Hottest Trends in the Medical Transcription Services Market
The process of keeping medical records can be dated back to the time when humans started writing. The current form of medical transcription services existed from the start of the 20th century when medical data for research were standardized. Although medical transcriptionist started out taking written notes in shorthand, the advent of handheld PCs or PDAs enables medical professionals to utilize software to convert voice into data files. SpendEdge’s medical transcription services market report estimated the market to grow at an annual rate of 5.8% during the forecast period. The report also states that need to maintain electronic health records in the healthcare industry is anticipated to propel the growth of the global medical transcription services market.
Adoption of Speech Recognition Technology
Medical professionals are relying on speech recognition technology to enhance the productivity of medical transcription services. The software assists medical transcriptionist by reducing the turnaround times and converting the audio script through an automated voice-to-text conversion process. Companies such as Nuance, MModal, and iMedX are already using this technology as it can cut down the transcription cost and operational time significantly.
Adoption of Cloud-Based Medical Transcription Service
The use of cloud-based medical transcription services helps service provider to securely transmit medical data and edit the transcribed report as per their convenience. Additionally, cloud technology can easily be scaled up or down depending on business needs and can be easily integrated to EHR or EMR. Many service providers are adopting this technology as they don’t necessarily require making substantial spending on infrastructure.
Use of Mobile Apps to Record Voice Data
Instead of looking for an extra device for voice recording, service providers prefer mobile apps to dictate voice data. All doctors and medical professional have to do is to turn on the app and start recording without having to carry extra recording device even in emergency situations. Such mobile applications offer a range of feature including automated audio file transfers, provision for e-signature, offline dictation, EHR compatibility, and preset templates.
Emerging Markets in Eastern Europe and South America
In recent times, the global market has seen a strong supply shift as service providers are investing in setting up operational facilities in South America and Eastern Europe. The reason behind the rising investments is because medical transcription service providers in the region are offering their services at a competitive rate compared to that in North America due to wage differences. It is urging the buyers in the US and Canada to opt for service providers from that region as turn-around times are quicker due to time differences between the region and availability of English speakers minimizing the error rate. Additionally, it also reduces the procurement costs for the buyers.
Read more about the trends in the medical transcription services market along with medical transcription companies, transcription software, pricing strategies, logistics and supply chain issues, and procurement best practices in SpendEdge’s upcoming report on the global medical transcription services market.