularity of the medical transcription service organizations is the technological advancement in the domain of medical transcription since the last decade. Instead of the analogue devices, digital devices like medical transcription software and speech to text software such as MModal Fluency for Transcription, Nuance Dragon Medical One, eCareNotes Transcription Service are being used. This increasing transcription rates per hour and doctors are able to receive accurate medical records via medical transcription services online.

2. Increasing demand for the trained transcriptionists:

Increasing demand for the trained transcriptionists is also contributing to the worldwide popularity of medical transcription services online. Alone a software cannot provide accurate transcription as a trained professional understand medical jargons and explanations of real-life observations by doctors better than any software. This is the reason why healthcare sectors all over the world prefer the services of trained transcriptionists from any medical transcription agency online.

To sum up, the increase in the popularity of medical transcription services is fostering drastic improvement in healthcare services all over the world with fast and accurate health records.

Even if we migrate to a different state or country, we can easily share my health records to the doctors of other states or countries, simply by availing medical transcription services online. For that, we justneed to type on Google ‘medical transcription services near me’ and get it transcribed by proficient transcription agencies online.