Global Market for Medical Transcription Services to Exceed $48.43 billion by 2015Global market for medical transcription services is projected to exceed $48.43 billion by 2015. Growth in the industry is primarily triggered by efforts to prune down healthcare costs. Health maintenance organizations, healthcare providers, and hospitals, primarily in developed countries, are increasingly turning towards the maintenance of digital records of patient encounter, which is contributing for rapid proliferation of medical transcription services.
Medical Transcription Services are experiencing high demand due to several reasons, including insurance purposes, and detailed documentation of medical records. Though emerging technologies such as EMR systems, and speech recognition technology are threatening MT services, the industry will continue its growth, stimulated largely by federal regulations to document patient medical records.
The United States is the largest market worldwide for medical transcription services followed by the UK, Australia and Canada, as stated by the new market research report on medical transcription services. The increasing complexity of the healthcare sector, coupled with heightened demand for reliable healthcare documentation for insurance claims, have been the two major factors driving the US medical transcription industry. MT Outsourcing emerged as a best option for conventional hospitals to gain competitive edge over managed care organizations, and to fortify market standing by offering quality patient care. India is presently an undisputed leader in terms of number of offshoring contracts, followed by Philippines.
Key players profiled in the report include Acusis India, Audio Dicta Transcription Services, C-Bay Systems Holding Ltd., CBay Systems (India) Pvt Ltd., MedQuist Inc., Care Technologies India Private Ltd., Etransmed Medical Transcription, FocusMT India Pvt. Ltd., Global eBusiness Outsource, Inc., iMedX Information Services Pvt. Ltd, IQ West Outsource Technologies Corp., Scribe, Inc., Spheris Inc., TransDyne, Transmedic Outsourcing Philippines, Inc., Webmedx, Inc., and World Tech U.S.A. Inc among others.
That would probably be true. I have seen a lot of people have a success with their medical transcription career and I think that it wouldn't end there. A lot of countries are seeing this opportunities and a lot of MT companies are now being built and are actually growing in different locations.
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