ALBANY, New York, February 16, 2022 /PRNewswire/ — The global medical transcription services market was worth $64.8 billion in 2020. The global market is expected to grow at a CAGR of 5% during the forecast period of 2021 to 2028. The market is expected to surpass the mark of $96.7 billion 2028. Companies in the global Medical Transcription Services Market are capitalizing on the growing demand for this type of service by various healthcare institutions, resulting in attractive revenue increases. The global market is expanding due to increasing government efforts, awareness of the benefits of electronic health record keeping, and the increase in the geriatric population. Additionally, reimbursement processes and the availability of various technologies leading to competitive cost reductions are expected to increase sales opportunities in the global market.
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A rapidly growing trend is the use of innovative recording systems that combine different types of automated audio recorders with speech recognition technologies. Medical transcription is a lucrative and fast-growing niche in next-generation patient documentation and healthcare databases, changing the perspective and mindset of the healthcare industry.
This process has not only reduced the amount of time and effort required by physicians around the world to write reports, but also reduced the storage space required. Along with effectively documenting patient information, medical transcription services have proven beneficial in reducing the risk of legal challenges and insurance payment concerns. Several medical transcription companies offer both transcription services and software. Audio recorders are quickly being replaced by speech recognition software that automatically converts audio to text.
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Key Findings of the Market Report
- Several medical professionals outsource transcription work to save time and money. Healthcare organizations prefer offshore medical transcription services over outsourcing because it is more cost effective and time-saving for both staff and healthcare organizations to obtain transcription services in exchange for dollars (exchange rate advantages).
- The development of the entire healthcare products and services industry is driven by the automation of healthcare facilities and related peripheral facilities. The presence of sophisticated devices from leading providers of MT technology, as well as the automation of speech recognition technology are major contributors to the growth of the market. Hospital record keepers and doctors are increasingly using PC-based speech recognition systems.
- The healthcare business is heavily dependent on insurance, especially in developed countries. Doctors, hospitals and other medical professionals must properly record all of their patients’ cases for insurance purposes. Doctors used to transcribe cases for their patients. However, as transcription techniques became more standardized, documentation requirements became more demanding, placing an additional burden on healthcare professionals and hospital management.
- One of the most critical aspects of medical transcription is ensuring that transcribed patient and associated health records can be quickly retrieved from repositories. Another reason why healthcare institutions and other skilled professionals choose to outsource medical transcription is the existing ability to switch providers immediately in the event of a price difference or market failure of a provider. The standardization of the transcribed report formats has proven to be a major benefit, allowing the company to expand.
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Global Medical Transcription Services Market: Growth Drivers
- Due to the growing medical documentation in the US, North America is predicted to be a leading market share in the global medical transcription services market. As a result of the implementation of the Patient Protection and Affordable Care Act, the US contribution to the market for medical transcription services is likely to increase further. Additionally, the majority of medical professionals using medical transcription services are based in the US, allowing for greater inshore outsourcing opportunities.
- In order to comply with legal regulations, insurance providers also require legible and correct patient records. In Europe and North America, medical practice is heavily controlled by government legislation. Medical malpractice lawsuits are filed against physicians who violate such restrictions. As a result, healthcare professionals must strictly adhere to the necessary documentation requirements.
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Global Medical Transcription Services Market: Major Players
Some of the key market players are
- Transcend Services, Inc.
- iMedX Information Services Pvt. GmbH.
- Nuance Communications, Inc.
- TransTech Medical Solutions LLC
- Precyse Solutions LLC
- MModal, Inc.
Global Medical Transcription Services Market: Segmentation
- History & Physical Report [H&P]
- Summary of the dismissal [DS]
- Operational notice or report [OP]
- consultation report [CONSULTS]
type of procurement
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