Medical Transcription Services Market to Grow to $60 Million in the Next Six Years

Medical transcription is regaining its status as a hot market for job seekers as evidenced by a recent Transparency Market Research report. According to the SB Wire press release of the research company last December 5, the medical transcription services market is forecasted to be worth $60 million in 2019.

The research was based on a market analysis of participating transcription service providers that cater to healthcare institutes, private clinics, hospitals and other professionals. The market analysis was further divided into several categories from patient history to diagnostic reports, as well as modules of delivery such as outsourcing or offshoring. Geographically speaking, the market samples were sourced from North America, Europe, Asia-Pacific and RoW (Rest of the World). Specifics, however, weren’t revealed in the press release and interested parties would have to purchase the report online to be able to download its entirety. The free market analysis, however, published on the Transparency Market Research website detailed some of the findings found on the report:

• The industry is definitely on an upward trend from its $41.4 million value in 2012. The industry is expected to grow by 5.6 percent (compounded annual growth rate) during the period between 2013 and 2019.
• Key growth drivers among US companies were offshoring medical transcription work to companies in emergent economies in India, China and the Philippines. Savings from offshoring services in terms of financial and operational resources are the top reasons why many healthcare entities outsource transcription jobs to the said countries.
• Asia-Pacific countries are focusing more on developing and providing medical transcription service rather than availing it. Emerging European nations were investing on establishing medical transcription services organizations (MTSOs).  
• The contribution of US healthcare services documentation to North America is the reason why the continent dominates the MT services market across the globe. It is seen to grow as the Patient Protection and Affordable Care Act take full effect.
• Other driving growths for the industry include increased public and industry-wide awareness of the advantages of EHR systems, an increase in healthcare services demand from the elder generation, government initiatives, healthcare documentation software updates, and improved reimbursement processing. 
• Increase in in-shore outsourcing for medical transcription services in the US as more stakeholders develop advanced products that facilitate medical transcription work and reduce costs

Medical transcription has definitely revolutionized healthcare information management, and has paved the way for the improvement of healthcare documentation not just in the United States but across the globe. It has also been a crucial factor in the growth and improved quality of patient care delivery and facilities anywhere in the world. So remember, just because you sit in a cubicle, typing away doesn’t mean what you do doesn’t make a difference in the world of healthcare; it does.

And with so much support going around the industry right now—from government initiatives like EHR implementation to automation of patient care—medical transcription industry will only grow in coming years. All the more reason to build a career in medical transcription and take part in its remarkable transformation.

Resources:
http://www.sbwire.com/press-releases/medical-transcription-services-market-global-industry-analysis-size-share-growth-trends-and-forecast-2013-2019-402297.htm
http://www.meditec.com/medical-transcription-training/
http://www.bls.gov/ooh/Healthcare/Medical-transcriptionists.htm