Global Medical Transcription Services Market: Market Outlook
Medical Transcription comprises software and services in the healthcare sector. These services comprise a wide range of reports and activities, such as discharge summary, operative notes, consultation reports, and physical and history reports. These services also expand its scope into the healthcare services, which allows general physicians and specialty physicians to treat patients globally. In medical transmission, historical records or documents of certain special cases are referred to in certain special cases and those documents are used to guide healthcare professionals if transfer of patient is needed to be done from one professional to another. Such transfer of patient is done to offer better treatment to the patient. Increased use of such services is anticipated to fuel growth of the medical transcription services market over the tenure of analysis, from 2021 to 2031.
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What are the Key Trends Impacting Growth of the Medical Transcription Services Market?
Automation of healthcare settings and related peripheral facilities is driving the growth of the overall healthcare products and services market. Automation of speech recognition technology and the availability of specialized tools from leading medical transcription technology vendors is one of the major drivers of the medical transcription market. The market penetration of PC-based speech recognition tools is growing among physicians and hospital record keepers. Tight budget constraints and growing need for ensuring accuracy of patient records have urged healthcare providers to automate their recordkeeping process via solutions such as voice recording and integrated speech recognition solutions. Processes such as electronic healthcare records (EHRs) are being increasingly adopted by healthcare providers in order to offer prompt healthcare services, ensure reduced error rates in diagnosis and efficient recordkeeping.
By using solutions such as speech recognition, physicians can directly dictate notes in EHRs and can conveniently update at lower error rates. The gradual digitization of patient records and reduction in the number of illegible handwritten patient documents has helped in simplifying healthcare processes and eradication of administrative and operational errors. Considering the usefulness of speech recognition in EHR, this technology is also being increasingly adopted in medical transcription processes.
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Assurance of Patient Record Portability
One of the important considerations of medical transcription is the assurance that the transcribed patient and related healthcare records can be retrieved from the repository. In addition, major preference of healthcare facilities towards opting for outsourcing medical transcription is the current ability of easy switching of vendors, in the medical transcription market. Standardization of the format of transcribed reports has turned out to be a major benefit rendering the growth of medical transcription servicers market. The ability of avoiding the phenomenon of “vendor lock” and thus the resultant avoidance of risk of ending up in a non-transferrable and proprietary format of transcribed reports is driving the demand for opting for medical transcription services across the world.
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What are the Key Challenges that may Restrain Growth of the Medical Transcription Services Market?
Poor dictation is always not attributed to background noise, speech pattern or accent of the speaker. Communication of correct and complete data effectively directly affects the timelines and quality of the final report. Inconsistence in the format of dictation, avoidance or forgetting to dictate any particular information, considering some information to be irrelevant and thereby omitting it are some of the bigger dictation challenges that affect the quality and timelines of the deliverable report. When dictation challenges arise, safety and quality of patient care form a major concern as they are affected by the quality and timelines of the report. Accuracy of such reports is of utmost importance as treatment decisions are based on the information included in these reports. Thus medical transcription service organizations may require considering factors such as contract language that may help in tackling dictation problems. Furthermore, the remunerations of medical transcriptionists is also based on their production rate and thus have to struggle with poor dictation which hampers their earning potential.
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Key Segments of Medical Transcription Services Market Covered in the Report
Based on procurement mode, the medical transcription services market has been segmented as
Based on services, the medical transcription services market has been segmented as
- History and Physical Report (H&P)
- Discharge Summary (DS)
- Operative Note or Report (OP)
- Consultation Report (CONSULTS)
Based on end-user, the medical transcription services market has been segmented as
- Diagnostic centers
Key players such as
- Nuance Communications Inc.
- iMedX Inc.
- DataMatrix Technologies Inc.
- Total Transcription Solutions Inc.
- Vennar Soft Inc.
- Superior Global Solutions Inc.
- Transcend Services Inc.
- Dictation Source Med Scribe Inc.
- Care Technologies India Private Ltd. and
are actively involved in offering medical transcription services for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Medical Transcription Services Market?
- In February 2018, MModal entered into an agreement with Intermountain Healthcare for the development of an innovative mobile technology for Computerized Physician Order Entry (CPOE). This technology will allow physicians to communicate with healthcare staff and thereby discuss patient’s medication using their iPhone and iPad. According to the company, this technology will benefit healthcare professionals by enabling faster and safer prescription of medication in emergencies.
- In October 2018, Nuance signed an agreement with Varoli Corporation, a provider of cloud-based outbound customer solutions. According to the company, this acquisition is expected to accelerate Nuance’s intended strategy to transform the customer service experience through proactive and personalized conversations.
What are the Key Opportunities for Medical Transcription Services Manufacturers?
Health and Human Services (HHS, US) introduced certain rules that determine the “meaningful use” of EHRs. These rules form the foundation of the national initiative taken up to adopt standardized format for EHRs. This has brought a shift in the nature of traditional process of dictation, transcription and generation of healthcare records. Transcriptionists have begun to augment their skills with the knowledge of specifics of the new EHR structures.
The traditional word-processed documents are inefficient in meeting the current EHR requirements as they are not in the structured format as prescribed. As per the latest rules, information such as prescribed medications, patient history, lifestyle patterns need to be isolated and mentioned in specific fields in standardized formats instead of being mentioned as a free-form narrative. Such initiatives and standardization requirements are being taken up to make EHRs more flexible and intelligent and capable of being easily extracted and used. Factors such as structured templates, macros, pull-down menus are soon expected to become a part of transcriptionists’ skill-sets and a part of standard formats of medical transcription reports.
Growing Emphasis on Using Standard Reporting Styles
The healthcare industry particularly that of the developed countries is dependent on insurance. Physicians, healthcare facilities and other medical practitioners are required to document patient cases for insurance purposes. Earlier, the transcription tasks of such cases were performed by medical practitioners themselves. However, with the standardization of transcription procedures, requirement of documentation became more stringent which increased the pressure on medical practitioners and hospital administration. Changes in the healthcare industry since 1990’s have drastically affected the medical transcription industry.
For instance, the publication of the Book of Style for Medical Transcription by the American Association of Medical Transcription increased the emphasis on standard documentation and accuracy of medical transcription reports. Stringent regulations for documentation of medical records have assisted in generating demand for professional transcription services. Mandatory adherence to Health Insurance Protection and Accountability Act (HIPAA) has initiated further pressure on healthcare service providers for accurate documentation of healthcare records.
Significant Growth Rate in Asia Pacific Region
Governments in Asia-Pacific countries are strategically supporting the growth of the medical transcription service industry because the growth of this industry offers impressive job opportunity and a chance to earn foreign exchange for the country. Governments of countries in Asia-Pacific mainly in India, Philippines and China are offering incentives for infrastructure development of medical transcription services business, giving subsidies, tax benefits and taking initiative in developing skilled and qualified manpower required for medical transcription.
Apart from China, India and Philippines, Australia is another lucrative market having impressive growth potential. Considering the increase in aging population and high prevalence of geriatric medical conditions, the Australian government has started taking initiatives for creating medical documentation and data base to improve healthcare facilities in Australia.
What Is Impact of Pandemic Outbreak On Medical Transcription Services Market?
The COVID-19 pandemic outbreak has given birth to new concepts such as social distancing which has prioritized technologies such as IoT services, artificial intelligence and cloud. To address and restrict the spread of novel coronavirus internet of medical things (IoMT) have witnessed a number of innovative revolutions. Telemedicine solutions include patient monitoring and interactive medicine helps in social distancing thus such applications have gained significant traction during this time.
COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Thus the market is anticipated to grow amidst the pandemic crisis.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.