![]() Hence, many healthcare professionals outsource their transcription jobs to save both time and monetary resources. Developing in-house manpower capable of transcribing medical information with accuracy, along with developing and maintaining infrastructure necessary for providing medical transcription services is a costly affair. Medical transcription demands high-end accuracy and hence, requires skilled manpower. To understand how our report can bring difference to your business strategy, Ask for a brochure Increasing Trend of Outsourcing Medical Transcription Services Many developed countries prefer offshoring medical transcription jobs to the companies situated in developing countries such as India, China and Philippines. Medical transcription services can be offshored or outsourced. Audio recorders are being rapidly replaced with speech recognition software that allows automatic conversion of audio into text format. ![]() Many medical transcription service providers are offering both transcription services and transcription software. Apart from efficiently recording, patient records medical transcription services also turn out to be instrumental in reducing the risk of legal disputes and insurance reimbursement issues. This process has not only reduced writing work and efforts of physicians across the globe, but has also helped in reducing space required for the saving of such documents. Physicians record patient information using audio recorders and send such recordings to medical transcriptionist for further process. The medical transcription process involves transcribing the patient information dictated by physician into text format. Request a sample to get extensive insights into the Medical Transcription Services Market Technological Advancements in Medical Transcription Services Boost Market Growth The global medical transcription services market is creating lucrative opportunities for manufacturers to mark their presence in the global market. Increasing patient population across the globe, rising surgical procedures, and rapidly improving healthcare infrastructure are some of the factors responsible for the global market growth. ![]() Documentation and maintenance of patient records was not only a burden on hospitals but also on physicians and other healthcare staff, which, thereby, created demand for a medical documentation process which involved less manpower, space, and processing time. ![]() Apart from being space consuming, retrieving any particular patient record from piles of record files posed as a bigger issue. Such documents were sometimes handwritten or typed on paper and gradually started occupying space in healthcare institutes, hospitals and clinics. After significant efforts taken by governments, healthcare practitioners, and market stakeholders to recover from losses caused due to pandemic, the market is witnessing growth opportunities.Įarlier, medical documentation involved lots of paper work and was time consuming. The global medical transcription services market is negatively affected by the COVID-19 pandemic. Rising Demand for Proficient Medical Documentation Services Globally ![]() Medical transcription service is a promising and fast growing segment in the field of next generation patient documentation and healthcare database, and is changing the perception and outlook of the healthcare industry. The use of novel recording system, which combines different type of automatic audio recorders and speech recognition technology, is a rapidly progressing trend. Factors such as increased awareness about the benefits of electronic patient record keeping, government initiatives, increased geriatric population worldwide, reimbursement processing, and availability of various software leading to competitive cost reductions are driving the growth of the medical transcription services market. The global medical transcription services market is expected to cross the value of US$ 96.7 Bn by the end of 2028Īnalysts’ Viewpoint on Medical Transcription Services Market ScenarioĬompanies in the global medical transcription services market are gaining lucrative revenue benefits due to increasing demand for such services from various healthcare centers.It is estimated to expand at a CAGR of 5% from 2021 to 2028.The global medical transcription services market was valued at US$ 64.8 Bn in 2020.Medical Transcription Services Market Outlook 2028 ![]()
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