Medical transcription industry has always been one of the fastest growing industries in the healthcare domain for a very long time. It was valued at around $41 billion back in 2012 and this figure is estimated to reach a staggering $60 billion by 2019, by growing at a steady CAGR of 5.6%. This massive growth is attributed to the large increase in the number of companies outsourcing medical transcription.
The global medical transcription services market is known to be highly competitive and challenging and is predicted to grow much faster in 2018 due to the rise in healthcare automation services in most regions of the world. To stay ahead in the competition, companies need to embrace the changes in the market and follow the trends and predictions of the outsourcing field.
The rapid growth in the medical transcription outsourcing domain has resulted in a lot of changes over the years. Companies need to be geared up for these constant changes in the market scenario and tweak their processes to stay updated and ahead of their competitors. Being one of the application-based domains of the healthcare industry, medical transcription is currently undergoing massive changes. Some of the top medical transcription trends for 2018 are listed here -
One of the major driving factors for the rapid increase in the medical transcription domain can be attributed to great technological advancements we have seen in the past decade. Instead of recording and transcribing using analog devices, people have moved on to newer digital devices and communicate through online means. 2018 will see a similar trend and a complete stoppage in the usage of analog devices will be seen as we go ahead in this completely digital era.
2016 saw a massive increase in this trend and the coming year will continue to see this trend grow even more. The value of trained personnel will continue to increase as it proves to be very beneficial for medical transcription outsourcing. Transcribers undergo years of training to learn various processes and medical terminologies and hence can be very useful in other fields related to the medical industry as well.
The recession in 2008 had seen a slight slowing down in the medical transcription outsourcing as most of the companies were looking to cut down costs from different sources. But since then the condition has improved and more companies are looking to outsource their transcription services to a reliable third-party service provider. This has resulted in the growth of companies choosing to outsource, and this number is expected to rise even more in 2018.
Technological developments have made the world a very small place. Communication has become very easy as there are many devices and technologies which can be used to instantly communicate with a person sitting almost halfway across the globe. Medical transcription has vastly benefit from this and make them capable of emerging in the international market as global access becomes easy.
Leaders in the transcription outsourcing domain have always been from parts of India and South East Asia. But due to technological advancements and global integration, a lot of new markets have started to emerge in various parts of the world which include South America, Eastern Europe, etc. These newer markets have skilled and trained resources capable of handling medical transcription with ease. Healthy competition in the market also helps to improve the quality of services and increase the value to experienced transcribers.
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The future of medical transcription is completely dependent on the technological developments we will see in the upcoming years. As speech recognition technology improves and gains popularity, we will see a drastic change in the transcription industry. Medical transcription jobs may be headed towards a decline as there will be increased automation in this field and new software may completely take over the job of transcribing.
The latest medical transcription predictions have suggested that there will be a slight decline of about 3% in the number of jobs available by the year 2024. Medical transcriptionists may not be completely out of jobs but will be hired for editing and quality checking of the reports created by computers. The human element in the medical transcription job will continue to exist if a person wants to continue working in this field.
Outsource2india has been one of the leading medical transcription service providers to clients around the world for a long time now. We have been in the healthcare industry for over 19 years and our experience has given us enough confidence to handle any kind of medical transcription requests. Our team of medical transcriptionists has always been on their toes when it comes to being updated with the latest trends in medical transcription and are experts at adapting to the new trends. We are trained to deliver high-quality, accurate results (almost 99% accuracy rate) within a quick turnaround time, and provide a free trial option so that you can judge our services before outsourcing the entire project.
If you are looking for a highly accurate and quick medical transcription service provider, then you have come to the right place. Get in touch with us or talk to one of our representatives and we will be glad to help you out.